MSFT Trade on Mar 15, 2023 10:36 from The_Trading_Apprentice: Tradervue User Stock Trades.

*DESCRIPTION
Trade#: 1
Set#: Trading Error:incorrectentryperstrategy_Set01_04
Ticker: MSFT
Strategy: (X)ORBU ()HODB ()ORBD ()LODB ()Reversal ()After Hours
Market Condition: ()Gapping Up (X)Gapping Down ()Consolidating
5-Minute ATR: ().50 ()1 ()1.50 (X)2 ()2.50
Beginning Position Size: 75
Entry (AvgCost): 261.92
Technical Stop: ORH
Hard Stop: 263.92
LRC Break: (X)Yes (up) ()No ()In Between
Bollinger Bands Break: ()Yes (up/down) ()No (X)In Between
Level1: 263.92 (X)DP()LRC()BB()MA * Level2: 267.45 ()DP()LRC()BB()MA * Level3: ()DP()LRC()BB()MA * Level4: ()DP()LRC()BB()MA
Profit Target1(psy): 263.00 * Profit Target2(psy): 263.50 * Profit Target3(psy): * Profit Target4(psy):
Exit1: 259.85 * Exit2: * Exit3: * Exit4: * Exit5:

**What was the result of the trade, what happened? This was a failed trade. The market was gapping down at the time of entry. I took I took an ORBU trade at 261.92 with 75 shares when I thought price action broke the premarket high and ORH. The volume was slightly above average. The price action broke the LRC in an upward fashion and was in between the Bollinger Bands. I set the loss of the ORH with confirmation as my technical stop and a 2.00 hard stop based on the ATR of the 5-minute candle prior to entry. I had a daily pivot at 263.92 and 267.45. I set my profit targets at 263.00 and 263.50. The price action barely broke my levels before quickly reversing and eventually hitting my stop.

*FEELINGS- Describe what you thought and felt during the trade? I felt ready and prepared for the trading session..

*EVALUATION- What was good or bad about the trade (what worked according to plan in the trade)? Good: I thought the price action had broken the premarket high and ORH. Bad: The price action did not break the premarket high or the ORH and I was premature in executing 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 prematurely entered an ORB trade without firmly confirming that the price action had broken the premarket high and ORH. This was partially due to the fact that I was not reading the break of the levels correctly because the line drawn was not thick enough for me to see it. Based on the recommendation from a fellow trader I increased the line size so that next time I can truly see if the levels are taking out before taking executing the trade.

*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 ensure that levels in the way of profit targets are truly taken out before executing a trade.

*TRADE MANAGEMENT: Strategy ()Go ()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 (X)Go ()No Go