PSTG Trade on Aug 10, 2020 14:16 from tradelikelarry: Tradervue User Stock Trades.

Trade Planning:

• Daily Chart: Uptrend, Consolidation below recent highs.
• TTM Squeeze: Daily
• Earnings Date: 8/25

Reason For Entry:

• Playing the Daily chart. PSTG has a 3 and 8 EMA cross over the 20 MA and in the buy zone from a previous watchlist. Price action tested and bounced off the 50 MA. TTM is in a squeeze and earnings are in a few weeks. Watching for continuation to its uptrend.

Reason For Exit:

• 8/12 - Price action is consolidating at the stop out level going into the close, closed half position to reduce exposure. 8/13 - closed second half for a loss as price action continued to fade as the market moved higher.

Recap:

• The pattern was correct (3 and 8 EMA cross over the 20 MA), I was a bit early on the entry, I executed the trade in the buy zone early in the day and price action faded after the entry closing below the buy zone. Pretty much after the entry price action faded all the way down to the stop out area. I exited in 2 executions: First for half position as price action consolidated at the stop out level. The next day I closed the second half as price action continued to fade below the stop out area. My position size was correct so the overall loss was less than 1% of the portfolio. Takeaway: Be more patient with my entries (this means, make sure you are close to the end of the day so you have a firm answer if price action will close in the buy zone). Second thing is that position sizing correctly really does work, although this trade was a loss, I was able to keep it below 1% of my overall portfolio. On to the next one.