I was looking to paper trading GPRO and I ended up going long NVDA. Here’s my thought process. It’s good to do these reviews of paper and real trades.
GPRO entered my radar because of the violent move below the 50DMA. I would be looking to short in this case
I would’ve gotten confirmation to go short at $8.23 on May 5th. Let’s assume I would’ve put my stop at $8.78, right above the reversal candlestick 2 days prior. Risk would be $0.55.
I would’ve been stopped out about 16 days latter for a lost of about $0.55.
I am long NVDA because of this chart. It was looking to test the 50DMA. I was looking to get long but need confirmation becase of that spinning top candlestick from six days prior.
I bought NVDA on August 23rd, 4 trading days later. It tested the 50DMA again on 8/21 but then closed higher the next day. I got long on 8/23. I currently have no stop in for this one, which is stupid. I have not developed a good stop system yet.