Establish some positions in higher IVP. Wasn't the highest on the list, but it is in play and had at least some IV.
Trade Setup:
- 1 NVDA Apr 21 85/90/120/125 Iron Condor @ $1.11
DTE: 53
Max Win: $111
Max Loss: $389
Breakevens: 88.89 & 121.11
Trade Management: Look to take 50% winner or about $55 out of this. I will likely roll the untested side up...
NVDA came up in our smart money course. It had a really long run, and now seems forming a Head & shoulder. Also seems forming a double top. We think it has very good down side potential & it can drop to $90 shortly.
* Trade Criteria *
Date First Found- February 13, 2017
Pattern/Why- Head & shoulder; Double top
Entry Target Criteria- Break of $108.07
Exit...
Note the trend line break and the divergence in the Stochastic.
Don't really know a good entry at this point in time, could also consolidate for a bit...
The future short-term performance of the NVIDIA stock will be decided in the next couple of days...
If Nvidia is going to break the support line we are going to see a major pullback, otherwise it could reach a target near 108$
A double top with abnormal volumes and break below the oblique trendline are signals that big hands have distributed.
Target for our strategy : 73 Usd with an intermediate target at 96, where we should see a small rebound.
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