You know I tried this once already. Got stopped out for a loss and honestly, I've been annoyed since. So yeah, this is kind of an revenge trade. Not a good example of how you should trade kids. But again, this is all for your entertainment anyways as I've said all along.
Anywho. Here we are at the bottom of my channel. Patent retest!
Also, I've redrawn the H&S neckline in a way that does not show confirmation on the daily. That right shoulder looks wonky (sometimes it does), but still appears to be forming. Am I a product of my own confirmation bias. Probably. Time will tell.
30%+ Potential profit on this trade. $460 Entry $317 Target $480 SL 7/1 RRR
Def not fin advice.
LFG! Stewdamus
Trade active
⋅
Those following me on this trade, know that I pulled my stops until CoB Friday. Reason: I have been waiting for a drop to occur on the SPY chart. I knew it was coming and I wanted to see that occur prior to stopping out of this short trade. Today we got that expected drop and it looks like NVDA might follow ...or lead - however you look at it.
I am recognizing that I had still set my stop too tight. So, upon Friday's close, I will re-analyze and re-adjust my new SL or maybe just close out the trade pending price action? I'll keep you up to date here for your entertainment purposes.
Stewdamus
Comment
⋅
Still in this trade guys. If the U.S. gov't avoids a shutdown, I'll re-assess. For now, I think the chances are fairly high the U.S. could see a gov't shutdown this time around. The market will crash faster than Joe Biden's brain trying to define America in a single word, ASUFUTIMAEHAEHFUTBW.
Trade active
⋅
Guys, NVDA continues to make me look like a fool. I know when to hold 'em and know when to fold 'em. This is time to fold. NVDA has invalidated my H&S pattern, has formed a bullish "W", and now looks to be forming another small bull flag. This all comes right before earning which comes right before the holiday weekend. Even with the RSI as high as it is, odds are now stacked against me. I have set my stops at $500. If and when we reach that, I'm done with this trade for a while.
Stewdamus
Comment
⋅
After shaking out the shorts, are we on our way now?
Hey guys not discourage anyone but I would limit exposure on the short side I do believe a pullback is warranted but looking for tops on this thing is exhausting
stewdamus
⋅
@CEO_444, I am learning this the hard way unfortunately. Though, as of this post, I am still in this trade by one penny. Lol.
Jianto
⋅
@stewdamus, WallStreet is going nuts over AI, it will definitely drop soon but the hard part is figuring out exactly when
I shorted on Thursday at 480, now the price is above 480. Good thing before earning release.
MyCryptoParadise_Nathan
⋅
I agree with your assessment. It's a volatile market out there!
Jianto
⋅
They are doing everything to keep it as high as possible for as long as possible, be careful
jdmabry2012
⋅
@stewdamus I like the confidence - I'll be sure to check back here end of week. My biggest looming concern is that earnings report. We know it'll be good. If the price doesn't dip back below $440 before earnings, it'll be a rough December.