MSFT Trade on Mar 13, 2023 13:21 from The_Trading_Apprentice: Tradervue User Stock Trades.

*DESCRIPTION
Trade#: 4
Set#: Trading Error:incorrectentryperstrategy_Set01_03
Ticker: MSFT
Strategy: ()ORBU ()HODB ()ORBD ()LODB (X)Reversal ()After Hours
Market Condition: ()Gapping Up ()Gapping Down (X)Consolidating
5-Minute ATR: ().50 (X)1 ()1.50 ()2 ()2.50
Beginning Position Size: 75
Entry (AvgCost): 255.111
Technical Stop: 9EMA
Hard Stop: 256.11
LRC Break: (X)Yes (down) ()No ()In Between
Bollinger Bands Break: ()Yes (up/down) (X)No ()In Between
Level1: 253.11 ()DP(X)LRC()BB()MA * Level2: 251.04 (X)DP()LRC()BB()MA * Level3: ()DP()LRC()BB()MA * Level4: ()DP()LRC()BB()MA
Profit Target1(psy): 254.00 * Profit Target2(psy):253.50 * Profit Target3(psy): * Profit Target4(psy):
Exit1: 256.28 * Exit2: * Exit3: * Exit4: * Exit5:

**What was the result of the trade, what happened? This was a failed trade. The market was consolidating at the time of entry. I took a reversal trade at 255.111 with 75 shares when the price action reversed and lost this 9EMA as support with below average volume. The price action did break the LRC to the downside but did not break the Bollinger Bands. I set the loss of the 9EMA as my technical stop and a 1.00 hard stop based on the ATR of the 5-minute candle prior to entry. I had a LRC level act 253.11 and a daily pivot at 251.04. I set my profit targets at 254.00, 253.50, 253.00. The price action broke through my technical level three times, but I still allowed it to break through my hard stop before I exited my position.

*FEELINGS- Describe what you thought and felt during the trade? I was still feeling ok with my execution and trade management but felt that this was not a good setup to take.

*EVALUATION- What was good or bad about the trade (what worked according to plan in the trade)? Good: Not much. Bad: I did not follow the rules of the strategy. The price action broke through my technical level, but I allowed it to continue through my hard stop.

*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)? This was not a good setup to take because I did not follow the strategy rules for a reversal trade which requires four continuous green candles before taking a reversal setup.

*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? Revisit the reversal strategy and study it carefully before taking or attempting a reversal trade next time.

*TRADE MANAGEMENT: Strategy ()Go (X)No Go * Max Risk Per Trade Identified ()Go (X)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