BNTX Trade on Jun 27, 2022 12:02 from HelloMrMotto: Tradervue User Stock Trades.

Intrday

SPY opened up at high premarket but descended before the opening bell. Today is Monday and people are anxious to trade.

I didn't want to trade anything off the opening drive and decided to let patterns form so I can see what I wanted to trade later on the day.

Why did you take the trade?

Patterns were formed about the time I got into this trade so it gave me a clear indication of what I needed to do.

I looked through my scanner and found the best 8 stocks and narrowed them down through potential, volume, and pattern.

M pattern formed perfectly on this trade, so just like a sniper you know I had to shoot.

How did the trade go?

The trade went well. I had an awesome entry and the M pattern clearly presented itself. I saw that it was getting ready to crack the support line so I went ahead and took my shot at 142.68. I added a little more when I saw the stock going in the direction I wanted.

I was in the profits nicely and thought since this is a pharmaceutical play that it was going to fade even more but it bounced in the 140s. It didn't even try to hold it and just bounced right back like a basketball. I thought that it was the support and I was going to let the chart develop a little bit more before taking profits off the table.

As soon as it bounced on the 5-minute chart it just had green candles one after another. I wanted to test my greed and trade-off the charts instead of profits so I held it as close as I could to see if it was a fake-out, which it wasn't.

Later on the day it moved another leg up and touched my entry-level. Even later on the day buyers came in and multiple green candles ran up the stock a couple more points so I am thankful that I took my profits.

It made me feel bitter for a bit because I should have taken the profits as soon as it touched the 140s but then again I wouldn't have known that the stock would have bounced back that strong so that help me get out of my feelings.

I've seen it so many times that a stock will bounce back close to the entry point and then fade away heavy if you would have just let the chart develop and trade the chart instead of your profits. I've also seen so many times the opposite so it's def a situation where you have to look at all the variables next time in the future.

What can you do better in the future?

• Better entry on the M pattern It's okay to enter right at the top of the pattern and be willing to sacrifice 10-20 cents per share when going in on this trade. At least at this point the exit won't be as harsh as a bad entry and the trade is nearly stress free

• I need to find a medium of when to take profits and when to let the chart develop but with whatever decision that we make we need to accept it. The good thing about testing it to see if it goes near your entry point is that it tests your greed out. It makes you trade off the charts instead of trading off your profits. The bad thing about it is you didn't collect the premium profits

• Depending on the situation though I need to capture the profits before the bounce if the futures aren't going strong in my direction. Seems like when a stock drops like that it is always likely to regain everything back if the variables aren't on your side

• Accept what decisions you make if you let the pattern develop, even if it develops back to your entry point

What did you do great?

• Followed plan

• Great entry

• Made profits

• Tested out greed and accept decisions

• Saw the M pattern

• Went for it

Grade: B

Why that grade?

Great play, great setup, perfect pattern, great entry, took profits, and followed rules on my exit plan.

We did give it a grade of an "A+" but the entry could have been better on the top of the M pattern but it was still a great entry. Carter looked at my journal and saw the flaw in it. I got an entry more so in the mid and bottom of the batter where he saw it better to get the top of the pattern and take the meat of the move.