AMD Intraday Price Action, Relaxing From Prior Day High, on Monday, Jan 22, 2024

Since my last post a week ago, it appears AMD has taken the crown from TSLA for the highest volume with the best ATR. TSLA continues downward. Unfortunately my bias is long. Given the circumstances, I will switch to covering AMD.

The Market

The market is at all time highs but is resting a bit after a ripping Friday.

AMD Daily Chart

Red candle that matches Friday’s green candle but does not go below it. Trend is up. Range is 150% ATR.

AMD 3-Minute Chart

Strong downward move off the moving averages that continues in at least 3 pushes until a direction change 1.5 hours into the day. Price fades up through VWAP to around the 50% level. Price stayed below night range all day but didn’t break prior day low.

AMD Day Trading Strategy

Short the open bar off the moving averages. Expect a bounce given recent strength. Switch long under the 200 SMA on the 15 minute chart near a common direction change hour.

Happy trading.

(This post is for entertainment purposes and is not investment advice. Most people lose money doing this.)