NVDA overextened to the upside?

by SwingScalp over 1 year ago

Might not work, but just shorted it at $274.42
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TraderMike over 1 year ago

Good luck!  I'm curious about why you think it's over-extended.  Distance from some moving average? Some other indicator?

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SwingScalp over 1 year ago

From the $108.13 low to where it is now in about half a year is quite a run.  And it was hovering around its 250 bar resistance on the one year daily chart.  And I think this rally in the semis and the Nasdaq is a bit overdone.  And on the one minute chart today it had a triple top where I anticipated it to run out of gas and that's where I went short.

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SwingScalp over 1 year ago

Forgot to mention.  I always look for double-tops and wedge-tops on the intraday timeframe and NVDA had a nested wedge top on the two-minute chart.

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TraderMike over 1 year ago

Gotcha.  I didn't realize you were operating on that timeframe.  The market trying to roll over here should help your NVDA position 😁

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SwingScalp over 1 year ago

I took it for a scalp so keeping eyes on it for possible e-entry, especially if I see a big give-up bar on the QQQ and the SOXL.

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SwingScalp over 1 year ago

... still waiting for the big give-up bar on QQQ... having a hard time 'trying to roll over' :)

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SwingScalp over 1 year ago

Short again at $274.33; hold overnight.

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SwingScalp over 1 year ago

Got some profit, covered and wait until next week to see about re-entry.

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TraderMike over 1 year ago

Well done! 🎉

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SwingScalp over 1 year ago

Thanks.  By the way, the more I work in SwingTradeBot the more I love it and certainly appreciate the IQ-Cycles that you've put into it.  It is making me money too which is nice as a trader.  Depending on my outlook, I can rapidly drill down to ID long or short ideas and monitor and take action.  Great product/service!

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TraderMike over 1 year ago

Thanks.  I really appreciate the positive feedback.  (I may have to add your comment to my testimonials page. 😁) I've got plans to roll out what I hope will be very useful features over the coming months.  

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SwingScalp over 1 year ago

Sounds good.  When I get some time after markets close I can spell out some of the current features that make being a subscriber a winning deal.

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TraderMike over 1 year ago

That would be great.  I look forward to seeing your list.

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SwingScalp over 1 year ago

TraderMike:  Been several weeks now since I subscribed.  Your platform is a great value.  Up front, I underestimated the sheer power of the database/design and now that I have been working in the platform daily/nightly and drilling down into the feature-set I have a much better appreciation of the power for my intraday swing-trading and scalping and for my longer-term investing time-frames.  Under Account menu item; very streamlined and easy to use.  Under My Stocks I am using Routines to good effect and the Intraday Alerts extensively.  I keep a window open on my PC throughout the session and hit refresh frequently to check for alerts and that is helping me stay on top of my nightly research and tactical plan during the day session.  I love the very easy method to set up and Manage Intraday Alerts and to copy my preferred settings to new Watchlists.  I like how easy it is to add symbols to Watchlists and to enter notes.  I make sure in Notes to enter the name of the STB Scan for each symbol and that way I can sort by the name of the scan and track which scans are working best in a given market condition.  The sorting of columns in Watchlists is great and makes analysis easier.  Under Research menu item the power of the myriad End of Day Scans is remarkable and not found anywhere else in the traders' universe to my knowledge.  Completely unique.  Awesome, in fact.  So, I do my review/analysis overnight using the End of Day Scans and my existing Watchlists and prep for the next session and then use the Intraday Alerts throughout the session.  One decent swing trade from one of your scans/signals with moderate position-size and sound trade management essentially pays for the entire year of the Platinum Annual Plan.  Thus, it's really hard for me to imagine a better value-proposition.  There is a ton of power in the Technical Analysis page for each symbol and I can tell it was crafted by someone who really knows how to swing trade.  In seconds I can get a sense of how any given symbol/name is performing and then drill down for technicals, signals, alerts, news, earnings dates, etc.  Clear, crisp, concise, comprehensive.  Support/resistance levels are right there so easy to pick out levels that the algorithms are probably using.  The Profile and Classification (tags) section is really nice and in many ways a time-saver.  The new Forum is cool.  Dashboard and the end-of-session summary that gets emailed every evening is really useful.  All-in-all SwingTradeBot is powerful, a pleasure to use, has lightning fast responsiveness in the browser and is a great addition to my overall trading system.

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TraderMike over 1 year ago

Thanks for the detailed review.  I may have to make a blog post out of that just so more people can see it.

Anything you don't like or wish was better/different?

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SwingScalp over 1 year ago

I think a redesign of Dashboard could be a consideration.  BTW, I forgot to mention that I often click through Popular Now symbols and that spawns ideas.  Please feel free to make a blog post out of the post.  Let's get some more subs onto the platform!

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TraderMike over 1 year ago

Oh... a dashboard redesign has been on my project plan for a while.  Hopefully it will make it to the top of the list in the coming months.

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TraderMike over 1 year ago

From your lips (fingers)...  I'm hoping forum activity will pick up over time.  Believe it or not, there are currently ~2,500 active, signed up people (free and paid) using the US (NYSE & NASDAQ) version of the site.  Over the almost 10 years the site's existed over 85,000 people have signed up.  As with trading in general there's a lot of churn (to my surprise about half of the subscriber churn is due to insufficient funds on subscription payments 🤷).  And activity waxes & wanes with how  "easy" the market environment is.  
    

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SwingScalp over 1 year ago

I think the Hit & Run Trading book stated that there were fewer successful full-time traders than professional athletes.  The book is a couple of decades old, so a lot has changed, but I'm guessing that the number of consistently profitable, dedicated swing traders probably is probably similar to the number of major and minor league pro athletes.  Something like 12,000 pro athletes in the USA and 85,000 worldwide.  Some searches show numbers like 375,000 traders in the USA, but I'm guessing most are not consistently profitable.  So, perhaps the universe (addressable market) for STB is in the tens of thousands.  Having 2,500 active just in the USA is quite impressive.

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SwingScalp over 1 year ago

Short NVDA again this time at $288.14

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