I'm short on NVDA. I realize that the uptrend may continue for two to three days but I expect the dip trip to pull back. My stop is at about 44 dollars and my price target is 38. The MACD line looks ripe to crossover especially in current market environment. Please tell me your thoughts.
esepich, I'm short on NVDA. I realize that the uptrend may continue for two to three days but I expect the dip trip to pull back. My stop is at about 44 dollars and my price target is 38. You didn't mention where your fill was, but NVDA closed at 42.00 today. Assuming your fill was anywhere near that you're risking 2 dollars to try and make 4 dollars or a 2:1 reward/risk ratio. Not sure how you came up with your price target but it's reasonable as the 50da ma is 37.85. On swings I prefer a higher ratio (since I'm exposing myself to more potential oddities, world events, gaps, etc.) but that's a matter of personal style. Good luck with your trade.
I daytrade nvda on a daily basis using a breakout system. this stock is extremely difficult to make a long-term prediction with a short-term stop. If futures are even mildly up tomorrow morning NVDA could hit 44 by 10am and then may end up at 38 by the end of the day. Today NVDA opened at 41.30 and ended up at 43.94 by noon before closing at 42. This stock also trades great relative to the QQQs. Its strong primarily because a. favorite momentum stock among daytraders b. if the xbox comes out this stock is going to the moon. its an interesting way to bet on msft without having to worry about antitrust lawsuits. My advice: your technicals are probably spot on but who knows? My guess is there are probably easier stocks. Everytime I try to make a long-term (more than 30 mins) decision on this stock (up or down) it doesn't work out for me. I'm usually out of it by 11am each day. [