Shared by
The_Trading_Apprentice
*DESCRIPTION:
Trade#: 4
Set#: LODB_01_11
Ticker: TSLA
Strategy: ()ORBU ()ORBD ()HODB (X)LODB
Market Condition: ()Gapping Up (X)Gapping Down ()Consolidating
5-Minute ATR: ().50 ()1 ()1.50 (X)2
Position Size: 25
Entry: 206.53
Technical Stop: 9EMA
Hard Stop: 208.53
LRC Break (after 10:00 am): (X)Yes ()No ()In Between
Bollinger Bands Break (after 10:00 am): (X)Yes ()No ()In Between
Target1: 204.50 ()DP()LRC()BB()MA(X)PSY | Target2: 204.16 ()DP(X)LRC()BB()MA(X)PSY | Target3: 204.00 ()DP()LRC()BB()MA(X)PSY | Target4: 203.50 ()DP()LRC()BB()MA(X)PSY
Exit1: 204.00 Exit2: 203.00 Exit3: Exit4:
**What was the result of the trade, what happened? Profit. Market was gapping in a parabolic fashion in the last hour of the trading session. I took an LODB at 206.53 with 25 shares when the price action broke LOD with confirmation. I set profit targets at 204.50, 204.00, 203.00. I had the LRC at 204.16. I took a 2/3 partial at 204.00 and scaled out the rest of the shares at 203.00.
*FEELINGS- Describe what you thought and felt during the trade? Feeling confident with execution as the market came to a close.
*EVALUATION- What was good or bad about the trade (what worked according to plan in the trade)? Good: The market was gapping down strong. The price action broke LOD with confirmation. Bad: The market session was coming to a close, so I scaled out the rest of my shares.
*ANALYSIS- Does the trade make sense to you now that it is over? Yes.
*CONCLUSION- What is the final judgment of the trade (draw conclusions)? It was a good trade for the market power hour.
*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? Continue to take the setup with confirmation.
*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 (X)Go ()No Go
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2023-02-16 15:20:12 | TSLA | sell | $206.530 | short |
| 2023-02-16 15:30:29 | TSLA | buy | $204.000 | short |
| 2023-02-16 15:32:04 | TSLA | buy | $203.000 | 0 |
Comments
The_Trading_Apprentice
Thanks! I learned this format from Ed Martin who is my mentor at Average Joe Trader. Journaling had been the key to improving my execution and trade management.
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Really nice format for trade analysis. I'm definitely trying to be better about analysis to keep improving my trades.