NVDA Trade on May 1, 2023 11:13 from The_Trading_Apprentice: Tradervue User Stock Trades.

DESCRIPTION OF TRADE
Trade#: 2
Ticker: NVDA
$SPY Condition: Gapping down
Strategy: NVDA
Price@LRC: Below
Price@BBs: Above
Bookmap large areas of liquidity: 284.20
5-Minute ATR: 1.00
Beginning Position Size: 50
Avgcost: 285.35
Technical Stop: HOD
Hard Stop: 286.35
Level1: 281.56 (BBs)
Level2: 281.10 (DP)
Level3:
1st Profit Target: VWAP
Profit Taking:
Shares Added:
Exit: 285.59 (breakeven)
Trading Errors: The price action was above the upper BBs. The 9EMA was too close to the price action.

*What was the result of the trade, what happened? This was a losing trade. The market was gapping down at the time of entry. I took a reversal trade at 285.35 with 50 shares when the price action presented reversal signals and fell below the upper LRC. I set taking out the HOD 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 above the BBs. I had levels at 281.10 (DP), 281.56 (BBs). I set my 1st profit target at VWAP. The price action made a new LOD then reversed. I did not comfortable with what appeared as a temporary pullback before the price action continued its upward trend.

*FEELINGS- Describe what you thought and felt during the trade? Feeling confident with my trade management.

*EVALUATION- What was good or bad about the trade (what worked according to plan in the trade)? Good: The price action and QQQ showed strong reversal to the downside. The price action fell below the upper LRC. Bad: The price action pulled back before continuing its parabolic upward trend.

*ANALYSIS- Does the trade make sense to you now that it is over? Yes. $NVDA made a strong parabolic move towards ATH and there was small chance for a reversal move. The price action was still above the upper BBs and I should have waited for better confirmation of a reversal. I was too focused on waiting for a reversal move that I missed an opportunity to take a HODB trade.

*CONCLUSION- What is the final judgment of the trade (draw conclusions)? This was a good attempt but ultimately failed.

*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 avoid taking reversal if the price action is too close to the 9EMA.

*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