Shares traded: 64
Closed Gross P&L: $-6.32
Gross Return: -3.16R
Set-up :10min ORB
Entry :39.69 / 39.53 /40 / 40.070
Exit :39.3 / 39.31 / 39.86 / 40.03
Comments: I am happy that finally I have got my answers. Today as any other day I had 5 names on my list. 2 of them were my favorite, great volume profile and good price action. The best set up I could wonder to get any trading day. The little detail is that both the stocks I wanted to trade had an ATR above 5$. My entries thus should have accept a stop loss that would cover about 2$ movement prior taking off. But this is the reason why I never trade such stocks. Completely wrong attitude. I can't pick my stocks based on ATR or other bullshit. I just need to set a technical stop that will give me the space to let the stock move. A stop of 2$ would be around 10$ loss but my max is 7.5$ so how do we do this?
I will trade as per now regardless ATR but technically. So if my stock needs 2$ movement I will provide it and as a consequence raise a little bit my minimum stop to 10$
LTT (the stock I wanted to trade today) gave a movement of 13$ with a 6:1 P/R.
It is worth it.
I have entered in Z giving stop losses that are used for small caps, such as below the previous candle. The end result was in a trying and failing every time I've entered, while if I was providing a technical stop at 38.6 also this stock would have given me a beautiful 2:1 P/R trade. I have got the point and I will start to adapt accordingly.
You need to log into your Tradervue account to leave a comment. If you don't have one,
it takes just a few seconds to sign up, and it's free!
You can write your trade notes and comments using markdown syntax for links, images, etc. Some quick examples to get you started:
For other options, see Markdown syntax documentation.
Note that normal HTML tags are not supported in Tradervue.