$7,000 on $NVDA using Themes

Theme trading on Friday led by $NVDA's Thursday weakness. $NVDA was weaker than the $SPY and had strong bear flows on Thursday. This has not been the norm for $NVDA, but heading into Friday I kept this in the back of my mind while letting price action confirm this theory.

947.5 this past week was a strong key level, after two failed push attempts on Friday morning in addition to selling flows on the tape, this added to my convictions that the bears were going to be in control on Friday. From a Game Theory perspective, what better way to trap many longs when $NVDA just had a strong day on Wednesday and consolidated on Thursday? "All Time Highs just have to hit, we are so close"…..

Trade 1) Shorted strength with 947.5 reclaim as risk. Exited on two washes. Average entry price $0.72 with average exit price of $1.87 (+$2,300)

Trade 2) Once $NVDA was above VWAP, we had our first Breakdown. Once again, after the behavior formed for a second time, I had a strong conviction a consolidation/Breakdown was going to be in theme. Average entry price $0.65 with $0.77 average exit (+$240)

Trade 3) Another consolidation/Breakdown trade. Average entry price $0.38 with $0.62 average exit price (+$480) Notice how now we have a second theme in place with the wicks on the bounces (swipe of lows). Given the bearish flows on Friday, once this theme broke I had convictions it was bad news for $NVDA.

Trade 4) Consolidation/Breakdown, but this time it was at a much larger trade. The same hourly pattern of Consolidation/Breakdown formed over 4 hours. Average entry price $1.04. First exit $1.48 (+$440); I executed absolutely horrible on this exit and I paid the price, no excuse for that early exit, but I am far from perfect. Second exit $4.00 (+$2,960).

Trade 5) Roll down/failed key level push – average entry $1.95 and average exit price $3.80 (+$1,850)

Trade 6) Not enough room to add on chart, but shown by orange dots. I got greedy and didn't want to miss an all day fade; no reason for entry. Average entry price $0.71 (20 contracts) expired worthless (-$1,420)

Intraday $NVDA Chart with Trades