On The Short Side... NVDA

Missed this today...but perfect gap extension trade Nvidia Corp (NVDA:Nasdaq)...let's detail this one.

We'll use the range of yesterday high ($35.01) to today's opening range low ($33.33).
That gives us a range of $1.68...The eleventh 15 min. bar is a narrow range bar ($32.89-$33.01) that closes just under 5bma (5 bar moving average)...entry is taken on the break of the NRB low ($32.89).

Our targets are the fibonacci extensions of that range we talked about ($1.68)
1.68 X .382 = .64
1.68 X .618 = 1.04
1.68 X 1.00 = 1.68
We'll take those values from the opening range low of $33.33 and see what we get:
33.33 - .64 = 32.69
33.33 - 1.04 = 32.29
33.33 - 1.68 = 31.65

Our entry from $32.89 gives $1240 profit on a 1000 shares entered on the full 100% fib. extension.

Good Luck out there...jfg.