Shared by
BlackSwanTrading
- Shorted $MVIS at R3.
- Entry was 21.92. Stop-loss was HOD/previous high wick @ 22.43.
- Risk was 50 cents, decided my first profit target would be LOD which was roughly 2.5 to 1 RvR
- I took a 25% partial at 9:13 when huge volume came towards the downside, then the price moved up sharply. As it was about to close the 1 min candle as a hanging man with huge volume, I decided to partial which was around 1.75 RvR.
- I began moving sideways then up against my position, so I decided to cover 100% after it crossed VWAP and the 20EMA was already beginning to turn upwards.
- Ended as a .65R win.
- Things to improve on:
- I'm going to begin to look out for better stop losses. I think as I gather more trades, it's very clear when I'm on the right side of the trade. This means I can tighten my stop loss because the trade goes against me it will stop me out whether I took a tight stop loss or a much more conservative one. In this instance, I could've possibly placed my stop loss at the halfway mark of the wick instead of the top or even at the top of the body of the previous candle.
- Also I should've waited for the huge volume doji to close and partial if the next bar continues to tick against me. This is because it is only one 1 min candle, and although a reversal is likely it can still downtick a bit more which in other cases can be enough to reach my profit target before reversing.
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2021-06-07 09:48:14 | MVIS | sell | $21.920 | short |
| 2021-06-07 10:13:55 | MVIS | buy | $21.200 | short |
| 2021-06-07 10:30:03 | MVIS | buy | $21.700 | 0 |
Comments
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Nice summary mate. I add DAS screen shots to each trade as Trader vue charts look like they're from the 90's