SPCE Trade on Apr 14, 2020 12:47 from slowelim: Tradervue User Stock Trades.

1)Real time trend analysis (including the pre-market trend):
Primary trend was an uptrend. Key Hourly retracement levels @ 17.25 & 18.80.
We decided to go long half way through the impulsive wave up, we were late on this trading opportunity. The true trading opportunity for a breach of high would've been the breach of 19.20 on the hourly chart. Breach of 19.20 would've voided the resistance level.
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Mistake: We chased this trading opportunity. We didn't get a quality entry level. We decided to enter above the breach of the retracement (chasing the stock).

Solution: In the future you must enter from the breach of the significant high. If the stock breaches the significant high on the hourly chart and begins running without you, you're probably already too late to take this trade. Either briefly wait for your fill or go look for another trading opportunity. You're too late!

2)Multiple Timeframe Analysis (drill down from the weekly charts!):
Hourly chart: Perfect retracement long setup @ breach of 19.20. Would've voided the resistance level we're sitting upon.
15 min chart: 15 minute chart was packed with indecision which means we need to trade with the higher time frame for a reliable location item based trade setup.

Mistake: We didn't drill down fully on EVERY single glance. We need to drill down fully on every single glance in the future.

Solution: On every Single glance of a stock in the future, drill down fully. sometimes throughout the day you will miss quality trading opportunity's if you don't see the price action from every perspective. Also, Don't have a time frame bias. Sometimes you will see a short term trading opportunity on an hourly chart. You may even see one on a daily chart. Just because the chart covers a longer time frame, that doesn't mean you cannot find short term trading opportunity's on it. Always drill down. Always look at the context fully. Don't see things from an impartial point of view.
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3)Momentum Analysis (check the volume phase & ATR Momentum):
Volume phase: Increasing
Momentum: Peak momentum for day
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4)Confluence Analysis (Patterns, Location items, and drawings):
We went long on a retracement pattern but the over all retracement breach occurred @ 19.20. So for us to go long @ above 19.20 is technically incorrect. When you're trading on the breach of a retracement you can only enter at the high of the retracement setup.
When you're trading on the breach of resistance levels you need to trade on the immediate breach, not above it, not after it. If you're trading above it, after the breach you're are probably already too late.
Mistake: entered significantly higher than the resistance and retracement high breach.

Solution: When you're trading on the breach of the retracement high and the breach of a resistance level you have to enter exactly on the breach and set your stop loss @ the TRUE retracement level. Some times you will not see the TRUE retracement level on shorter time frames. Sometimes the TRUE retracement level will only be found on higher time frames.
Drill down fully, and always look at the trading opportunity from a full point of view.

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5)Execution of price action trading:
We took on this trade with the 2R AON trade approach.
We went long on the breach of a 15 minute indecision candle @ 19.57.
The thing is the 15 minute chart was flooded with 15 minute indecision candles, therefor the 15 minute chart was not a good chart to trade today.
We set our stop-loss @ 19.02, above the actual REAL hourly retracement level.
Mistake: did enter and stop according to significant location items.

Solution: This is where the power of multiple time frame analysis can come into play.
a 5 minute low is not necessarily significant in relation to the higher time frames.
However the higher time frames give more reliable trading signals, location items found on the higher time frames are significant and often reliable to trade with.
In our case, we would've only been able to spot the significant of the breach of high and the significance of the low @ 18.81 on the HOURLY CHART. Due to the lack of MTF analysis, we didn't enter and stop out on significant location items.

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Trade Grade (out of 5):
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