TBSI set up a NRIB (NR7) at the base of the ORH in close proximity to the rising 5 period ema. I took a partial at R1 and exited the balance as price approached the whole $ number $36.00.
NVDA carved out 2 inside bars on declining volume at the base of yesterday's pivot high. Long on a break of the second bar high. Sometimes when I trade lower dollar value stocks I lose perspective with respect to candlestick range. The second inside bar has a range of 20 cents and I'm thinking NRIB, but it's not. The point is a NRIB is much more powerful than a regular inside bar, everything else being equal.Eventually NVDA carved out a C&H pattern and I used the Fib extension of the ORL to the base of the handle to gauge my target. Again, after the C&H BO, it prints 3 NRBs as the 5 ema catches up to price and that seems to provide the coiled spring effect to boost this thing into price expansion. I took a partial as price approached R2 and exited the balance near the 100% Fib. extension.
8 comments:
Hi Jamie,
Regarding NVDA - Do you normally not move your stop up and below the green breakout bar upon its closure?
Nice...very nice...I like
Jamie,
7/15 of TBSI is NR7, with low volume and printed a hammer which recaptured the 5EMA. Long on break of 7/15 would be good entry as well?
Btw, I've sent something to your mailbox
Thanks,
YR
Nice trades Jamie!!
I have a question about NVDA: the 5th bar is bearish and the 6th one prints a very long upper tail. Also, the 7th bar does close below the 5EMA (almost pushing price down from the PP line). I know I would have made the wrong choice of exiting the trade at that point. So I wanted to know what you saw in order to stay in the trade.
Thanks in advance.
Hi Jonathan,
I always expect that price will retest the base after breaking out so I don't move my original stop unless I see that the retest has failed.
I usually can discern this in the lower timeframe. For example, price breaks out, moves up and comes back towards the base, prints a reversal bar and attempts to move back up. If it carves out a lower high with lots of long upper shadows, there's a good chance that it will fail, and upon confirmation, I will tighten the stop to reduce the size of the loss.
In the case of NVDA there was no clear retest, and it was just too messy for me to discern what was going on so I stuck with my original stop. On the 1 minute chart, it tested $26.20 several times and always managed to close on or above it, so this gave me confidence that eventually price would move out of the consolidation zone in my favor.
Thanks LP.
YR,
Yes, bullish tweezer bottom reversal, followed by NRIB(NR7)(green hammer)is a very solid setup indeed.
Received your email and will get back to you in the next few days.
Thanks Anarco,
Read my comment in response to Jonathan as to why I felt this trade could go my way despite the rocky start.
As I mentioned in the former comment, $26.20 was holding as support on a closing basis on all my timeframes, then I had the rising 20 ema on the 15 min. which could also provide support, so I felt that I would get a bounce before being stopped out. Once price recaptured the 5 ema, it held on a closing basis throughout the rest of the trade.
Probably instinct more than anything else.
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