Premarket: Last night NVDA had stellar earnings and sky rocketed past all time highs last night. This caused almost everything else to skyrocket as well so we are gapping up big time on the day. We are opening way above VWAP and gapping up big time. The pivots are: 0pivot 4143.58, +1 pivot at 4173.17, +2pivot at 4195.58; -1pivot at 4121.17, -2pivot 4091.58. Levels of interest are: to the upside - 4166, 4173, 4177.75; downside - 4155.25, 4150, 4140.75; it's unclear how useful these levels are now as we've been ranging here for weeks. As long as we stay above VWAP I will want to look for a long, if we pull back to VWAP and find support/buyers I want to see along to the +1pivot. I will only really want to take a short if we go below VWAP or hit a big level and find heavy sellers.
Trade 1: We had a big sell-off at open and went below VWAP before finding some support at around 4140.75, right below the 0pivot. I took a short once we reclaimed the 0pivot. We were struggling to break above and it looked like we were going to go right back down. The TICK/ADD/VOLD were all indicating a short move. Unfortuantely we spiked back up to VWAP and I had to take the loss on it for a decent size (5ish points) at the 9 EMA. Overall I'm not too upset over this trade, most of the times it works, however I may have gotten in too early and just needed to wait a little more for a bigger bounce to like VWAP or a more key support level. Also when I saw that NVDA found a bottom and bounced (which has been leading the market) I should have flattened out.
Trade 2: This was a range trade. We had tested the bottom multiple times and tested the top twice before. I got in towards the top looking for a move back down to the median of the range. Unfortunately we found buyers at VWAP and bounced up. Looking bad I probably shouldn't have done this trade.
Overall while today was a red day I'm not completely disappointed with it. The first trade was a good idea and plan that just didn't work. The 2nd trade was more so trying to get out of the red and probably moreso a boredom trade which looking bad I really should not have taken. However my overall red day is not larger than my average green day so we survive to trade another day.