MGM Trade on Sep 20, 2021 10:31 from AtlasVanguardTrading: Tradervue User Stock Trades.

I actually made a decent trade here and I really could have sized up in this trade but I am still really in my research phase and this is a good trade to archive as a playbook trade. On the daily and weekly time frames MGM has been in a consolidation for a couple months now with a slight uptrend to it. This week the SPY gapped down and then pulled back to make new lows $12 under where it closed last week. However, MGM just gapped down about $0.75 which already showed me relative strength. My plan was to get in some contract 2 weeks out and hold through the noise until it starting moving up again because it looked primed to leave the range. However, because I dont do a good job at organizing my trades and applying risk to a specific trade plan I ended up just making a scalp trade. This worked out well because MGM did pull back nasty the next day but then was sent on a $5 bull run to 45 dollars closing the week at highs. A great way to utilize risk in this scenario is to first recognize the potential for a swing and a day trade and make two trades out of it to finance the swing with an intraday scalp.