As the market showed weakness early this morning I found NVDA on my list as a Tier II shock gap to the downside. Looking for an entry I was able to spot a 1 minute sell setup that I entered short with just a few shares. Price action continued lower but finally rallied but could not take out my stop at the 16.05 area 20 minutes later. Price rolled back over and made a lower low before attempting to rally once more but this time price was much weaker and could not get above the 20 ma on the 1 minute chart. As price again rolled over and made a new lower low, I added to my play and went to a full share size. NVDA continued to sell off nicely taking out my first target @ .81 where I covered 1/2 of my shares. Soon price hit my 2nd target @ .72 where I covered another 1/4. I moved my stop down to above .80 on my last remaining shares and were later stopped out over lunch time. Total profit was about 4 risk units on the play which definitely made for a glorious Thursday morning…
NVDA 01092014