Shared by
The_Trading_Apprentice
*DESCRIPTION:
Trade#: 1
Set#: Trading Error:enteredlate_Set01_04
Ticker: TSLA
Strategy: ()ORBU (X)ORBD ()HODB ()LODB
Market Condition: (X)Gapping Up ()Gapping Down ()Consolidating
5-Minute ATR: ().50 ()1 ()1.50 (X)2
Position Size: 25
Entry: 188.64
Technical Stop: Break of ORH with confirmation
Hard Stop: 190.64
LRC Break (after 10:00 am): ()Yes ()No ()In Between
Bollinger Bands Break (after 10:00 am): ()Yes ()No ()In Between
Target1: 187.50 ()DP()LRC()BB()MA(X)PSY | Target2: 187.00 ()DP()LRC()BB()MA(X)PSY | Target3: 180.68 (X)DP()LRC()BB()MA()PSY | Target4: ()DP()LRC()BB()MA()PSY
Exit1: 190.75 Exit2: Exit3: Exit4:
**What was the result of the trade, what happened? Loss. Market was gapping up at the open. $TSLA's price action broke the opening range low with strong volume, and I entered a trade, somewhat extended from the ORL, at 188.64 with 25 shares. I set a profit target at 187.50 and 187.00. I had a daily pivot of 180.68. The price action made a new LOD fairly quickly after I entered my position and reversed stopping me out.
*FEELINGS- Describe what you thought and felt during the trade? Rested and ready.
*EVALUATION- What was good or bad about the trade (what worked according to plan in the trade)? Good: the price action broke the premarket and opening range low with above average volume. Bad: My entry was too extended from the ORL. The price action quickly made a new LOD and reversed stopping me out.
*ANALYSIS- Does the trade make sense to you now that it is over? No.
*CONCLUSION- What is the final judgment of the trade (draw conclusions)? I hesitated to enter the trade when the price action broke the ORL and I entered too extended diminishing the risk:reward opportunity.
*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? Take the setup when presented without hesitation.
*TRADE MANAGEMENT: Strategy (X)Go ()No Go | Risk Identified (X)Go ()No Go | Profit Targets (X)Go ()No Go
*TRADE EXECUTION: Entry ()Go (X)No Go | Profit Targets/Stop Respected ()Go (X)No Go
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2023-02-13 09:36:11 | TSLA | sell | $188.640 | short |
| 2023-02-13 09:38:51 | TSLA | buy | $190.750 | 0 |
Comments
The_Trading_Apprentice
Thank you for your observations. I've trading live for less than a year now and there has been many refinements of my trade book based on reflection and journaling. My trading journey is focused on process not profits so everyday is a new opportunity towards becoming a consistently profitable trader. Have a wonderful day! :-)
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Most of your trades that I've looked at have losses. Small losses, which is good, but looks like you have more losses than wins. Have you changed anything since you started last year?