Dave Barnhart breaks down day-trade setups for BITF and AMD with specific entry points, profit targets, and ATR levels. He notes technical levels tied to moving averages and volume, plus how options expiration affects the moves.
Chapters
Good morning, traders. It's Monday, October 20th at 5:24 AM. All right, I've got two stocks for you today. We have Bitfarms and we have AMD. So Bitfarms is a lower price stock. You can see that it's been interesting here. This is these are the prints for the last month. So we can see here 1.6 million, 1.7, 2.8. I had mentioned that I was in at a dollar thirty. On that, I had some covered calls that got called away. I still have a portion of my position left, which is which is quite good. But we can see what happened here is we upthrusted to six fifty, I believe, and we pulled back. So on Friday, you can see these millions here. It was the monthly options expiration as well. Some of this volume could be related to that. I'm sure you know my shares are involved in that at some point. But anyway. We have this here, and then we're moving up. So we've pulled back to test the four and the eight exponential moving average, and we're starting to move up a little bit. This looks like just a just a healthy pattern if we're counting waves: one, a pullback; two, a three, a pullback potentially to four, and then five. I mean, we could get out the ruler and measure it. But anyway, we're not doing that. We're looking for a bullish and bearish entry for our day trade. So we're going to be bullish above five sixty-two, which everybody knows is five eights. That was the high. Right here. So $5.62, target $5.80. Take a little bit off the table. This is a very, uh, low-priced stock, but it can move. Like, the ATR is pretty good, 60 cents, so it can move 10 cents a day on average. So $6.02 is our 3, then we'll go $6.20, then $6.57 is our 4, and then 7, and then $7.12, right? So there's some really nice pockets here if this is going to To run on the upside. Plus we've already gapped up a little bit. On the downside, we're going to be bearish below $540. So we have this R2 here, but we also have the 50 simple moving average, and also $540 is the 8— is, sorry, the 4 exponential moving average. So that's this red one on the daily charts. We got to be careful. So bearish below $540, target $531, $524, $516. You can see how this is tight in here. 511, which is also the retracement to the 8 exponential moving average. And then we're getting into some of these prints. 506 and 5 is this 1.8 million here. So there you have it for Bitfarms. Let's move on and look at AMD. All right, so AMD, largest prints in the last month. We see this down here, 700K, 700K, all of this. So we gapped And here at the, or well, at the close of the day, 700K. So we've been opening, pulling back, opening, pulling back, upthrust back to the print, right? So this, this keeps moving higher and it looks like they might be adding to their position if we close strong above 240, 241, 242. Potentially we can move higher. 1 million from the 17th, 1 million from the 7th. So these here you can see What's going on there? So we are going to be bullish above 238. Now I really want 237.50, so if you see this and can get in at 237.50 area, something like that, that would be better. Well, not necessarily better, it's just from the timing of the video. 237.50, I would really like that one instead. It's the $2.50 level, it's strong. Anyway, 238, we've got that by the time this video comes out. Uh, target $238.50, take a little bit off the table, $239.59 is R2, and then we've got $240, $240.72, $242, $245, and $247.06 is R3. So that's going to get us almost, well, almost $10 there. The ATR on this one is $11.74. So we're going to be bearish below $236. Let's get below this R1 and the dollar level. $236 target, $235.50, taking a little bit of profit there, $235.13. $234.45 is this cam right here. $233.76, $233.51 is the retracement to the 4 exponential moving average. We'll see that here on the right-hand side, and that's pretty much the, um, pretty much the close of the previous day. Then we've got 233, 232.40, and 232.12 is the pivot. So this is going to be a little bit, uh, higher resistance coming into— or higher support coming into these levels. We've got the 50 simple, 200 exponential, 200 simple, then we've got the pivot and these cams and a print, right? So just be careful coming down here. A little bit of a softer landing I would expect on the retracement because the overall trend is up to begin with. All right, so there you have it. Those are your 2 trade setups for today. Please like, subscribe, leave some comments in the comment section below, and we'll be back later with our results video to see how these trades made out. All right, happy trading everyone.
