Bullish Pinbar, Sign of Reversal?
On Friday closing, SPY is back to green with a bullish pin bar. We also have positive news about the passes of the Covid-19 relief bill by the senate. All this points to a reversal, but is it?
First, a bullish pin bar does not guarantee a reversal. We still need to see how the market performs later and the price action and volume. If you have been following me, I have already invested in the big company during the dips last few days. Today, I will focus more on short intraday swing trade to take advantage of this volatility.
Some trades that I am looking at today will be:
$Palantir(PLTR.US$ - I am a bit long bias on this. If the key level hold around $22.5, and SPY show some sign of bullish, I will be going in for a quick 2+ points gain on near $25. Note* if 22.5 doesn't hold, this could very much go down more so don't go in until sign of bounce happen. If you have enough capital, maybe even going in during pre-market now around 22.6 makes sense. But remember to keep a stop loss at around 21.5. So 1:2 rr.
$NIO Inc(NIO.US$ - I am short bias on this as most EV industries look to be badly affected. The 150 MA is around $37.15. At premarket now, it is trading just below $36. If it opens below the 150 MA, I will likely wait for it to hit the MA and look for a chance to short it. Don't short right away at the MA but wait for the sign of reversal like decreasing volume or overbought RSI.
We are still unsure where the market will be headed yet. Even with positive news, the market might not be heading green right away. Always follow your rules. If you are trading today, remember to take quick TP at least for half the size. Good Luck!
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