Shared by
Donutbreath
Ascending wedge set up looking for an hourly LH on NVDA. Cautious as the move is coming from an hourly descending wedge breakout to show 4hr is still nice and healthy for bulls. Entered with a backtest of the ascending wedge with QQQ double top from NHOD helping our thesis.
Covered initial half into wedge support to remain cautious. Bulls were defending hourly support at 263.46. Small relative volume and numerous resistance points on NVDA 2/5m time frames, along with SPY and QQQ having a weak bounce initially.
We saw a weak bounce to set a 5m LH into a backtest of the wedge support as well as the 5m EMAs. I sold another 2 positions into the bounce looking for the 5m LH - covered both positions as we re-tested hourly support 263.XX. QQQ and SPY saw lack of follow through to the bear side so i moved stop to most recent 5m HL on small position remaining, stopped out shortly after.
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2020-04-13 12:25:25 | NVDA | sell | $266.081 | short |
| 2020-04-13 12:25:46 | NVDA | sell | $265.826 | short |
| 2020-04-13 12:29:44 | NVDA | buy | $264.950 | short |
| 2020-04-13 12:42:51 | NVDA | sell | $264.520 | short |
| 2020-04-13 12:46:32 | NVDA | sell | $264.988 | short |
| 2020-04-13 12:51:38 | NVDA | buy | $264.379 | short |
| 2020-04-13 12:55:56 | NVDA | buy | $263.647 | short |
| 2020-04-13 13:10:06 | NVDA | buy | $265.270 | 0 |
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