Dave Barnhart reviews two trades: TSM hit its $332.02 target before pulling back, while silver surged to an all-time high of $73.56 and kept climbing toward $74.75. He breaks down the price action against moving averages and VWAP to show how the setups played out.
Chapters
Good afternoon, traders. It's Tuesday, January 6th at 2:32 PM. Let's review our trade setups we had for today. We had TSM and we had silver. So TSM bullish above $329.50, bearish below $327.50. The $329.50, we got 2 opportunities at this right here. Pre-market, we shot up to $330. That was the first target. But then at the open, we pulled back, almost tested our bearish flow at 327.50, and then we can see here— let me just zoom in a little bit— we held this pivot in this cam here, and then we shot up to 329.50, hit our target at 332.02, and the high was actually 333.08. And so it tagged the dollar level, and then it started falling back below. So bearish below 327.50. On this one that was around here, there was an opportunity here back to my 200 simple, 200 exponential, but it came up, rolled over again, and came down and hit our target here right back to the pivot, which was $3.25 level right here. We hit the, we hit the pivot here, bounced, testing the pivot again here, holding. So this $3.25 being a $5 level and also a pivot, and it's part of this, uh, Hammerilla Pivot Boss here as well. So this is a strong support here, and we can see on the daily we opened pretty much the previous day's open. We upthrusted and are pulling back. We're still a long ways from the 4 exponential moving average down here at $319, so potentially this might turn into be a bit of a consolidation until we move higher. Earnings are coming up, we can see here, on January 15th as well. Okay, let's move. Go ahead and look at silver, which has been on fire. Look at this chart here on the right-hand side. We just see huge impulses, small pullback, and this has been a parabolic move up until now. So we made a new all-time high today on silver. It's retracing a little bit from the top. So let's see how we made out. We were bullish above 71.50, bearish below 70. And so the bearish below 70 never happened. Like, we look pre-market down here, we wanted to get below this pivot down here because we mapped this out around here. Uh, what was it? It was 4:40, 4:30 in the morning we mapped this. So we wanted to break below 70 to go lower down here, but that never happened. But so bullish above 71.50. This occurred, it tested at pre-market, pulled back, and at the open I mentioned we wanted to, we wanted to hold this R2. So we came back, pulled back, held this R2, and then shot up. We opened up pretty much at 71.50, and this one shot up all the way to 73.56, which was our target right here. And then what we had mapped out, 74.75, like, because this is all new territory here, there's no prints up here or anything like that as resistance. So just the major dollar levels. And so we mapped out R4 at 75.64. If it's going to continue like this, just continuing up, there's no reason to get out of the trade, right? But this here being a target, 73.56, that was a great opportunity to take some profit there. And then when it rolled over, increasing volume, breaking below, or Depending on how you do it, you can— if you're planning your exits, you can do something where if it closed below the 4 or the 8 exponential moving average. So if you're in back here, for example, and you're moving up and then it starts, it goes sideways, well sure, if we close below the 4 or potentially the 8 exponential moving average, you might want to take some profit or get out at that point. This went sideways, And then tested it again, and then here was a great rollover opportunity with the increasing volume not holding this resistance level. This was a break, failed retest, increasing volume holding the 50 simple moving average, bit of a rejection, 3-line strike here, a little bit of a dirty one, and then coming back right to the VWAP. So yeah, this was the meat of the trade in the morning, just staying in because of the momentum kept it up. So there you have it. Those are the results of your trade setups for today. So hopefully you're making some money on these callouts. Please like, share, subscribe, do all of that great stuff. Let us know how you're doing in the comment section below, and we will see you tomorrow with all new trade setups. Happy trading!
