Trade#: 2. Ticker: MSFT. The market was gapping up at the time of entry. I took a HODB trade at 324.95 with 100 shares when the price action took out the PMH and HOD with above average volume. I set taking out the 9EMA 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 2-minute volume was rising. The price action was above the LRC and below the BBs. I had a level at 325.67 (BBs). The price action was at ATH. I had significant area of liquidity on Bookmap at 326.00. I set my 1st profit target at 326.00.
*What was the result of the trade, what happened? This was a profitable trade. The price action gapped up and made a new HOD before reversing. I had to set away and did not set a hard stop so the price action gapped down past my technical and hard stop. Fortunately, the price action gapped up again and hit my 1st profit target at 326.01 where I took a 2/3 partial. I set my stop to breakeven where I was stopped out.
*FEELINGS- Describe what you thought and felt during the trade? Not as confident with this trade.
*EVALUATION- What was good or bad about the trade (what worked according to plan in the trade)? Good: The price action broke the PMH and HOD with above average volume. Bad: The price action gapped down and went past my technical and hard stop.
*ANALYSIS- Does the trade make sense to you now that it is over? Yes, it was the correct setup, but I should have respected my hard stop even if it meant missing an opportunity to take profit.
*CONCLUSION- What is the final judgment of the trade (draw conclusions)? Overall, the trade worked, but I still committed an error by not placing a hard stop before walking away from my trading station.
*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 to place a hard stop order on an open position before walking away from my trading station.
*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 ()Go (X)No Go
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