MSFT Trade on Apr 17, 2023 11:00 from The_Trading_Apprentice: Tradervue User Stock Trades.

DESCRIPTION OF TRADE
Trade#: 2
Ticker: MSFT
Market Condition: Gapping up
Strategy: Reversal
5-Minute ATR: 1.00
Beginning Position Size: 50
Avgcost: 289.12
Technical Stop: Previous LOD
Hard Stop: 288.12
LRC Level: 292.10
Bollinger Bands Level: 291.00
Level1: 290.97(DP)
Bookmap: High area of liquidity at 290.00
Profit Target1: 1.00 above Avgcost * Profit Target2: 1.25 above Avgcost
Profit Taking: Stopped

*What was the result of the trade, what happened? This was a losing trade. The market was consolidating in a very wicky and choppy fashion at the time of entry. I took a reversal trade at 289.12 with 50 shares when the price action reversed with a red hammer candle. I set taking out the previous LOD with confirmation as my technical stop and a 288.12 hard stop based on the ATR of the 5-minute candle prior to entry. The LRC was at 292.12 and the Bollinger Bands was at 291.00. I had a daily pivot at 290.97. I set profit targets at 1.00 and 1.25 above Avgcost. The price action touched the 9EMA and then reversed. I exited my trade when the price action loss the low of the previous LOD.

*FEELINGS- Describe what you thought and felt during the trade? Not happy with this trade.

*EVALUATION- What was good or bad about the trade (what worked according to plan in the trade)? Good: Not much. Bad: This was not a reversal setup, but a pullback before the price action continued its downward trend. I did not notice the PML since I had the chart too zoomed in.

*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 made a poor judgement to enter this trade because I was following the need to make profit over process. I need to do a better job of controlling my trading environment so that I can see the most important support or resistance levels, such as, PCL, PML, PMH so I can better determine my reversal setups.

*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 control my trading environment especially on my 5-minute chart so that I can observe key support and resistance levels, such as, PCL, PML, PMH.

*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 (X)Go ()No Go