MDB Trade on Mar 9, 2023 09:39 from The_Trading_Apprentice: Tradervue User Stock Trades.

*DESCRIPTION
Trade#: 2
Set#: Trading Error:atrabove2_Set01_02 | Trading Error:resistancetoprofit_Set01_12 | Trading Error:revengetrading_Set01_05
Ticker: MDB
Strategy: ()ORBU ()HODB ()ORBD ()LODB ()Reversal ()After Hours (X)Revenge
Market Condition: (X)Gapping Up ()Gapping Down ()Consolidating
5-Minute ATR: ().50 ()1 ()1.50 ()2 ()2.50 ()4.00
Beginning Position Size: 100
Entry: 212.53
Technical Stop: ORH with confirmation
Hard Stop: 208.53
LRC Break: (X)Yes(up) ()No ()In Between
Bollinger Bands Break: ()Yes ()No (X)In Between
Level1: 211.65 ()DP(X)LRC()BB()MA | Level2: 213.39 (x)DP()LRC()BB()MA | Level3: ()DP()LRC()BB()MA | Level4: ()DP()LRC()BB()MA
Profit Target1(psy): 214.00 | Profit Target2(psy): 214.50 | Profit Target3(psy): | Profit Target4(psy):
Exit1: 209.57 | 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 a revenge trade at 209.57 with 100 shares when the price action gapped up 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 208.53 hard stop based on the ATR of the 5-minute candle prior to entry. I had a LRC level at 211.65 and a daily pivot at 213.39 and I set my profit targets at 214.00 and 214.50. The price made a new HOD at 213.31 which was near my daily pivot of 213.39. I was too slow to take profit and the price action reversed breaking through the technical stop and stopping me out.

*FEELINGS- Describe what you thought and felt during the trade? Frazzled and feeling loss of control of my trade management.

*EVALUATION- What was good or bad about the trade (what worked according to plan in the trade)? Good: Not much. Bad: I traded into resistance and lost control of the trade.

*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 started to revenge trade because I believed that I didn't take enough profit on my last trade due to issues entering my limit order on the montage. I felt frustrated with my execution and trade management.

*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? When I start to feel I am losing control of my ability to trade, I will stop trading and walk away from my trading station until I can reset my mental environment.

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

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

image


Execution detail:

Date/time Symbol Side Price Position
2023-03-09 09:39:21 MDB buy $212.530 long
2023-03-09 09:40:46 MDB sell $209.570 0


Leave a comment about this trade!

You need to log into your Tradervue account to leave a comment. If you don't have one,
it takes just a few seconds to sign up, and it's free!

View plans, Sign up for free, or Log in