Shared by
BSimmons
-NVDA gaping higher on news of acquisition of Softbanks ARM Ltd.
-Elevated PM volume
-PT raised form Jefferies 570 to 680
- I thought NVDA could run all day but my plan was to scalp. Saw NVDA push down on the open, hold VWAP and start to push higher. Entered as it broke PM high. Pushed above 527 but could not hold. Watching the tape I exited when the bids started to hit below 527 -2nd trade. Watched as it dropped back to VWAP and PM level. Was looking for a bounce here. As soon as I entered it dropped below VWAP and my PM support level and I exited immediately.(Bad trade. Entered after a bearish candle and no volume). -3rd trade NVDA pushed back higher to 527, entered early looking for it to push above 527. as it pushed higher it started to stall near 532.5. I had just caught a 6-7 dollar move so I exited. -4th trade NVDA started to flag and I tried to get in early before a break out. It never broke out and I exited when it started to look weak and dropped below 527.
-Overall I am happy with my trades but at the same time I over traded. The first trade is all I needed.
Good - Picked a stock with a catalysts, quick exits when they went against me, recognized PM levels and pullbacks to VWAP
Things to work on-Bias, taking too many trades, reading tape.
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2020-09-14 09:31:53 | 18 SEP 20 550 CALL | buy | $7.950 | long |
| 2020-09-14 09:33:04 | 18 SEP 20 550 CALL | sell | $10.000 | 0 |
| 2020-09-14 09:38:04 | 18 SEP 20 550 CALL | buy | $7.950 | long |
| 2020-09-14 09:38:09 | 18 SEP 20 550 CALL | sell | $7.300 | 0 |
| 2020-09-14 09:43:50 | 18 SEP 20 600 CALL | buy | $2.430 | long |
| 2020-09-14 09:46:05 | 18 SEP 20 600 CALL | sell | $2.950 | 0 |
| 2020-09-14 09:48:15 | 18 SEP 20 600 CALL | buy | $2.850 | long |
| 2020-09-14 09:53:21 | 18 SEP 20 600 CALL | sell | $2.280 | 0 |
Comments
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This one was a bit tricky. Thougth we might have a good chance at pullback given how far above ATR we were already. Could have gone either way though. Support from the market would have roketed this thing. Like the addition of your own charts in the review. Going to have to incorporate those.