GM Trade on Apr 25, 2023 09:37 from Dandres: Tradervue User Stock Trades.

PREMARKET
- This was on the premarket scanner on the gap down scanner.
- Catalyst about Q1 earning.
- The volume looked good, over 200k in the premarket, I didn't look at the float but knowing it was GM, it was probably in the mega cap range.
- ATR looked good too, $2.80.
- Premarket price action and pattern, set it up below the VWAP.
- Decent daily levels close to the current price.
OPEN
- During the open, I waited the for the 5 min OR to die down, I remember GM moving sort of slowly and with not too much volume, BUT towards the downside. During the first 5 min candle, the stock dropped down to the daily level $33.24 and ripped back up to close the candle. $33.84. The new 5 min candle was starting and on the 1-minute chart, the candle was curling back to the downside. I waited for candle confirmation on the 1 minute chart and after lower highs and lower lows, I got in small share size below the VWAP with a stop around VWAP and added on a pull back on the next 5 min candle close to where I originally got in. I rode the drop down to 2R and got out at the opening low.
- Candle then started moving back up towards VWAP and was showing some good resistance, I jumped the gun and got stopped out 15 cents loss but as predicted, the stop did drop again, I shorted near the VWAP on the reversal candles downwards and held again close to the opening low for close to 2R again.
REFLECTION
- I didn't make a written down plan because I've noticed, when I am trading real time, I really have no time to look at it and study it. I think it's best to know what to do at the time of the event and not just have it written down because more times than not you wont be able to. The only information I wrote down was the ATR, max share size with 2% risk, +ETB.
- I also hid my P&L so that I wouldn't be trading on the gains/loss but instead trading my strategy. It worked, it kept me calm and collected and focused on what was really important which was executing my plan.
- Did great with the focus and with the reasoning.
- Did really well with holding and adding to my winners + moving my stops.
- Did well waiting for confirmation.
- Great share size and scaling.
- Room to improve definitely don't forget to look at the stock summary like float, atr, RSI, short interest and so forth.