GMCR Trade on Oct 21, 2015 09:49 from Holden: Tradervue User Stock Trades.

A+ PLAY :

Morning - Consolidation above ONH/Key R w confirmation, volume and change of character- GMCR
Research and information collection (what I was seeing and where I sourced the idea):
Identified via chart work as a possible name for continuation move higher as it had held key 50 level Monday and consolidated in the upper part of the trading range yesterday. This name has held 50 each time it has tested.
Creativity and the generation of trading idea (my thought process for what could develop):
Price action was my guide today was on my list and early in chart work recognized the break higher off the open and clean consolidation at the highs of the move. This is one of my favorite patterns for potential continuation higher when price action is set up well on larger time frames.
Entry execution and position management (Why did I take the play, why did I size as I did and what was my plan?):
Entry was small - one tier just looking for a move higher. I was not really committed to this play because I was thinking I would have better opportunities in other names. This play was sort of an afterthought but was in my playbook and was the best play that developed early in the session for me from r/r because of the set up on the higher time frames and the clean intraday set up.
Risk management and exit execution (My plan for the play and my reasons2sell):
Risk management- How do I control my risk in this situation effectively. - RECOGNIZE action breaking out and MORE was there.
Entry is a great way to control my risk in this situation. When the action cleanly holds the highs I am able to enter long against the low of the consolidation for a RORO type opportunity where if the action fails and breaks lower, Im out.
Exit Execution - Plan for this set up is take ½ at DTA and trail final piece up. I didnt do that.
Set exit at dta and took entire piece off there. I had no reason to but was just happy one play had worked out to plan.
Self Management (Specifically self talk and did I support myself in a way that allowed me to execute to plan):
did not manage myself well in this play. I was just so happy that I had something go to plan this morning as I was struggling with other trades that when the action reached DTA I just felt myself wanting a win and I took exit.
Next steps:
Names like this can create good potential afternoon continued strength plays or intraday reversal at R plays so prepare myself to potentially take advantage of either depending on the big picture and if the name remains in play through the middle part of the session.
--- AS it happened we saw a tremendous amount of weakness in the bigger picture and low volume I did not feel I had edge