AMD Trade on Jun 11, 2021 09:54 from tjmiller2001: Tradervue User Stock Trades.

AMD formed a clean 15m Supply Zone on 6/8 and I wanted to see the reaction to that zone on 6/11. This supply was at $81.87.

AMD opened strong in the first 3 minutes, moving into that zone. However, it quickly reversed lower back out of the zone. I chose to keep the zone valid because price spent such little time over 81.87.

After consolidating lower from 9:38 to 9:45, price made a move higher up towards supply. A red candle at 9:52 showed me that buyers had lost a little bit of strength. I wrote down that I was "waiting for selling strength." Also, there was a resistance trendline nearby that added reasoning to my short thesis.

That came at 9:53 with a large red candle. I now had the confirmation I needed to get short with a 3:1 RR. I sent orders for 2 contracts because the contracts were cheap and they were filled within 6 seconds of each other at different prices. I like the way I scaled in but I think I should've offered 0.55 and 0.52 or any amount a little more because I almost missed the move. Being cheap and wanting to top tick every short entry will result in me missing several great opportunities. I need to set the orders and be fine with not timing my entries perfectly as long as I'm catching the bulk of the move and managing risk.

At 9:58 I wrote, "Selloff in SPY and QQQ helped me get up quickly by fueling an AMD drop. But with AMD losing selling strength, I've placed a SL on both contracts."

At 10:00 I was stopped out of one contract and I decided to trail my stop of the other if the downtrend continued. Although I was wicked out at 10:00, I believed I managed my risk well by having my stop in place there. I wasn't willing to let this trade turn red on me and I wasn't panicking by selling both contracts.

After seeing the 10:00 candle close red with a tall top wick, I should've been open-minded towards a short reentry if a downtrend followed. The 10:01 red candle should've acted as confirmation for me to get back in short with a contract to scalp. I need to be able to think fluidly and consider reentries shortly after my exits.

At 10:08 I wrote, "Consolidating right above my PT, patient bc no buying strength yet."

I think I made the right decision to place my stop at a place that indicates buying strength instead of exiting during a consolidation phase, which occurs in all healthy trends.

At 10:13 I got filled on my exit at my PT of 81.35 right before an upmove that would've taken solid profits away. Got lucky I was filled right before the uptrend.

My stop loss and TP levels made lots of sense on this trade. I would've been stopped out on a higher high and I ended up taking profits close to recent intraday support. Great well-set levels.

Lesson Learned: Stay open-minded towards reentries right after your exits. If you were stopped out on a wick, wait for a red 1m candle to close to get in short with a tight stop and a mindset to scalp that contract.