MCD Trade on Oct 27, 2015 09:42 from Holden: Tradervue User Stock Trades.

Dev play: -
Day-2 Continued weakness - Consolidation below ONL/Key S w Confirmation and change of character- MCD
Yesterday, MCD showed the potential of a higher time frame reversal after extending following earnings then showing a strong intraday reversal and a close at the lows of the session. Following the action yesterday, I kept MCD on watch for a possible continuation play lower if the action failed to clear any key R levels above then traded below and consolidated below yesterday's lows showing a willingness for sellers to push.
Research and information collection (what I was seeing and where I sourced the idea)
Chart work- Extended higher on daily, hard failure yesterday and pullback to 60 min vwap POTENTIAL for continuation today.
Creativity and the generation of trading idea (my thought process for what could develop)
Identified key levels from prior day particularly focused on the action from the prior afternoon with the consolidation at the lows of 111.80 ish being my focus point for a continuation short play. A break below here and consolidation below gives me more
Entry execution and position management (Why did I take the play, why did I size as I did and what was my plan?)
when the action broke lower below support (I did not wait for consolidation like I should have, simply took entry short on break below prior S which is not my play. In fact, my best play is to wait for a consolidation below support and enter short when that consolidation holds below support so I can better control my risk.
This rushed entry did not give me good trade location at all. It led to a forced entry lower risking more than I should against priorS
Risk management and exit execution (My plan for the play and my reasons2sell)
Risk management- Put stop above at prior S looking for the action to hold lower and extend lower having the higher time frame play develop on the lower time frames.
Exit Execution - Just set my target and let the action get there. Important thing was to consider that the action was consolidating at the lows before breaking loser and getting to my target. When there is this consolidation at lows, look for a little more because if the action breaks lower, it will likely trend lower for a bit.
Self Management (Specifically self talk and did I support myself in a way that allowed me to execute to plan)
Helped tremendously to talk through the play with another trader. I need to get myself into a group to share if I ever want to really see how good I can be in each individual trade.
Next steps:
The action extended nicely lower but with the HARD pop off support and change of character, there was a nice reversal play. It is important to be patient and aware of all the different set ups that could develop out of the play.