NVDA gapped up on the open on a JP Morgan upgrade. After the OR, it quickly reversed and faded. The third bar took out the OR low and it became obvious that NVDA would fill its gap. After filling the gap from yesterday's resistance highs, it carved out a bullish engulfing reversal bar and started to move higher. I waited for the first dip and took a low, risk entry - my initial stop was the blue support line. My target was a retest of the OR high, but the stock moved slowly (45 degree angle) and couldn't manage a strong close.
I spotted NVDA in the pre-market and it was also noted in Briefing.com's gapper list this morning.
6 comments:
Great trade. Just wondering how many charts you look at when you are searching for a entry? I have a hard time looking at 4 different stocks at one time and miss a lot of these type of trades.
Hey Bubs,
Approx. 50-60 charts. I have about 30 stocks on my momo watchlist and then I usually get another 30 charts from scans.
How are you making out with the HCPG picks? I suppose that the HPCG is like your momo watchlist and then you add to it.
Yeh I've been doing o.k. with the picks but the knowledge the have given me is worth alot. Made alot of trades in TIE today from there watchlist but still made alot of rookie mistakes. I'm sure that comes with being a newbie. I still have a hard time analyzing a few charts at a time I can't even imagine flipping through 60. I'm sure I will get better with time.
TIE was mentioned on Briefing.com as a breakout, but by the time I got to it, it was already up to $34.00 and I didn't want ot chase. The move from $34.00 to $35.00 was very choppy so you did good under those conditions.
Jamie,
Would you have looked at the 5 min chart and try to get an entry earlier when it bounced off the support?
YR
Yes YR, I was looking at various timeframes including the 5 minute and could have entered earlier, but the market was a little shakey this morning and so I decided to play it conservatively. So I waited for a higher low.
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