Sunday, December 02, 2007

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

NVDA was my only trade on Thursday, a follow-up to Wednesday's failed retest of the the ORH. The green line marks the ORH from the previous day which held as resistance all afternoon. It's always a good idea to keep S/R lines on the charts until they are out range. This way, when they come into play, the setup is much more obvious.

Thursday's successful retest of of former resistance as support followed by NR7, setup a low risk long. Price quickly expanded to test $34.00 which did not hold, so I exited just under the round $ number for a nice quick profit leading into lunch.

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