Dead wrong about the IWM reversal being bullish ... running a disinformation campaign against myself ... anyway, BABA didn't trigger yesterday given the terrible tone ... broad tailwinds helped QCOM and KEY shorts.
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Try Try Again In Alibaba
Alibaba was my long idea from the other day and the worst possible thing happened to it... price drops, picks off everyone down to $101.20 then reverses on a dime and flies closing at $107.50. Not nice. I'm still bullish on it, still see $120s for sure, just realize that you can't trade it like a big dummy.
Catching the Next Leg Up in Alibaba
Here's the old zig zaggy set-up in BABA ... possible it could go up to 127ish with the next leg ... keep it in mind. Day traders can really dial down their risk by working off intraday charts, but I noted the ~$104 recent swing low on the chart as the widest stop.
Alibaba Opening Day (BABA)
3 minute chart ... about a $10 range, not too bad. IPO price was $68, I think... opened at $92.70 it looks like.
Click to enlarge