META Trade on Jul 14, 2023 09:53 from majoseph: Tradervue User Stock Trades.

What I did Right: I selected META, because it was getting so extended that it has to make a pullback at some point. And given the big picture, I had the feeling that this might start today. The market is still rising, but it is more and more difficult for the market to do so, as we saw Wednesday, when there were very good news (CPI data better than expected) and yet the market had a hard time rising much over the gap that was produced by the news. So stock selection was good.
What I did Wrong:
(1) The Entry. I did the proper preparation and saw resistence levels at 314 and 315. META started with a gap down, but immediately closed it when the market rose right off the open. Already at 9.31 it climbed to 313,50 and was rejected, 9:32 it was rejected from 313,50 a second time. 9:33 it spiked extremely quick to 315 and came immediately back to 314. And 9:34 and 9:35 it was rejected another 2 times from 314. This would have been the right entry at 314, or at the very latest at 313,50. To my defense I have to say that this is still a bit too quick for me and analysing this now for almost an hour, I see that. But at the time I did not, at least not that clearly. Instead I entered when the next bounce failed. Also not a bad entry. But the difference between those two entries was that in the first one, a stop of 1$ would have been enough to survive every bounce. And in the second one (my real entry) it did not survive. So the main difference was that my entry was a much higher risk entry than the first and correct one. The only way I could have avoided that, would have been to lower my share size significantly and put the stop above the days high (which was never reached anymore).
Where I could improve: I need to train these opening play trades more and more often to be able to sustain the speed and identify those low risk entries. Now, as earnings season comes along I will be able to do that much more often.
Where could I have gotten bigger: Given that I was stopped out very quickly This was not a topic here. But looking at the chart there would have been many wonderful opportunities to do that. META bounced and broke down over and over again, and I could have gone short more shares many times. I am asking myself the question, why I did not do that anyway, even after having been stopped out from my first trade?
Trade grade: 3 (for good stock selection, not a good but ok Entry and identifying the right resistence levels), but not better (for only OK Entry and bad S/L and trade management)
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Big-picture: SPY/QQQ having a much harder time to go up, despite good new from CPI and PPI. META extremely extended and hence ready for a pullback finally, also shown by a weak gap down, despite many other stocks gapping up, including the market.
Trade parameters: I was clear that META would not give up right off the open and just simply sink. After all this was META, one of the strongest stocks of recent months. So my expectation was that I watch it to see how it will do when it reaches resistence levels at 313/314/315. What I did not expect that those levels would be reached so extremely fast.
Entry: discussed above
Trade Management: discussed above, unfortunately not good
Exit: Good, hard stop at -1R. Grade (identifying the right stop-level, calculating correct position size, sticking to automated stop): 2 (S/L should have been above day highs and therefore position size smaller).