JBHT Trade on Jul 17, 2020 09:41 from CapitalMastery: Tradervue User Stock Trades.

Summary

Had a long bias based on positive earnings, but wasn't properly prepared to identify an entry signal, and ended up confusing myself, and taking the opening 5min bar break entry signal, which ultimately didn't work. Need to brush up more on opening entry signals, but I did try really hard to make this a good trade, and technically I'm proud of following my process, and can chalk this up to a trade that simply didn't work. Although, I shouldn't have sized in 3 lots given how unsure I was of the entry signal. Stock basically didn't nothing all day, and stayed flat. Although, there was a nice trade opportunity after the flush around 13:30; JBHT offered a great entry signal there, with a clear stop, for a $1.90 move to the upside.

Did Right

• Had a premeditated bias based on earnings
• Waited for an entry signal
• Stopped out per my plan
• Stayed within my sizing guidelines

Did Wrong

• Wasn't properly prepared with opening entry signals, need to get better at those
• Scaled to 3 lots without a real reason to do so; should have started with 1 lot, and waited for confirmation that the trade was working, before adding. This should be the case for all trades.
• Took stock off radar despite there being a good earnings + breakout + all time highs context/catalyst, and as a result missed the dip buy opportunity at 13:30.

Improvements

• Study the ADH opening entry signals; know them by heart
• Start all trades with 1 lot, and scale as price action confirms thesis
• When trades have a good context/catalyst, keep them on radar, and/or set price alerts. With a positive context/catalyst, you can always set alerts to catch flushes as those will often lead to a dip buy opportunity once an entry signal confirms.
• Allow for more prep time, so I can better research the stocks I'm going to trade; especially when I haven't traded it before. Should have known the ATR, normal volume, typical price action etc, before trading this thing.

Next Trade

Similar to ABT, could be a day 2 continuation trade to the upside, since the stock did hold up the gap, and has broken out to all time highs. Will keep on radar for Monday.