AMD Trade on Sep 29, 2020 10:33 from tjmiller2001: Tradervue User Stock Trades.

2:1 RR on AMD VWAP bounce play.

Instead of waiting for confirmation that VWAP would hold, I simply placed an order there. It was filled and I was quickly red as it broke right through the level. In the future, I should wait to find some confirmation in the tape that an area is "sticky" or that price will stay close to there. I don't need an immediate strong uptrend, I would just like to see some consolidation showing that downward momentum is fading and that a reversal is decently likely.

My stop was breached quickly but I stayed in after seeing the 7:35 1m candle wick up to my stop. I waited too long to get out, voiding my 2:1 ratio and giving me a sizable loss. I need to work on my exits. To do this, I will practice my tape reading abilities and continue to watch relevant Youtube videos or read from the SMB Blog:

Recenty, late exits have been a key reason for my drawdown, this is an urgent manner for me to address.

Lesson Learned: Wait for something to confirm that VWAP is a respected level and price won't tear above or below it with no regard for it. Accept losses quickly (For a strong example of this: look at my September 29, DKNG trade)to avoid turning a strong RR setup into a 1:1 RR execution.