Trade#: 3. Ticker: NVDA. The market was gapping down at the time of entry. I took a HODB trade at 390.89 with 50 shares when the price action took out the HOD and the 50SMA with average volume. I set taking out the 9EMA with confirmation as my technical stop and a 2.00 hard stop. The 2-minute volume was rising. The price action was below the LRC and between the BBs. I had a level at 396.26 (DP). I had significant areas of liquidity on Bookmap at 395.00 and 400. I set my 1st profit target at 394.00.
*What was the result of the trade, what happened? This was a profitable trade. The price action quicky move up and I took a 2/3 partial at 394.02. I set my stop to breakeven where I was stopped out.
*FEELINGS- Describe what you thought and felt during the trade? Nervous since I knew this would be a risky trade.
*EVALUATION- What was good or bad about the trade (what worked according to plan in the trade)? Good: The price action broke above the 50SMA and HOD. Bad: This was a risky trade since the 5-minute ATR of the previous candle prior to entry was 3.407 which was beyond my maximum ATR risk of 2.00.
*ANALYSIS- Does the trade make sense to you now that it is over? Yes. It was a risky trade, but I took the setup because I had a large area of liquidity on Bookmap at 395.00 and 400.00 which I felt would draw the price action towards those levels.
*CONCLUSION- What is the final judgment of the trade (draw conclusions)? It was a risky trade based on the parabolic move $NVDA made after reporting earning after hours yesterday but I felt the technicals would allow me to execute this setup.
*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? Unless, there is an opportunity to trade after earnings, I will stick my maximum ATR of 2.00.
*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
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