META Trade on Apr 25, 2023 09:35 from The_Trading_Apprentice: Tradervue User Stock Trades.

DESCRIPTION OF TRADE
Trade#: 1
Ticker: META
$SPY Condition: Gapping down
Strategy: ORBD
Price@LRC: Below
Price@BB: Below
Bookmap areas: 210.00
5-Minute ATR: 1.00
Beginning Position Size: 50
Avgcost: 209.45
Technical Stop: ORL
Hard Stop: 210.45
Level1: 208.30 (DP)
Level2: 208.70 (LRC)
Level3:
1st Profit Target: AC+.50/Sell.50
Profit Taking:
Shares Added:
Exit: 210.51 (STO)
Trading Error: Did not mark the opening ranges, price action too extended from the 9EMA and premarket low.

*What was the result of the trade, what happened? This was a losing trade. $SPY was gapping down at the time of entry. I took a ORBD trade at 209.45 with 50 shares when the price action took out the ORL with above average volume. I set taking out the ORL with confirmation as my technical stop and a 1.00 hard stop based on the ATR of the 5-minute candle prior to entry. The price action was below the LRC and BB. I had a daily pivot at 208.30 and LRC level at 208.70. I set my 1st profit target at AC+.50/Sell.50. The price action quickly gapped down and made a new LOD before reversing and hitting my hard stop. I stopped out at 210.51.

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

*EVALUATION- What was good or bad about the trade (what worked according to plan in the trade)? Good: The price action took out the ORL. Bad: The price action quickly reversed and hitting my hard stop. The price action was too extended from the 9EMA, premarket low, and VWAP.

*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)? The setup was appropriate to execute, but I feel that the price action was too extended from important levels.

*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 observe how extended major levels are from the opening range breaks to determine if I have a setup with a high probability of success.

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

*TRADE EXECUTION: Entry (X)Go ()No Go * Profit Targets/Stop Respected (X)Go ()No Go