The set-up: Break Out Play
When market is open, I saw a sell off if SPY. After 30m, seeing SPY making a reversal candle coming back. Trading above opening price, I looking at UNH, offer alot of good risk and reward taget upset. I enter a LONG position at 552, risking $1 (SL 551) and Reward target $555 (3R)
Unfortunately, SPY COULD NOT pumping into 381.08 level so I watch UNH hit my stop loss and I getting out of my position as loss -1R
What I did Right:
1) I picking the stock and trading based on my plan.
2) I was patient enough for 30m not making any trade but looking and the market and SPY and find a reason to enter the trade.
3) I enter position only after getting a confirmation as SPY pushing UP opening price.
What I did Wrong:
1) I will need more confirmation, not only opening price but key level that I mark as well.
2) I feel like its a right trade. It's just getting a fake break out of the market
Where I could improve:
1) I will need more confirmation, not only opening price but also the "key level" that I mark as well both SPY and Stock I pick
2) I will need re-define my A+ Setup going forward.
Trade grade: B-
Execution detail:
Date/time | Symbol | Side | Price | Position |
---|---|---|---|---|
2022-11-09 10:07:41 | 11 NOV 22 550 CALL | buy | $7.300 | long |
2022-11-09 10:33:33 | 11 NOV 22 550 CALL | sell | $6.450 | 0 |
You need to log into your Tradervue account to leave a comment. If you don't have one,
it takes
just a few seconds to sign up, and it's free!