TSLA Trade on Dec 30, 2022 09:35 from The_Trading_Apprentice: Tradervue User Stock Trades.

*DESCRIPTION (describe in detail):
Trade#: 1
Set#: Trading Error:stopdistancecalculation_Set01_02
Strategy: (X)ORBU ()ORBD ()HODB ()LODB
Market Condition: ()Gapping Up (X)Gapping Down ()Consolidating
5-Minute ATR: ().50 (X)1 ()1.50 ()2
Position Size: 25
Entry: 123.08
Hard Stop: 122.08
Technical Stop: 9EMA
LRC Break (after 10:00 am): ()Yes ()No ()In Between
Bollinger Bands Break (after 10:00 am): ()Yes ()No ()In Between
Target1: 124()DP()LRC()BB()MA(X)PSY | Target2: 124.50()DP()LRC()BB()MA(X)PSY | Target3: ()DP()LRC()BB()MA()PSY | Target4: ()DP()LRC()BB()MA()PSY
Exit1: 122.8403 Exit2: Exit3: Exit4:

**What was the result of the trade, what happened? Loss. $SPY was gapping down prior to my entry. Price action broke the opening range high on strong volume, so I entered a trade at 123.08 with 25 shares. Price action made a new HOD and then reversed. Price action lost the opening range high, so I decided to exit my position near breakeven without allowing the hard or technical stops to work. I didn't like the way the overall market was moving downward, and I felt that this was going to be a bull trap.

*FEELINGS- Describe what you thought and felt during the trade? Not feeling confident in the last trading day of the year. I also felt I should have avoided trading today.

*EVALUATION- What was good or bad about the trade (what worked according to plan in the trade)? Good: Price action broke opening range high on strong volume. Bad: I exited my position without allowing the trade to work. I didn't use the correct ATR for stop placement. The overall market was gapping down.

*ANALYSIS- Does the trade make sense to you now that it is over? No, it doesn't.

*CONCLUSION- What is the final judgment of the trade (draw conclusions)? I was not confident about taking profits in the last trading day of the year. The overall market felt choppy. I become extremely cautious and didn't apply the correct ATR for stop placement since I had decided I would not let the trade work against me and exit near breakeven which is what I did. The irony is that if I had placed a larger stop based on the ATR and respected my stops, I would have had a move to 124.47 which would have provided at least $1 move to the upside.

*ACTION PLAN- How are you going to avoid the mistakes you made on this trade? How are you going to make sure you get the same results the next time if the trade was good? Place proper stops based on ATR and allow the trade to work. If I am not comfortable with the calculated risk required, I should not take the trade.

*TRADE MANAGEMENT: Strategy (X)Go ()No Go | Risk Identified (X)Go ()No Go | Profit Targets (X)Go ()No Go

*TRADE EXECUTION: Entry (X)Go ()No Go | Profit Targets/Stop Respected ()Go (X)No Go