rjm77me's Blog : Trade at Support and Resistance level

Actually, NVDA is trading well belowst the only majer support area (now ray-ziss-tance) that wuz set up after the 52 week high wuz set. Here it bees right cheeeya >>> 17.25...ish. *-) What you are seeing on the chart right now is an "attempted" launch off of a minor support area setup last week at 16.10. That low wuz already taken out and now we are seeing an attempted rally from just belowst $16 dollahs. This rally will mo than likely fail and the 16.10 area will be retested. The reason? Well, didn one of our local yokels just spew last evening that it "looks like" the lows were put in for this move? Of course he didn buy nuphin cuz he wuz too skeeerd to even make a call. But! ...other fokes bot today...the second day into a rally. Wanna bet those sheeple doan git wiped out tamarrah? :-) As fer as YGE goes I see that "that other game participant" quite possibly got his buy stop hit on the move to n thru the openin high. I haven't personally logged in any majer support areas since I have been trackin it...and to be honest witcha I haven't even bin trckin it that closely cept to say that the 52 week high "should" go bye bye. But the fackt that "that other game participant" quite possibly "mighta" got his buy stop filt would skeeeer the beJesus outta me ifn I wuz trading it and bot at 12.75 or higher. What's 7% of 12.90? ...let's see....oh...I'd look to get in at 11.99...just as he's gettin stopped out. Hey! ....ya gotta go with what has been proven to werk 100% o'the time every so often...right? :o 3J

Nothing works 100% of time. I was selling and folks were buying. I normally buy on down days. I make a trade laundry list and on down days - stock is oversold and it is buy for me. I bought NVDA when it broke under support and sold today. Plus it will find some support as the earning is due in next 7 days.
What happens to support or resistance at earning is any one's guess. You can throw any numbers out and one will be hit. Sure 16.10 will be taken out - do not know when it will happen. As a swing trader pick a number good for next few days and always check out earning date.

Do I "know" when NVDA will trade back to 16.10? That's purty eeeasy >>>tamarrah! :-) Since we all "know" for a fackt that Mondaze open higher 99.99999% o'the time we also must "ass-oom" that ifn the trading desk at GS traded the markets higher tamarrah and kept running it higher then thur would be a GOOG chance the VIX would reach its final nonconfirmt low tamarrah. That would mean thur is NO upside fer Mon. Sho....an up open on Mon is only 99.99999% gar-own-teed. But you need to look at the BIG pickture as it needs to setup in order fo the trading desks at GS to have an up opening on Mon. That means thur needs to be selling tamarrah overall. See how eeeeasy I make this chit? ....muuuuch easier than self-inflickted brain surgery I tell ya. And trust me...I know that thur from experience. *-) BTW, NVDA will trade thru 18.30 next time up but I SIRIously doubt it takes out the 52 week high befo it crashes n berns. Still, it tain't nearly as grossly overvalued as an AMD or a KLIC...or LSI, TQNT, ONNN or somma these other "idiot" semiconductor playz. Me long term target fer NVDA is just below $6 dollahs right now. But I have noooooo objeckshun to lowering that targt whenst (not if) it gits thur *-) 3J

Hey...I "overshot" my NVDA target by just a tad. "Hopefully" you will fergive me. If not >>>> Ooooooh well. :-) Are you beginning to see why I am the best trader that ever lived? ??? 3J

Well when you were going short - I was buying - I took profit yesterday at 16.57 and bought today at 15.85. Same with options sold yesterday for $37 per contract and bought them again today below yesterdays buy price at 1.48.
Monday is another day

3J