The market gapped up on the GDP report and tech stocks, led by semiconductors, broke through resistance. NVDA tested yesterday's high in early action but failed. After a shallow pullback and narrow range trade, it finally pushed through $21.35 with an uptick in volume around 11:00. This was my signal to buy at a very low risk entry point. There was never any need to get out of the trade until the end of the day. Notice how, after the break, there was hardly any overlap of the real candlestick bodies except during the lunch time consolidation. This is my definition of a perfect, orderly trade.
Friday, July 28, 2006
Trade of the Day - NVIDIA Corporation NASDAQ (NVDA)
The market gapped up on the GDP report and tech stocks, led by semiconductors, broke through resistance. NVDA tested yesterday's high in early action but failed. After a shallow pullback and narrow range trade, it finally pushed through $21.35 with an uptick in volume around 11:00. This was my signal to buy at a very low risk entry point. There was never any need to get out of the trade until the end of the day. Notice how, after the break, there was hardly any overlap of the real candlestick bodies except during the lunch time consolidation. This is my definition of a perfect, orderly trade.
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