197 is a NVDA level that acted as support in early July and resistance in mid July. After this key level broke and held around 9:37 this morning, I was watching for a retest to get long.
I made a plan to get long at 197.30 with a SL at 196.90 and a TP level at 198.50. This gave me a 3:1 RR. I submitted my order once I saw this level hold from 9:38 to 9:46 and I got filled soon.
At 9:50 I was managing this position while simultaneously managing a long position in CLOV. I was not stressed because I had a plan for both trades. As I become a better trader, it will be helpful to stay emotionally stable while taking care of multiple open positions.
At 9:53 I was stopped out of NVDA. I had no buying power left for a reentry. I wrote, "If I had buying power, I'd get long if price was near HOD for NVDA and /NQ." Although I don't have much data to support that trade thesis, I would be comfortable entering with small size.
Lesson Learned: When you have a detailed trade plan, it is not emotionally draining to manage multiple open positions.
Execution detail:
Date/time | Symbol | Side | Price | Position |
---|---|---|---|---|
2021-07-29 09:48:18 | NVDA | buy | $197.300 | long |
2021-07-29 09:53:18 | NVDA | sell | $196.870 | 0 |
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