Steversteves

NVDA: First week of November

Long
Steversteves Updated   
BATS:NVDA   NVIDIA Corporation
TPs in the chart.

A move to the low targets is unlikely because they are situated beyond -3 Standard Deviations with a 0% accumulation.

I do believe NVDA is in a unique situation here. It has topped probably ages ago but the rest of the market is keeping it from actually tanking. A bit of a psychology thing that goes like this:

"Well, since SPY and QQQ and MSFT are just going for ATHs, NVDA should go for triple or quadruple ATHs".

But that thinking is rarely the case in vastly over-extended stocks, absent some fundamental driver to really push it up (see MSFT, lol).

So if you like playing a range, NVDA is where it's at as we may continue to see this range-bound behaviour into January before it gets a decent pullback.

NOTE #1:
I don't mention it in the chart, but the accumulation OVER PH3 is actually around 44%.
Meaning its possible, if the rest of the market is bullish, for us to maybe slightly extend past PH3. But probably not, I think a move to PH1 is the most we will see here, potentially PH2. Potentially none, but you should see a threshold break to the upside and at least make it almost halfway to PH1 AT MINIMUM.


NOTE #2:
I will continue to update this idea with NVDA intra-day levels as this, BA and AMD have been my go-tos for day trades lately.
Comment:
Shit, I meant First week of DECEMBER!
Comment:
PLAN FOR NOV 4th Monday:



Thresholds and targets are in the chart above. Plot them out on your chart and look for the break in either way.

A note about NVDA, if we open below the thresholds, there is generally a 94% chance we will pop to re-test them.
Same goes if we open above, about a 92% chance we tank down to re-test them.
Keep this in mind!

Safe trades!
Comment:
LOL! RIght to the weekly low targets. Awesome!
Comment:
Now back down, 449 on the horizon?
I'm betting probably..
Comment:
Don't you love ranging behaviour, haha.

NVDA is currently doing a breakup pattern, I wouldn't be surprised for it to break above the threshold range tomorrow.

Looking for a long setup into tomorrow., but another rejeciton of the bullish condition will invalidate.

NVDA and TSLA have traded really nicely this week between these threshold and low levels. I approve.
Trade active:
SO far so good:

Comment:

I got out here because we are technically at the daily high end of the range.
But if some momentum and conviction comes in, the next stop would be a range breakout and a move to PH1 on the week, which is in the primary chart above.
I am leaving 1 to trail just in case, but did 0 dtes here so need to be conservative with the trailing and profit taking.

Safe trades everyone!
Comment:
As expected, it was indeed a breakup pattern and we did indeed surpass the threshold.

Closing off this post but will post a new idea for NVDA into next week.

Have a great weekend everyone :-)!

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