MMM Trade on Jul 28, 2020 09:41 from CapitalMastery: Tradervue User Stock Trades.

Summary

3M missed earnings, and so went in with a short bias. Stock opened under 5min 20ma, and so waited for a 1min 20ma cup to fail for an entry signal. Stock flushed immediately, and I took gains as an opening scalp.

Then, seeing how weak 3M was trading, when it made a push into VWAP, I felt super confident shorting it, and adding to that short. Sure enough it rolled right off, so I took profits off while I had them.

Did Right

Went in with a plan, and bias, but waited for price action to confirm. Entered trade as soon as I got an entry signal.

Did Wrong

Didn't really see the planned trade through, and instead just scalped it. Also, exited the trade on a flush, but other than that, didn't really have a valid Reason2Cover thus leaving another $1-$1.50/share on the table.

Improvements

If I'm going to scalp the opening move, be sure not to lose sight of the bigger picture trade. On this trade, there wasn't ultimately a larger trade that panned out, but I didn't know that at the time.

Secondly, I'm all for taking profits into measured moves/flushes, but try to leave a core on, and trade around that core the maximize profits. Trading around a core might still be a bit advanced for me, but at a minimum, I can begin using the 1min 20ma to help me trail a stop, and stay in working trades longer.

Next Trade

If 3M gaps below $155, we could see a retest of the $150 lvl in coming days