Dummy Trade of the Day - NVIDIA Corporation (Public, NASDAQ:NVDA)

The first chart is the daily time frame for NVDA. The blue lines highlight the pivot points. The upper line is positioned on the pivot low from Friday and Oct. and the lower blue line marks the pivot high from July. Once the pivots were taken out, NVDA set up a nice short as we can see from the 15 minute chart below. The target was the green line above around $30.40.

After taking out the first PP, NVDA consolidated in the lower half of the previous WRB. Price could not regain the lost PP and the third consolidation bar was bearish. I shorted a break of $32.00 and took a partial as price approached $31.00. NVDA consolidated at the base of S2 (red line) for a lengthy period before continuing lower. It surpassed the target into the close on accelerating volume.

The chart above is the TSX chart for POT - very similar to the NYSE chart. POT opened very weak and as it was consolidating the first leg down, started printing lower highs leading into a NRIB which set up the perfect short. The BO bar was WR and closed on its lows, taking out the morning swing low. I was looking for three WRBs, but price started to consolidate after only two, so I took a partial. I was stopped out on the balance when POT rallied back up to retest the morning swing low (bummer).

Both NVDA and POT are watch list stocks. POT was also an HCPG pick from last night.