MSFT Trade on Jun 7, 2021 10:20 from tjmiller2001: Tradervue User Stock Trades.

First Trade

MSFT opened strong, rising from 250 to 252 in less than 30 minutes. However, it found resistance at a used Daily Supply Zone at 252.15. I was wary to get short because consolidation at intraday highs is usually a bullish signal. However, I believed that /ES and /NQ weakness would bring MSFT down out of its tight 10-10:20 consolidation.

At 10:20 I was filled when I fought for price by getting a short entry at the upper level of the consolidation period. I had a 3:1 RR

I was quickly stopped out at 10:21 when a high volume green candle broke above the supply zone. I didn't want to flip my bias and get long on the breakout because /ES and /NQ were still weak.

Lesson Learned: Supply puts work better when the rejection is quick. To get short, I should look for a fast rejection instead of consolidation right under supply.

Second Trade

After Daily Supply at 252.15 failed to act as resistance to the 10:21 breakout. I wanted to get long if that level could hold. At 10:24 it wicked below that level then price was pushed back up. That was a good sign that buyers were somewhat strong at that level. From 10:25 to 10:29 price consolidated right above that level.

My thesis was that strength from the first hour of trading would continue now that a resistance level was broken. At 10:29 I got long at at the bottom of the recent 1m consolidation. I had a 3:1 RR. When old resistance didn't act as new support I was stopped out. I did a good job exiting when my thesis was proven wrong.

Lesson Learned: I don't have edge with breakout retests. I should stick to the SD strategy for now and once I'm good at that I can consider learning other strategies. I can't give breakout retests the attention they deserve because my mind is not on learning them.