TradeVibez

NVDA Buy Levels [Post-Stock Split]

Long
TradeVibez Updated   
NASDAQ:NVDA   NVIDIA
So things got a little weird today at the open with the stock split as many traders checked their holdings to see NVDA down -70% today.
Once it adjusted and all of the speculative traders jumped ship, Nvidia found itself spending most of the day battling at our .236 fib level, which is now $185 approximately. For now it has found itself above this level after bouncing beautifully off of the floor of the fib extension at around $178.
As always, I am waiting patient for a full body candle close above our .236 fib level on the 4 hour.
Keep an eye on the open tomorrow, as this asset is still most likely trying to regain its footing after what has been a very volatile past 2 weeks.
It is in my opinion that as long as we hold where we are currently, entries for a long is fair game. HOWEVER, beware that if you open below this level tomorrow, or confirm a 4 hour candle close below this level, all bets are off and you would be wise to keep patient and allow the price action to play out as risk below the .236 becomes difficult to size up.
If you are long, make sure you have either stops or at the very least price alerts set up for $185 incase it breaks.
Considering the wicks we had today both to the upside and downside on the 4 hour chart, things are very indecisive at the moment so I am ok with simply continuing to monitor.
Also, if this level does break down and confirm, a retest of $178 would be in store. From a trader perspective, if there is a retest it will be important that it bounces and does not come back to it again anytime soon. Too many retests of $178 would put this fib retracement at risk of being violated.
On the flipside, respect and support of the current fib near $185 (.236 fib) could be the buy opportunity patient traders have been waiting for.

Below you will find my price levels after the stock split I am looking at. This was found using the same method as in the pre-stock split idea.
The same buy ladder from that idea can be applied here as well. The beauty of this is that the buy ladder works better on the way up than it does when price is falling down.

$178
$185
$190
$194
$198
$203
$210
PLZ USE ALERTS AND OR STOP LOSSES
Comment:
Just wanted to do a quick follow up on this. Unfortunately throughout the day I am not always around the charts, but this morning I did manage to get a limit order filled near $187 at the open and I wanted to disclose this to anyone who may have been waiting on my trade. The strategy from here is fairly simple: whenever price breaks above one of our levels, we then place limit orders back at the same price level, as we intend to catch the pullback to it after it breaks. An example would be the current limit orders I have waiting at $192 and $187.
My success rate is high because I am patient and I am at peace with the idea that the price may run and never hit my orders. This may be conservative, but it limits my risk and keeps losses at minimums.
So as of right now NVDA has run into the 50% retracement zone on the fib, which does not mean it must reverse from here. However, it should be noted that this is the first area that is very common for traders to take profit and therefor would not be strange if price does reverse.
On the flipside it is good to see that this level is currently being respected, as the last candle to touch this level broke clean through it. A true retest of this .5 fib level was due.
As mentioned there is decent resistance at this zone, so my eye is on a pullback to the .382 fib level ($191). Similar to the .236, this is an excellent area to have longs waiting. My alert is at $191 with a stop loss just below $186.
In the meantime, congratulations to those who who stuck it out during the stock split and took longs at our lower fib levels and are currently sitting in profit :)
Comment:
There has been an important update on this.
Please see related ideas below.

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