The first chart is a line chart of the 15 min. time frame for NVDA. I think it might be a little easier to see the intra day pivot points from the line chart as opposed to the sticks.
NVDA is a stock I traded yesterday where it hit my preliminary target but not my secondary target. Today's OR hit the 2nd target in one fell swoop, then carved out a bullish tweezer bottom with a perfect green hammer so I went long. I took a partial as price approached the same price as yesterday's short entry. Price has a memory, or so I thought, but it just kept going up to the next resistance level.
This a line chart of VMW daily. It's very easy to see the PPs as marked by the blue lines. Ever since price moved above the lowest blue line, I've been thinking we could get some sort of short squeeze for a partial gap fill. But, each trade has been somewhat disappointing. Today's ORH tagged the swing high from Monday, retraced and carved out a bullish rounded base. Long on break of ORH. It hit the 38% Fib. extension of the previous day low to the ORH, after which I took a partial. After much chopping around, it failed as it retested the the daily high, so I exited the balance of the position.
RIMM was a beautiful short setup because there's so much space between yesterday's lows and the next pivot zone.
10 comments:
Hey Jamie,
A gutsy entry following the WR weak OR. Once long, that was the partial out level on NVDA - 3 WR 15m bars after entry, ORL of prev day, and approaching round number (25). Niccce.
I really like how you trade the same stock on consecutive days.
One of the issues that I am encountering with QuoteTracker is that it limits the data for regular charts (15min interval) to 10 days. The historical charts allow me to go back 2 years, but I can only view them at daily, weekly, or monthly intervals (not 15min). So drawing PPs during the trading session is quite inconvenient because I have to use StockCharts and drawing lines there is not very fluid. That is one thing about my current setup that I do not like. Anyway, your NVDIA was nice and I like the idea of drawing PPs with line charts.
Thanks,
anarco
Nice trading. lots of charts did U-turns today. i wuddnt have been surprised if NVDA got all the way back to teh ORL.
nice trading.
QQQBaLL
Thanks guys.
Not a big fan of QuoteTracker either. I love stockcharts.com but for day trading, I need a better real time option. With Esignal I can have multiple timeframes of one symbol on my screen, so it is easier to time the entry.
I've added the "read more" feature to my posts. If you click on it, you will be able to view the expanded post with some of my other trades for today.
Jamie,
Where's the 'Read More' feature? I don't see it.
In regards to your NVDA trade, (since you went Long) how much of a concern that $24.50 would serve as a resistance level, and why?
Thanks,
CDt
CDt,
The "Read More" feature is just below labels and just above Posted by Jamie...
The next resistance level wasn't far away and if price retraced all the way back to the the entry point, I would have scratched the trade. Why I liked the setup was it felt like a bear trap.
Nice trade. I see how your pivot points work now--they seem to work like a charm. I sat out the morning and waited for it to get ugly in the afternoon. I think I'm turning in to a permabear.
Rick
Rick,
The best trades seem to be on the short side last couple of days. If you click on "Read More" at bottom of this post, you'll see my charts for my RIMM short.
Jamie,
Do you usually use line charts to determine PP or its more for the sake of ease of reading for readers?
On your VMW trade, the breakout bar seemed rather WR to me. What made you decide to go along with it rather than wait for it to pullback after breaking out? I also realise you sometimes use previous bar high/low as initial stop but on other times, you use the high/low of breakout bar as the initial stop. Any trick on when to use which?
Thanks,
YR
YR,
I don't usually use the line charts, but I wanted to make it clearer for new readers.
The VMW trade was a preconceived idea I had about a potential short squeeze. I was afraid to miss the move so I took the trade despite the WR stop, adjusting size to fit the risk parameters.
I generally use previous bar high/low. But I also look at it in context of the 5 ema. A wider entry bar might mean that a breach of entry bar would take out 5 ema and invalidate the trade.
The best trades don't usually test my stop. For example, my NVDA trades this week didn't go in the red by more than a few pennies. They all moved in my favor quickly. The VMW trade, on the other hand was choppy and required more time. A solid, orderly base generally produces a better outcome.
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