NSYS Trade on Nov 13, 2019 09:35 from Chigozie: Tradervue User Stock Trades.

Why did I want to take the trade?

Gapper with beautiful premarket action. Was pushing up at the open so knew there was going to be a nice bounce.

What did I see?

Strong momentum at the open and breaking $6.50 premarket high, setting up for a move to $8.

What was the downside potential?

Momentum would fade and there will be no bounce play. Also not getting filled on the ask.

What was the upside potential?

Buy the bounce off the VWAP, sell half, and hold the rest while adding more on low-risk entries on the way up to $8.

How did I manage the trade?

"Chased" the VWAP dip, this happens when it dips really fast and I try to hit buy as it does. This can easily lead to poor entries and hence bad risk management. Unsurprisingly I jumped out and locked in a loser. Since it was whippy around the VWAP, I ended up taking other entries to try again. This isn't bad, it just racks up commissions especially when I lock in very small profits.

What was I feeling at the time?

Slightly flustered at how it was moving. I like VWAP bounces that I can catch or "stall" and setup for a leg up. This thing was whippy and that's what causes me to feel like I'm trying to "keep up" with the stock, and it throws off my entire game.

What did I do wrong?

Didn't manage my risk 100% properly. Didn't bail on VWAP fails---breakout or bailout is crucial here too.

What did I do right?

Managed my risk on breakouts.

How can I improve in the future?

Switch to 2 or 3 minute chart as soon as I recognize how whippy the 1 minute is. There could be easier-to-manage setups on those timeframes.
I NEED to ALWAYS set a max entry price on my marketable limit orders especially on VWAP bounces, so I never get filled higher than I want.