NVIDIA update

7月16日Recently, test of finding a top turned out to be a success. However, after entering into an uptrend on lower timeframes, price had a sudden drop while it was nearing all-time highs. This puts in risk the first trade of the referenced idea at risk.

The reason we get a sell signal is because: The recent raise in price action was not enough to overcome the downward movement of the correction. However, the 25 MA usually works as a key support-resistance. Therefore, it's currently being used as support, but if this support fails its likely price will return to the current lows where the 25 MA would most likely become resistance and would test price action before determining to create a new low or continue an uptrend. The best movement for technical uptrend health is a slight correction into current lows before forming a new uptrend.

This movement will also be important for the SPX as NVDA holds a quite large share of the index at the moment. This could be the formations of the downtrend brought by the cyclicality of uptrends and downtrends. As it was mentioned in the referenced idea.

8月3日

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I'm increasing my position at the current price. We are still yet to reach our entry target, but I can't deny the possibility that price may not reach that point, therefore I'll enter with a small amount and increase my position even more if price reaches or goes below the 2nd entry target