Shared by
Emilie_BOWS
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2018-01-10 10:40:41 | NVDA | buy | $218.750 | long |
| 2018-01-10 11:09:00 | NVDA | sell | $220.500 | long |
| 2018-01-10 12:29:28 | NVDA | sell | $223.340 | 0 |
Comments
Emilie_BOWS
Again, the context was what made this trade a high probability one.
The market was very bullish and kept going up without any pullback. That day there was a slight gap down in the broad market (SPY, QQQ). When a market was that strong, people who missed the move would hope for a pullback to get in. This is the reason why buying the dips work and why shorting a strong bull trend doesn't. NVDA's open price was right around previous breakout level and the bottom of the gap (see the 30m chart). It was also at the 50 EMA on 30m chart. In a directionless market, it might just sit there and do nothing. However, we had a very bullish market at that time so the chance of a strong bounce was high.
I didn't pay too much attention to the 5-min chart pattern at the open. I just wanted to see some signs of reversal (preferably a 1-2-3 reversal pattern) and a hold above VWAP.
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Hey Emilie,
I saw this trade in real time but didn't take it since to me it wasn't the best reversal setup. What made you think it was going to act this well and take the trade?
For me, it's a 9EMA break higher low reclaim of support setup. But I wouldn't have thought that it was going to go green.
Thanks as always for your help.