Dave Barnhart reviews two morning trades: MU broke above $432.50 and hit targets up to $442.46, marking a win. TSMC's bullish entry at $347 failed to reach targets, resulting in a stop-out, while the bearish setup dipped to $338.95 but didn't establish a clear lower low.
Chapters
Good afternoon, traders. It's Wednesday, January 28th at 3:22 PM. Let's review our trade setups we have from this morning. We had Micron, MU, and Taiwan Semiconductors. Let's go ahead and have a look. Micron bullish above 432.50, bearish below 425. The, uh, 425 occurred pre-market. We came all the way down here to about the 422 level. Actually, look at this wick. Down here, what was the low on this one? This low was 417, actually. Yeah, so we had a target of 417.93, which was this R1. But right at the open, this bit cheeky comes all the way down here, tags this, and then takes off. So bullish above 432.50. And so this shot up like this. Like, MU, you got to be really careful if you've been trading it because it's all over the place. Shot up, hit some targets, came back to our R2. This is the break and the retest failed clearly and it went up. So anyway, we're up here at $438.26 at the moment. So we had targets $430, $435, and then if we get up here to $440, $442.46. We're already $2.50 into that from the $432.50 to $435. There were a couple Like I mentioned, some opportunities there. This might continue a little bit later into the day. Let's go ahead and look at Taiwan Semiconductor, TSMC. Okay, bullish above $347, bearish below $344.50. So the $347, a bit cheeky here. Um, we had mapped this out right here like super early in the morning, and it shot up here to a high of $347.21. I'm going to count that as a stop out. On this because the rules that I have whether I take the trade or not, and that I'm sharing these, is it has to break my entry point and hit a target. And so this one broke the entry point, never hit a target. So that's a, um, that's a stop out. Bearish blow, $344.50. This occurred just before the open, gave us another opportunity here. It upthrusted, came down to $340.18, which was a target. And then we came down to 338.95, which was also a target and a retracement to the 4 exponential moving average. We had mentioned that in our video. The last one I think we had here was the pivot, 338.05, if that didn't actually hold. And so we've rebounded a bit, and we haven't made a higher high as of yet, and we technically never made a lower low. So we'll see what happens here. Going into the close. All right, there you have it. Those are the results of your 2 trade setups. So please like, share, subscribe. Let us know how you're doing. Leave some comments in the comment section below, and we'll see you tomorrow with all new trade setups. MobyTick has partnered with TrendSpider to bring real-time institutional trades to your charts. Click the link in the description below for more details.
