CAT Trade on Nov 8, 2022 09:46 from quanphan135: Tradervue User Stock Trades.

The set-up: Opening Drive Play/ Break Down

When market is open, I see a massive sell off on SPY. LOW also get a 5m hammer candle (below opening price), I was patient enough to wait a pull back near opening level and get a SHORT position, where I only risking 35c per contract. After see that candle trying to make a reversal bull trend and getting some strength with index. I decided to cut loss even faster. (5c loss per contract)

What I did Right:

Waiting to get confirmation after market dump
Patient and buy Short at pull back near level where offer great R/R
Looking and focusing on price action after enter, seeing a reversal bull trend. Cut the loss super fast (And very right)
Immediately switch to LONG (next trade)

What I did Wrong: NONE

Where I could improve:

Maybe this dump is a LONG TIME FRAME PULL BACK for another break out. I will need to wait for confirmation as open before placing the trade

Trade grade: B+

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The set-up: Morning Break Out

After I cut loss for the first position after getting a "fake break down". I saw SPY trading above the key that I watched as well as CAT making a huge candle reversal, trading above opening price and key level that I mark for trading break out.

After getting breakout confirmation. I was patient waiting CAT to make a pull back and enter a CALL position. As soon as I enter, seeing SPY "struggle" to break out its opening price (yes, this is a silly mistake), I should wait SPY break out and trading above opening priced and enter a call position its making more sense.

Once spy failed break out and retest it support one more time, CAT also had a similar pattern and trading at demand zone.. (Made my position draw down $200 at one point).

One SPY finally succesfull retest support and broke and trading above opening price. Cat also had similar pattern. Trading above opening price and resistance zone I draw. After seeing a strong move like these. I already know matter of time before CAT will trading at my "Reward Target". which is "$232.40"

I scale out at 230.33 and another one at 230.

What I did Right:

1) Remand calm during first small loss

2) Seeing reversal pattern and made a move

3) Experience draw down but stay calm and find a reason to hold position (demand zone)

4) Trading with trend

5) Scale Out

What I did Wrong:

1) Didn't get a confirmation break out of SPY opening price before entering position of CAT (So, I could already not experience and draw down and even get a contract cheaper)

2) Hold on into my winner and SCALE OUT, but half way, it DID NOT meet my target yet - AKA I left much money in the table.

Where I could improve:

1) I should focus more on SPY at their "KEY LEVEL" and really react based on those level but not guessing
2) I should let my scale out/winner, running into my reward target (More patient and look at price action and find reason2sell, NOT SELL FOR PnL)

Trade grade: B-