DG Trade on Jun 1, 2023 11:55 from The_Trading_Apprentice: Tradervue User Stock Trades.

Description:

Trade#: 2. Ticker: DG. The market was gapping up at the time of entry. I took a LODB trade at 159.38 with 50 shares when the price action took out the LOD with volume falling on the 2-minute chart. I set taking out the 9EMA with confirmation as my technical stop and a 1.50 hard stop based on the ATR of the 5-minute candle prior to entry. The price action was below the LRC and below the BBs. I had no levels since the price action was at the 52-week ATL at 159.12. I had significant area of liquidity on Bookmap at 156.00. I set my 1st profit target at 158.00.

*What was the result of the trade, what happened? This was a losing trade. The price action gapped up and then consolidate before continuing its upward trend. The price action took out my technical and hard stops. I allowed the price action to test the 20EMA on the 5-minute charts where I was eventually stopped out.

*FEELINGS- Describe what you thought and felt during the trade? The price action was very extended, and I felt that I was revenge trading.

*EVALUATION- What was good or bad about the trade (what worked according to plan in the trade)? Good: Not much. Bad: The price action had made a major downward move after the open and was consolidating after 11:00 AM when I attempted to execute a short setup at the bottom of the trend. I had no levels to take profit.

*ANALYSIS- Does the trade make sense to you now that it is over? No. The price action was having difficulties breaking through liquidity levels on Bookmap at 160.00 and it was stuck at the bottom of the LRC. I also have no daily pivots to take profit other than psychological levels. This would have been a good opportunity for a reversal to the upside which it eventually did.

*CONCLUSION- What is the final judgment of the trade (draw conclusions)? This was not a good setup to take and the price action was very extended to the downside and I had stopping volume on the 2-minute chart.

*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 a trade when indicators inform me that a setup is not present.

*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 ()Go (X)No Go