SYY Trade on Jul 22, 2020 13:08 from tradelikelarry: Tradervue User Stock Trades.

Trade Planning:

• Daily Chart: Uptrend, Consolidation below recent highs.
• TTM Squeeze: Daily
• Earnings Date: 8/11
• IV: N/A
• Potential Profit: N/A
• Potential Loss: N/A

Reason For Entry:

• Playing the Daily chart. Following a 3 and 8 EMA cross over the 20 MA, SYY is breaking through a resistance level. Earnings are in a few weeks so I am also watching for a run up to earnings on this trade.

Reason For Exit:

• Exit 1 and 2 were in the same day around the stop out level. Price action did not close above the 20 MA which shows weakness. I followed my rules and closed the position for a loss.

Recap:

• The pattern was correct with price action offering a 3 and 8 EMA cross over the 20 MA. First entry was premature, I entered out of the buy zone and was filled higher than I would have liked (working on patience). Second entry was in the buy zone which averaged my position just above the buy zone. Downside was that I risked more than I usually risk on a trade. Why did I risk more than normal? Lately I had been on a win streak (profiting on 12 out of 14 trades) so my confidence was boosted and I wanted to risk more to potentially make more. Downside is that this trade worked against me and I racked up a bigger loss than normal. I did this for another trade as well in (KSS). The takeaway: I NEED to keep my risk tolerance at 1%, as my portfolio increases, so will my risk tolerance. I need to be consistent and the profits will come. On to the next!!