KMX Trade on Jun 23, 2023 10:09 from The_Trading_Apprentice: Tradervue User Stock Trades.

Description:

Trade#: 2. Strategy: Continuation. The market was gapping up at the time of entry. I went long 100 shares $KMX, which reported earnings beat earlier, @ 86.10 when the price action presented a Doji Hammer prior to entry and was gapping up. Volume was rising. I set taking out the 9EMA with confirmation as my technical stop and a 2.00 hard stop. The price action was above the LRC and above the BBs. I had levels at 86.85 (DP) and 89.07 (DP). I had significant area of liquidity on Bookmap at 87.00. I set my 1st profit target at 1.00 above average cost (87.10).

*What was the result of the trade, what happened? This was a losing trade. The price action hit a HOD of 87.06 and missed my 1st profit target by a few cents. I readjusted my profit target to .75 above average cost (86.65) but missed that profit target also. I allowed the price action to test several support levels for a possible bounce back to the upside, but it never reached my profit target. I eventually exited my position when the price action consolidated into a range for the rest of the trading session.

*FEELINGS- Describe what you thought and felt during the trade? Frustrated with my execution and price action on this trade.

*EVALUATION- What was good or bad about the trade (what worked according to plan in the trade)? Good: The price action formed a Doji Hammer and was gapping up. Bad: The price consolidated for most of the trading session. I adjusted my profit target too many times and did not take profit. The price action moved 7.09 which way past its ATR of 2.81. The price action bounced off the ORH. I did not respect my stops. I walked away from my trading station without placing a hard stop.

*ANALYSIS- Does the trade make sense to you now that it is over? Yes. This was a setup I should have not executed. The price action was way past its ATR and I traded into the ORH.

*CONCLUSION- What is the final judgment of the trade (draw conclusions)? This was a poor setup to execute.

*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 pay better attention to the indicators that tell me if I have a valid setup or not.

*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