ESU1 Trade on Jul 9, 2021 11:21 from Kingkillabee: Tradervue User Stock Trades.

Managed Wrong

Reason for entry: On 5 min, PA was grinding against the top of the broad bull channel while forming an ascending triangle (another type of range). There was a bull micro-channel trend line break (creating a final flag formation-implying 1 more move up). I entered with a limit order on the High 3 break of the range with stoploss at 4347.25. The target profit was the top of the bear channel (1st pic) and prior All Time High (red horizontal)

What could have been done better: I did not follow my rules. I took profit too early because I was fearful that the target would be front ran due to prior all time high being strong resistance. Taking profit before target is a losing strategy.

Also, I shouldve taken 2 lots off at the profit target and let a runner go considering the bull strength being displayed.

What was done well: I was able to keep a tighter stoploss because if PA reverted below the ascending wedge, the magnetic pull to the prior ATH would likely be invalidated for this particular scalp.

What was missed: I did not consider the ascending wedge as a type of range fast enough to act on it. So I did not consider a potential measured move up from the range (pic 2).

Emotions: I was a little nervous because I didn't have the best entry (would've been better to be long from the bottom of the range). It would have been easy for PA to reverse back into range for a while before retesting prior ATH later in the day.

How could I have responsibly made more money: Don't take profit early. Leave a runner when there are signs of strength.