This trade was considered to be a great trade due to the fact that the trade plan was executed in its entirety.
During the trade I worked hard to manage the trade plan without adding an overwhelming amount of thought into it. I did notice that the price action was starting to identify that the trade would stall however I stayed focused on a close below the break of the opening range high. One key thing that I did do differently, which I believe I will continue as a habit is that I did not immediately work to set a stop.
I will continue to focus on working this way because I believe it allows me to truly manage a potential hit of my technical stop instead of worrying about being stopped out as a max loss.
Trade Plan:
(Long Biased)
Lot Size: 100
ATR: 4.70
Entry: 105.69
Tech stop: Close below the Opening range on the 2
Max Loss: 104.49
5 min ATR: 1.20
PT 1: 106.89 (Hit)
PT 2: 107.85 (Nope)
on to trade 4 of the sample, this trade was execute poorly! I should have stuck with the proper risk reward ratio which is the fact that at minumum the r/w must be 2/1!! This review is confirming that I am trading scared which is unacceptable! If traded properly this trade should have been a loss a well. The requirement is that the losses be accepted and that you move to limit the size of the loss ensuring that the R/W ratio is properly in place. I will work this intently during this coming week! 2019-03-03 07:18:36
This trade should have been allowed to work and a more concerted effort should have gone into making sure that my entry into the stock was proper. i have not seen one entry as of yet that has been on time.
Execution detail:
Date/time | Symbol | Side | Price | Position |
---|---|---|---|---|
2019-02-11 09:35:38 | EA | buy | $105.690 | long |
2019-02-11 09:40:21 | EA | sell | $106.890 | long |
2019-02-11 09:44:21 | EA | sell | $105.640 | 0 |
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