CHKP Trade on Jul 22, 2020 11:15 from CapitalMastery: Tradervue User Stock Trades.

Summary

Looking for trend continuation long after good earnings, but after selling off hard, I switched to looking for a reversal. Waited patiently for an entry signal, and although I was a bit late, I entered after a 1min 20ma cup, which unfortunately ended up being the top of a bounce into the 5min 20ma that would reject and initiate the next move down for shorts. Overall, I executed this trade very well; just another trade idea that didn't work. Next Trade!

P.S. This was one of those trades that could have put me on-tilt, but like SNAP, I coached myself over it, and moved on to my next trade.

Did Right

• Had a bias and game plan, and waited for entry signal
• Stopped out of my position as planned
• Got out of re-entry when I realized I didn't have a good read to re-enter, which was perfect because the stock just sold off more.

Did Wrong

• Totally missed the short opportunity because I was so busy looking for the long
• Entered a little late on the entry signal

Improvements

• Really need to be aware of the bigger picture bias that's playing out. While I do need to come into the trade with a bias, I need to let price action speak loudest. These could be some great short trades if I were receptive to them. I missed a $6 short move here, that had a picture perfect entry trigger, followed by a clean down move... Oh man. This would have been the easiest trade I made all day. This could have been a $900 trade if entered on max size of 150 shares, and held until down trend was over. Had I held into the close, it would have been a $7 move. Holy crap. At least we're seeing these opps!
• Need more time to prepare in the morning. Once I have my watchlist prepared, I need time to just think through each idea, and absorb the context and possibilities.
• Limit watchlist to 4 primary opps, and only trade 2 of them.

Next Trade

Would expect some more action tomorrow, but not sure which way; the stock is still pretty over extended. As of right now, thinking it will pull in a little more, before eventually resuming it's uptrend given earnings were solid.