CGC Trade on Oct 9, 2020 10:00 from tjmiller2001: Tradervue User Stock Trades.

Decent loss on CGC calls

Not a traditional VWAP bounce play, even though my stop loss was at VWAP. If VWAP Bounces are my bread and butter play, like I think they can be, I need to distinguish between a strong and weak VWAP Bounce setup.

Here, the name opened red, reversed upwards, made a higher low, then it's approach to VWAP was a lower low. Ideally, I'd enter on a name that started the day with 5-10 green 1m candles, pulled back to VWAP on lower volume, slowing down as it gets closer, then I'd scale into an entry of 3 contracts, one right above VWAP, one near it, and one slighly below it to catch a fakeout below. Not all 3 of these orders need to get filled, but this would be a smart way to scale in and my stop would be close. Mindfullness while trading, distinguishing the setup from my preferences, would help me with sizing and deciding to even take the trade in the first place. Just because something hit HOD in the past 30m and is now near VWAP, doesn't mean it's a strong buy.

Good entries being patient for the VWAP tap and not entering while the name was higher with a worse RR.

Strong exit on the first contract, getting out within 26 seconds of buying a contract because it was clear my level broke. Decided to stay in the second contract to avoid being faked out. Felt comfortable with this in the moment because my position size was small at this point. Trying to avoid hindsight bias here: My exit on this 2nd contract was at least 40 seconds too late. Doesn't seem like much but that's awhile in trading. Improving my ability to eliminate emotions/attatchments to a position and just acting with a tactical precision on exits is something to work on.

Lesson Learned: Compare the strength of a VWAP Bounce or Fade setup to the ideal textbook version of that setup that would be an A+ setup. Not all VWAP trades are the same. Instead of letting emotions and attatchments to positions cloud your judgment on exits, act with a tactical precision, getting out quickly.