NFLX Trade on Sep 24, 2015 09:34 from Holden: Tradervue User Stock Trades.

ANTI PLAYBOOK TRADE-
Morning- Failed attempt higher, change of character and sellers step in- Didnt have that set up - NFLX

I was focused on this name only as a short play given the gap down out of consolidation. I noted the fact that it was gapping down to a key support level but never prepared myself for the potential of a long play developing in this name so when the action opened up I only had an idea to short it on my mind looking for a break lower. This put me in a very negative mindset that I need to be aware of because not only did I mis-identify the set up in THIS name but I then forced a couple of different plays in the name trying to SHORT NFLX and not trying to make a good trade. I never had a short play confirm and still put myself in a tough position by pushing.
My thought process-

Gapping down below key support level. Since this gap was out of consolidation and not a continuation play I was not in a position to be looking for a really up to R to get short, I should have been looking for a continuation play in order to get involved.
If the action rallies up to R and fails there following the gap down, then I still want to wait and see the price action break back below the pre-market support and confirm Before I get involved. If not I dont have a play because the action has not confirmed that the gap down is bringing in new sellers yet.
When the action rallied up into R level and pulled back BUT held above vwap I said out loud that this name had not confirmed weakness and I needed to wait for a hold below key support in order to get involved but still allowed myself to force a trade as I was looking at the bigger picture weakness and thought (this is going to crack also, identifying with the emotions of FOMO and putting a desire to make money ahead of my need to preserve capital and make a good trade.
Why did I pass/take this play and most importantly, why is this set up in my Anti-playbook trade
Took this trade but it never triggered and was not the right trade to be looking for for this situation/set up anyway.
Day 1 breaks below support are all about continuation plays for me
When a name is already trending or over-extended then I can look for failure and reversal trades.
Why did it happen and what do I need to do next time so that that doesn’t happen/Better approach
I shorted and was quickly stopped out, then forced another trade shortly after and was stopped out again. At that point I was really frustrated and ripped through some other charts before moving on to AMZN.
I need to make sure I talk through the set up and allow the play to trigger before getting involved. It is not that difficult, just do it every single time. Dont trade the price action looking for something to develop, trade my set ups and my plays and allow them to confirm before I get involved.