Dave Barnhart walks through two profitable intraday trades from January 2, 2025. He shorted QBTS targeting $780 and made $0.70 per share, then went long IBIT above $55 for $0.50 per share profit. Dark pool prints of $6M and $1.3M confirmed the IBIT move.
Chapters
Good afternoon, traders. It's 11:48 AM on January 2nd. So let's go ahead and look at the trades that we had for today was QBTS and IBIT, and both of them they're winners. So the first one, QBTS, we were bullish above 912, which didn't actually happen, but we were bearish below 850 with a target of 780, and that was kind of interesting because Right here at the open, we shot up and then we closed pretty much at 850, but we were bearish below 850. And then so this candle here, 850 was our short all the way down, and see the low at the top, 780. That was our final target on that all-in-one candle. Now what you wind up having here is a reversal. We came down to this S1 And then we see these sorts of patterns and then it pushing back up through. So anyway, if you don't have to wait for the other side, if there's multiple trades to take, you don't have to wait for the other side like I called out in the morning because those were all pre-market. And if you do see a reversal here, then it's technical analysis and patterns on the way back, way back up because we were bullish above 912 except that we're, we're moving back up here and then there was a good opportunity maybe to catch some profit here. At least back up to the open, right? And then, so now it's lunchtime, we'll see what happens, but this seems to be crawling back up. So switching above IBIT, we were bullish above 55 and bearish below 54.50. We didn't really get to our bearish below. I mean, we kind of— yeah, we didn't really get it. We got 54.60, kind of was the low, so we didn't get the bearish side of it. So on the bullish side, we're bullish above 55. To 55.39, 55.50, 55.75, 56, 56.50. And so what wound up happening is right out of the gate we had an opportunity. This was a little bit cheeky because this shot up and hit our first target, right? Like right there, this was, uh, 55.38. So then, so we got that, this came down, and then we tried it again. So bullish above 55. We hit our first target, 5539, and this one came up to make a high of 5545. Okay, so anyway, it hit our first target there, then we pulled all the way back again, and then we gave it a third attempt, 55, and we made it all the way back up, 5558. So our target was 5575, so our 5550 level wound up working out there. So This one, yeah, we had a couple opportunities there. Now I want to show you something, the power of the dark pool. If we look at IBIT, this is phenomenal because this is the 5-minute chart, and then with Mobi here, it's just adding the largest trades on the chart, and we can add more as we like. But we see that this 53.83, we have here 54.58 and 54.78. That's a 6 million and a 1.3 million. Right here back from November 27th. Now when we look at this, we had this, um, we had this pre-market came down hammered right on this print. See, 51.3 million. We came up, came back, and we broke above the 6 million, and then on the market open we took off, and then we came back and we tested both of the prints again, and with increasing volume breaking above a print That is absolutely phenomenal for going long again. And look at this. Look at the number of green candles we had all the way up. So now we're pulling back. This might be if we were long here. We might be taking some profit as these roll over like that. So this candle closed anyway. It might go a little bit higher, but if you're still in the trade, you'd want to consider maybe scaling out a little bit with that actually occurring. So this is phenomenal watching where the big institutions are buying and selling this. And especially here with the support, that's a perfect example. So that's two for two for today. We'll just look at our spreadsheet quickly. QBTS, we're up seventy cents on the day, and for IBIT, it's fifty cents. Not going to be cheeky about catching it a couple times; just one is enough. That's a total of a dollar thirty here per share. So we're doing well this week on our six trades. So we'll see what tomorrow brings. All right, don't forget to like and subscribe. Leave some comments in the section below, and. Have a joyful and prosperous new year. Happy trading.
