Shared by
tradejazz
Trade Checklist
- Setup: LONG scalp
- Entry: 5.06 / 5.09
- Stop: 4.9 / now 5.06
- Spread: .01
- Shares: 50 / 200 (132 is limit of 1R risk) => 400
- T1: 5.3
- T2: ?
- Reward:Risk Ratio (T1): 1.1
- Price-action read: 3 candles : Bearish failed/ 20ema bounce
- Trending? UP
- Volume Trend Favorable: no
- Reversal probability? yes
- Exit:
Details:
Impulse BUY. FOMO. Wanted some back & go green. 4th trade. Outside of interim trade plan.
At this point, trading PnL since I want to go green.
Wide stop so no quick dips to take out stops. But more risk on table
Execution mistake. Attempting to sell. Fumbled stop montage. Doubled position
which tripled risk....
Added to small win but brought up average.
Moved up stop to lessen risk some.
BAM! Stopped out. Overtraded.
Done for day. 9:14PT
2 candles later. Breakout LONG. Argh!
WEEKLY_REVIEW: Stick to trade plan, trade the chart, not the PnL.
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2015-05-05 11:56:59 | PTBI | buy | $5.100 | long |
| 2015-05-05 11:57:00 | PTBI | buy | $5.090 | long |
| 2015-05-05 12:06:03 | PTBI | buy | $5.170 | long |
| 2015-05-05 12:09:14 | PTBI | sell | $5.060 | 0 |
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