TSLA Trade on Mar 3, 2023 09:45 from The_Trading_Apprentice: Tradervue User Stock Trades.

*DESCRIPTION
Trade#: 3
Set#: Trading Error:resistancetoprofit_Set01_11 | Trading Error:stopdistancecalculation_Set01_06
Ticker: TSLA
Strategy: (X)ORBU ()ORBD ()HODB ()LODB ()After Hours
Market Condition: (X)Gapping Up ()Gapping Down ()Consolidating
5-Minute ATR: ().50 ()1 (X)1.50 ()2 ()2.50
Beginning Position Size: 25
Entry: 195.38
Technical Stop: Loss of support of the ORH with confirmation. 9EMA once price action crossed the ORH.
Hard Stop: 193.88
LRC Break: (X)Yes ()No ()In Between
Bollinger Bands Break: ()Yes ()No (X)In Between
Level1: 198.92 (X)DP()LRC()BB()MA | Level2: ()DP()LRC()BB()MA | Level3: ()DP()LRC()BB()MA | Level4: ()DP()LRC()BB()MA
Profit Target1(psy): 196.50 | Profit Target2(psy): 197.00 | Profit Target3(psy): | Profit Target4(psy):
Exit1: 195.21| Exit2: | Exit3: | Exit4: | Exit5:

**What was the result of the trade, what happened? Loss. Market was gapping up at the time of entry. I took an ORBU trade at 195.21 with 25 shares when the price action broke the ORH with above average volume and momentum. The price action broke the LRC to the upside and was in-between the Bollinger Bands. I set the loss of the ORH with confirmation as my technical stop and a 1.50 hard stop based on the ATR of the 5-minute candle prior to entry. I had a daily pivot at 198.92 and I set my profit targets at 196.50, 197.00. I tried to set a breakeven loss since I did not trust the volatility and choppiness of the entry candle, but apparently, I set the breakeven stop too close to my entry and I got stopped out.

*FEELINGS- Describe what you thought and felt during the trade? I was not thinking clearly.

*EVALUATION- What was good or bad about the trade (what worked according to plan in the trade)? Good: The price action broke the ORH with volume and momentum. Bad: I entered the trade near resistance of the premarket high. The price action became volatile and choppy. I set my breakeven stop too close to my entry.

*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)? I broke my rule of not trading the same ticker after two failed attempts and I traded into resistance.

*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? I will follow my rule of not trading the same ticker twice and watch support and resistance levels in the way of profit targets.

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

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