EYES Trade on Mar 5, 2021 10:12 from Jrow3: Tradervue User Stock Trades.

Trade Idea:
- Take a HOD break above $3.05
- Tight SL at $3.00
- It would either find supporting momo or would be a quick exit
- B- Demo Setup
○ Contraindication: test of ascending resistance: it would either break or reject
Risk/Reward:
- Reward: $0.10 first TP, then $3.25, $3.5 etc
- Risk: $0.05 SL @$3.00
Position Sizing:
- Took a size that was in confluence of a stock with a $0.15 SL only because the setup was not the best (I didn’t want to size overly large on a setup that was not ideal - I want to be biggest in my best setups)
Trade Management:
- I entered too early as it rejected at $3.05 instead of breaking out. It still found support at $3.00 so I held for a retest of $3.05. Upon a second leg of momentum via consecutive ask prints being printed at $3.05 the price broke to $3.10. I knew a $0.05 TP was insufficient given my pos size. I waited for it to hold above $3.05 on the bid to see if we would get a leg higher. It found support but the subsequent candle made a second top at $3.10. On the third test of $3.05 on the bid it failed and I sold as $3.00 broke down
After Trade Thoughts and What I Learned:
- The setup itself was not inherently strong which I accounted for by trading it in the demo account. However, my trade management could have been a bit better. As I saw it double top at $3.10 I should have cut my trade break even or a bit in profit and looked to re-enter if it proved strong above $3.10. I need to work on having an action bias towards managing slow setups this way - my entries are usually areas which should immediately prove themselves or else they turn weak. It will either break or I need to bail.