Trade#: 1. Ticker: TSLA. The market was gapping up at the time of entry. I took a LODB trade at 182.25 with 75 shares when the price action took out the PDC and LOD with above average volume. I set taking out the PDC with confirmation as my technical stop and a 1.50 hard stop based on the ATR of the 5-minute candle prior to entry. Volume was rising on the 2-minute chart. The price action was between the LRC and between the BBs. I had levels at 180.68 (DP), 180.03 (LRC), and 179.34 (BBs). I had significant areas of liquidity on Bookmap at 181.00 and 180.00. I set my 1st profit target at 181.00.
*What was the result of the trade, what happened? This was a profitable trade. The price action gapped down and I took a 2/3 partial at 181.00. I set my stop to breakeven where I was stopped out.
*FEELINGS- Describe what you thought and felt during the trade? I was more relaxed and was able to reset after an unproductive trading session yesterday.
*EVALUATION- What was good or bad about the trade (what worked according to plan in the trade)? Good: The price action confirmed the break of PDC and LOD. Bad: The price action reversed and hit my breakeven stop.
*ANALYSIS- Does the trade make sense to you now that it is over? Yes. It was a good setup that followed my strategy, and I was able to take profit.
*CONCLUSION- What is the final judgment of the trade (draw conclusions)? I was more confident with my execution and trade management.
*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? Continue to take the setup as it appears and practice excellent risk and trade management.
*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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