Tuesday, July 18, 2006

Trade of the Day - NVIDIA Corporation NASDAQ (NVDA)

NVDA gapped up on the open due to an Amtech upgrade. The first 15 minute bar formed a high upper shadow, signaling a potential gap fill. I didn't short it but I waited patiently to see if it would bounce once the gap was filled. My entry was $17.85 when it appeared that NVDA would hold support in the $17.80 area. My stop was set at $17.70 which was 5 cents below the low of the preceding 15 minute bar making this a low risk entry given the weak market condition. It eventually paid off, but patience was the name of the game.

My only other trade was GENZ on a buy stop order just above $63.00 as per last night's watch list. I booked my usual 50% profit at the 10:00 reversal time and was stopped out with a scratch on the rest.

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