MCD Trade on Oct 23, 2015 09:38 from Holden: Tradervue User Stock Trades.

Day 2- Morning - BPB- Continued strength above key R - MCD
One of my favorite plays when looking for a momentum move. I missed this play yesterday in BA but reviewed it and prepared in case it developed today. I love plays where a name is in play or on a day 2 play drives hard up above a key resistance level and consolidates above the R level briefly on strong volume, especially with big picture strength. I look for a hold above R and can enter long against that level looking for the momentum drive to continue and want to stay with that set up until the momentum fades or I have a real Reason2sell.
Research and information collection (what I was seeing and where I sourced the idea):
Day 1 reversal yesterday with name in play and LONG (1hour+) consolidation in the upper ⅓ of the range into the close
Creativity and the generation of trading idea (my thought process for what could develop):
Was thinking two different scenarios that I could take action on here:
Price action fails to take out any key support lower, Pops hard above potential R level and consolidates there
I can look for a momentum drive higher off that support level
Failure to clear any key R level above, trades below pre-market support AND prior day support and consolidates
Look for a fade lower as sellers may be showing they are in control of this name for the short term.
Entry execution and position management (Why did I take the play, why did I size as I did and what was my plan?):
Prepared for both long and short. With big picture support early and consolidation above R, Looked for a break higher to get long
Was looking for a momentum drive higher so this is not something that should sit around, I want to look for a hard drive 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.
Initial risk is place just under low of intraday consolidation. Stop is moved up aggressively as the action drives higher.
Exit Execution - Pure momentum drives like this are not ones I trade around. Plan is to take ½ off DTA but had good reason2sell
when momentum stalled in the name at 12.75 AND much more importantly with the big picture driving up into important potential resistance level at 207.75 after being aggressively extended with a very unlikely set up for another trend day
Self Management (Specifically self talk and did I support myself in a way that allowed me to execute to plan):
Had practiced this set up 10x last night so it was nice that it developed today. I felt good that I had prepared for a move in either direction but was patient and flexible enough to really execute well when the play developed in the way it did. Again, the process of choosing this play and focusing there was a really big step with me