CRM Trade on Mar 2, 2023 09:36 from The_Trading_Apprentice: Tradervue User Stock Trades.

*DESCRIPTION:
Trade#: 1
Set#: Trading Error:stopnotrespected_Set01_05
Ticker: CRM
Strategy: ()ORBU (X)ORBD ()HODB ()LODB ()After Hours
Market Condition: ()Gapping Up (X)Gapping Down ()Consolidating
5-Minute ATR: ().50 ()1 ()1.50 (X)2
Beginning Position Size: 75
Entry: 190.06 (50 shares)/188.85 (25 shares)
Technical Stop: Break of the ORL with confirmation
Hard Stop: 192.06
LRC Break: (X)Yes ()No ()In Between
Bollinger Bands Break: ()Yes ()No (X)In Between
Level1: 187.56 (X)DP()LRC()BB()MA | Level2: ()DP()LRC()BB()MA | Level3: ()DP()LRC()BB()MA | Level4: ()DP()LRC()BB()MA
Profit Target1(psy): 189.00 | Profit Target2(psy): | Profit Target3(psy): | Profit Target4(psy):
Exit1: 188.87 | Exit2: | Exit3: | Exit4: | Exit5:

**What was the result of the trade, what happened? Profit. Market was gapping down at the time of entry. $CRM had reported earnings yesterday after hours. I took an ORDB at 190.06 and 188.85 (for a total of 75 shares) when the price action broke the ORL with above average volume and momentum. The price action broke the LRC and was in-between the Bollinger Bands. I set the break of the ORL with confirmation as the technical stop and a 2.00 hard stop based on the ATR of the 5-minute candle prior to entry. I had a daily at 187.56 and I set my profit targets at 189, 187, and 187. I added 25 shares when the price action pulled back to the ORL and the 5-minute 100SMA but bounced and continued its path downward. I took a 2/3 partial at my profit target of 188.00 and set my stop to breakeven. I set the 9EMA as my new stop once it crossed the ORL. The price action then broke the 9EMA with confirmation, but I did not exit my position since I saw it consolidating along the 9EMA. I added 25 shares at 187.49 and set my stop to breakeven. The price made a new LOD and eventually stopped me out.

*FEELINGS- Describe what you thought and felt during the trade? Feeling good with my execution and adding some complexity to the trade by adding shares.

*EVALUATION- What was good or bad about the trade (what worked according to plan in the trade)? Good: The market was gapping down. The price action broke the 5-minute 100SMA and ORL with volume and momentum. Bad: The price action lost momentum, reversed and stopped me out. I moved my stopped too many times.

*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 setup that I was able to take profit, but I could have made better decisions about changing stops in relation to adding shares during the trade, such as, setting the stop to breakeven if the price action is failing instead of waiting for the break of the 9EMA with confirmation.

*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? Once I decide that I will add shares I will move my stop to breakeven if the price action starts to fail.

*TRADE MANAGEMENT: Strategy (X)Go ()No Go | Max Risk Per Trade Identified (X)Go ()No Go | Profit Targets Set (X)Go ()No Go

*TRADE EXECUTION: Entry (X)Go ()No Go | Profit Targets/Stop Respected Without Fear ()Go (X)No Go

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Execution detail:

Date/time Symbol Side Price Position
2023-03-02 09:36:26 CRM sell $190.060 short
2023-03-02 09:50:37 CRM sell $188.850 short
2023-03-02 09:54:05 CRM buy $188.000 short
2023-03-02 10:38:04 CRM sell $187.490 short
2023-03-02 11:06:47 CRM buy $188.870 0


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