WBA Trade on Jun 27, 2023 08:21 from The_Trading_Apprentice: Tradervue User Stock Trades.

Description:

Trade#: 2. Strategy: Continuation. The market was consolidating at the time of entry. I went short in premarket 300 shares $WBA at 28.91333 (avgcost), as a continuation play on earnings miss and lower profit forecast, when the price action broke it 52-week low. Volume was flat. I set taking out VWAP with confirmation as my technical stop and a 1.00 hard stop. The price action was below the LRC and below the BBs. There were no levels since the price was at its ATL. I set my 1st profit target at 1.00 below average cost.

*What was the result of the trade, what happened? This was a profitable trade. Price action failed to hit my 1st profit target of 1.00 below avgcost and chopped around in range for the session. I attempted to set a hard stop and scaled out my shares by mistake at 28.81 with a small profit.

*FEELINGS- Describe what you thought and felt during the trade? Felt I was anticipating further downward price action instead of focusing on the charts.

*EVALUATION- What was good or bad about the trade (what worked according to plan in the trade)? Good: The price action was continuing its downward trend after reporting earnings miss and lower profit forecast. Bad: The price action consolidated for most of the session and stayed in range between the ORH and PML. I did not set my stop correctly and I scaled out my shares by mistake.

*ANALYSIS- Does the trade make sense to you now that it is over? No. Entering the trade premarket did not provide any real advantage over waiting for the 5-minute opening range to print.

*CONCLUSION- What is the final judgment of the trade (draw conclusions)? The price action made most of its move after earnings was announced and basically stayed in consolidation for most the trading session.

*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? Avoid trading earnings premarket unless I am present to catch the announcement candle.

*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 (X)Go ()No Go