Shakin’ And Bakin’
Patience pays, even for the trader of the intraday time frame, when stalking
a stock. A good example of this occurred this morning with Nvidia
(
NVDA |
Quote |
Chart |
News |
PowerRating).
The stock gapped higher on the open, then appeared to begin to sell off in
the first two bars of the trading session, looking as though its would defy the
direction of the Nasdaq Composite
(
COMPX |
Quote |
Chart |
News |
PowerRating). It then rallied and
triggered a Kevin Haggerty Opening
Reversal buy signal, where it ran up more than 5 points.
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Why did I choose this example, when it did not get posted in the
Insights From The War Room today? I
wanted to put it up as the stock was approaching the opening price when my
computer crashed. By the time I was able to reboot, the stock had moved too far
to post it as a viable setup. Yet I continued to track the stock, as many times
trending stocks will exhibit a minimum of two moves and often even more. I found
a second opportunity later on in the day, which I was able to post.
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12:03:45
Intraday Setup Alert
Nvidia (NVDA)
is now forming a Slim Jim at the level of the intraday high. NVDA is up 7.03
at 86.03.
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Here NVDA performs a classic “shake and bake”, undercutting the
channel and then breaking out above it, gaining 2 points in the process.
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Therefore, don’t give up when you miss a setup in your trading,
or if you happen to miss one of the intraday setups that are profitable from the
Insights From The War Room. Continue
to track the stocks that are continuing to exhibit intraday relative strength.
You will see that many times you have not missed a thing, or at least not as
much as you think.
Until tomorrow,
Duke