SOFI Trade on Oct 20, 2021 09:42 from AtlasVanguardPaperTrading: Tradervue User Stock Trades.

Playbook: SOFI 10-20-21

Name: 1h Bull Flag

Big Picture:
What does the related and broader market look like?
SPY opened the week by pushing out of a heavy demand zone at 444-446 and then continued to trade in an uptrend into the open on wednesday the 20th.
What were important levels intraday in the SPY/QQQ?
451 was PM High
449 was PM Low
451.25 Previous HOD
What is /ZB doing? Chart below:
Bond futures were trying to creep back up into the heavy demand zone I have drawn on the chart.
Where there any important events on the macro level?
Financials are starting to report earnings.
SPY/QQQ/Bonds market chart here:

Intraday Fundamentals:

Premarket Volume (for plays off the open)?
Bars reaching 25K

What is the ATR?
.98

How does the option market look?
Huge volume

What makes the stock in play?
Broke out of huge consolidation last week and has tons of volume.

TA:
What levels were significant in the trade?
19.85 which was also the bottom trendline area.
20 a good psychological level to hold.
20.3-20.57 was a previous demand zone. If price got over this I expect it to keep going.
20.73 is resistance from previous day

Did you trade based off a candlestick pattern?
Yes bull Flag on 1h frame and I really liked the lower lows wicking action below 20.

What levels/TA did you used to plan your entry? Why?
I drew a load zone just above the $20 level but I noticed sellers were definitely in control right off the open and it blew past that but close over 20. Once I saw that I was all over it but I really should have started with more size off the bat because that hold of 20 in the pattern is a huge signal to get long with tight risk.

What was price action telling you?
^^^

How and where did TA give you the biggest edge?
The TA gave me great levels to risk off because I was able to see a clear pattern and the read the price action really quick to see that it was hammering back over 20 twice and then it kept going so I got in and risked from 20 so I had a lot of room to add size.

Where did your TA fail you?
The 20 level did not just hold off the bat so I had to be able to read the tape more to see that buyers were present at these levels.

Detailed TA Chart with any further explanation:

Reading the tape:
What did you see on the tape to initiate your entry?\
Bids just jumped in and started stepping in front of each other at the 19.85 level back up over twenty for a candle close and then bids held 20 and moved up.

What did you see on the tape to take profits early if you did?
I saw a major rejection at HOD and that was a great place to take a lot of size off.

What made you add size?
I never did sadly because there were plenty of VWAP bounce opportunities and premiums were moving well.

Why did you sell?
Trailstop on the runners and rejection at HOD.

Intuition/Trade review:
What intuitive lessons can you take from this trade?
Seeing a stock hold and close above a psychological level with tons of buying volume is a huge edge and should be capitalized on with more size. I also learned that I should stick with these type of tickers and set alerts intraday to look to buy more and continue playing the trend. Thats how you grind out to a 10k day with a small intraday stop.

How did this trade help you grow?
This trade helped me recognize the advantage of reading the price action after you have made a plan. Making a plan to trade anything the stock throws at you that is within the parameters of the set up is a must.

How are you going to take what you learned and apply it tomorrow?
I am going to make sure I am focused on trading the price action and order flow with a plan that has many different scenarios. That would have made this trade even better.
How can you get better entries and exits?
Paying attention to the stock throughout the day because it offered plenty of opportunity.
Where can you be bigger in this trade next time?
I can definitely be bigger from the open of the trade because I was kinda light leveraging $250 but it was a good study of how I should act in a 1k account until I get more comfortable.