PYPL Trade on Oct 7, 2020 15:11 from tjmiller2001: Tradervue User Stock Trades.

Sized down due to earlier large loss on BABA.

194.8 was an area that had been previously rejected severak times in the last 3 hours of the trading day. I drew my trendlines across this resistance and also along support below (Which was also an obvious line to see.)

Took a 4:1 RR entry which I feel good about. Name came close to my stop but never closed above it. I was filled in the middle of the range because I had set my level there previously.

It may have made more sense to put the level at the bottom of the channel or range but I didn't see it as a high probablity play to expect it to fall that much.

It ended up falling that much and providing me with an opportunity to flip the bias and enter long down there. This would've been much more profitable than my short trade, but I was uncomfortable with the option spreads and option volume on this name was drying up as EOD approached.

I feel good about my entry , mental calmness while price was near my stop, and exit. More range trades like this will help me set improved levels and price targets.

Lesson Learned: Size up on plays where your stop is close and the opportunity appears too good to be true.