AMZN Trade on Oct 15, 2019 11:07 from littrean: Tradervue User Stock Trades.

DAYTRADE DETAILS ON WHY I TOOK THIS TRADE.

CHARTS:

WHY DID I TAKE THIS TRADE?
I noticed the SPY had broken well out of its opening range but AMZN was still stuck in its range so I waited for it to break out which also meant a breakout of the key $1750 level on the daily. AMZN had plenty of room to fly once it got above that level but I made up my mind that I would only take it on a retracement to $1750.

I was little weary trading AMZN all together so went in very small since this breakout was 10:55am. The volume overall was a little light but I did like the way it retraced. AMZN’s premiums are not something I’m totally comfortable trading yet and the way it was slowly draining refrained me from going in larger but it was another very low-risk trade for the day. I overlooked my tradeline coming up to act as additional support at 11:15am.

Majority of the orders on the volume were into the ask on the 5min but I also had eyes on the 15min which had a nice setup but I was not a fan of how the volume did not increase with the price on the 15 which is why I took profits at previous pivot points.

CONFIRMATIONS:
- volume was strong on the breakout
- L2 was clean, bid stayed above $1750 the entire time

SETUP:
- breakout retracement

STOP LOSS / PROFIT TARGET / RR RATIO
- stop-loss: a 3min close below $1750
- pt: HOD
- risk reward: 1/3

WHAT COULD I HAVE DONE BETTER?
- just paid more attention to the trade, the time of day made me neglect the potential in the move since I had planned to be done for the day.
- L2 didn’t give any strong reason to sell
- AMZN’s ATR is about $30. Knowing that would have really helped me set a higher PT