After breaking its trendline in morning trade, NVDA came back to close strong. I was waiting for a higher low on the 5 minute chart to make my entry. However, NVDA moved too quickly so I had to settle for a mini consolidation level to get in at a low risk level. The exit was a clean 62% Fibonacci retracement from yesterday's high to today's low. Sweet! The close on the daily formed a nice hammer with a long lower shadow which bodes well for a reversal of the recent bearish bias.
Wednesday, March 08, 2006
Trade of the Day - NVDA
After breaking its trendline in morning trade, NVDA came back to close strong. I was waiting for a higher low on the 5 minute chart to make my entry. However, NVDA moved too quickly so I had to settle for a mini consolidation level to get in at a low risk level. The exit was a clean 62% Fibonacci retracement from yesterday's high to today's low. Sweet! The close on the daily formed a nice hammer with a long lower shadow which bodes well for a reversal of the recent bearish bias.
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