MRVL Trade on Dec 3, 2021 09:31 from srosas13: Tradervue User Stock Trades.

Situation: MRVL had a big gap up for earnings and a clean level to 90 from the highs of 87.50 PM I had a risk of 1.00 on the trade so it was a good R:R. I came into the day mixed if the market would sell off or if due to VOL being suppressed we would grid up and test the vol trigger and supply level. Off open I wanted to take a 10 day stall bounce and see it test 87.50 for continuation OR take it through strength to test the upper bolly. MRVL was also upgraded prior to open and had a catalyst to the name it seemed like the only likely play on open that I felt comfortable with going long.

Self Talk: Prior to the bell I saw some slight selling and some size at the 87 level this is the level I wanted to see it clear. At the bell I saw the stock sell-off to 84.60 and begin to start revving up with some momentum. I entered early of the highs because IF it did test the highs and fail I could stop out even or for a very minimal loss since I was unsure of the market conditions. For whatever reason I was filled on another lot of shares at 86 I thought this was a sale of the shares and entered my play again at 86.50. Little did I know I was holding a triple position. Once the play started to make its push I began selling off size and that is when I noticed that the position was tripled. At that point, I immediately lowered my position size to my original 300 shares since I was already up in the trade and could ride it out. I set the B/E a little below even because that is where the 5ma was sitting on the hourly chart. My thought was if there is some engine noise I want to see it hold that 86 level and test the highs at 88.50 again where I could make some sales and leave runners. The market as a whole ended up pulling and I was stopped out for a gain.

Consequences: The order entry mistake threw me off a little. I cant call this a human error because I have no idea why it filled my order twice never the less the play from an execution standpoint and a thesis basis was solid. I got my push over the highs and the level didn't continue and was faked out. Even with a lot of 300 I would have sold half at 88.50 and stopped on the rest at even giving me a NET 2R trade with an 86.50 entry. Sometimes it's better to be lucky than always right.

Coaching: I felt like my trade thesis was solid for this. In the backtest we see that after large gap ups there can be some great continuation especially with the news catalyst PM. This build level was found in the chat from JohnB but also appeared in the setup scanner so it's important to not sleep on these levels they can provide some solid R:R trades with good liquidity. I felt like once I recognized my size profile was off I did the right thing by immediately dropping down the position especially since it was up. In the past sometimes when you get mistake entries if you're down you ride it out and it makes a bad situation worse so you should always immediately exit and drop down the risk.

I felt I could have been better by recognizing the macro market conditions when it started to pull and secure more profit at break-even or 1R. The way my screens are configured I sometimes can not get the big macro picture of the market while also reading the tape and managing my trade. Overall this is a solid playbook trade.