SKT Trade on Mar 4, 2021 07:43 from Jrow3: Tradervue User Stock Trades.

Trade Idea:
My idea within this setup was to get a piece of the raw flash of momentum and supporting volume. I watched as SKT made a nice push to $24.30, a pullback to $23.85, and then come back to test the prior high. I took an entry as $24.30 was retested and surpassed.
- Setup Quality: B- which was why I took it within my Demo Account
Risk/Reward:
- Risk: My SL was originally the $24.00 level as if it failed below it would have shown inherent weakness given that is a psychological level and it already had been tested.
- Reward: a break above $24.5 was my first area to sell half, then subjectively let the rest run or scale-out accordingly. Key levels would have been $24.75 and $25.00
Position Sizing:
- I took a position via my demo account instead of my live account given the quality was not the greatest.
- I took a position of 60 shares which accounted for losing ~$19 via a $0.30 SL amount.
Trade Management:
The candle which I entered on only made a high of $24.41. As it tested my entry point I could sense that the stock would likely fail upon a second test so I sold half on the ask as it got a marginal wave of buyers at $24.35 and sold the rest on a flush below my entry at $24.29.
Final Exit Thoughts and What I Learned:
I think my shakeout was a function of not entering at the right place. I did not wait for a structurally sound pullback as the parabolic momentum had experienced 10 consecutive 1min green candles. I simply hopped in on a subsequent high without the formation of a true pullback candle. Thereofore, the red pullback candle which formed after my entry would have been a high to enter on the next candle to test it. I think my trade management was executed well given my entry. After I exited fully the ticker broke below $24.00 before breaking back up. This would have shaken me out much worse so I am glad I exited break even. I learn that I need to execute better patience within bouts of raw momentum. Following the structural red pullback candle which I noted, it made a move a little greater than a point. I could potentially have looked to re-enter with this new form of confluence but it was right after my exit. This would have required greater psychological presence and objectivity - something I can work on. Furthermore, given that I understood that my entry was near the top of an intracandle range with little supporting momentum at the time- I could have look to sold the last half of my position on the dark pool rather than at the bid.