ZM Trade on Feb 28, 2023 09:35 from The_Trading_Apprentice: Tradervue User Stock Trades.

*DESCRIPTION:
Trade#: 1
Set#: Trading Error:technicalstopnotrespected_Set01_06
Ticker: ZM
Strategy: ()ORBU (X)ORBD ()HODB ()LODB ()After Hours
Market Condition: (X)Gapping Up ()Gapping Down ()Consolidating
5-Minute ATR: ().50 ()1 (X)1.50 ()2
Beginning Position Size: 66
Entry: 74.06
Technical Stop: Break of ORL with confirmation
Hard Stop: 75.56
LRC Break: (X)Yes ()No ()In Between
Bollinger Bands Break: ()Yes ()No (X)In Between
Level1: 72.27 (X)DP()LRC()BB()MA | Level2: ()DP()LRC()BB()MA | Level3: ()DP()LRC()BB()MA | Level4: ()DP()LRC()BB()MA
Profit Target1(psy): 73.00 | Profit Target2(psy): 72.50 | Profit Target3(psy): | Profit Target4(psy):
Exit1: 74.94 | Exit2: | Exit3: | Exit4: | Exit5:

**What was the result of the trade, what happened? Loss. Market was gapping up at the time of entry. I took an ORBD trade at 74.06 with 66 shares when the price action broke the ORH with above average volume. My technical stop was the break of the ORL with confirmation and my hard stop was 1.50 based on the ATR of the 5-minute candle prior to entry. The LRC did break to the downside and the price action was in-between the Bolinger Bands. I have a daily pivot at 72.27. I set profit targets at 73.00, 72.50, 72.00. The price action reversed, and I didn't like how volatile the candle got so I exited my position so I can trade another opportunity.

*FEELINGS- Describe what you thought and felt during the trade? Feeling ready to execute.

*EVALUATION- What was good or bad about the trade (what worked according to plan in the trade)? Good: The price action broke the ORL with above average volume. Bad: The PCL was in the way of profit targets. The price action quickly reversed and become volatile.

*ANALYSIS- Does the trade make sense to you now that it is over? Yes.

*CONCLUSION- What is the final judgment of the trade (draw conclusions)? I executed the setup, but it was failing after becoming very volatile and wicky. I did not want to stay in this trade when there were better opportunities setting up.

*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? Continue to take the setup and watch the price action.

*TRADE MANAGEMENT: Strategy (X)Go ()No Go | Max Risk Per Trade Identified (X)Go ()No Go | Profit Targets Set (X)Go ()No Go

*TRADE EXECUTION: Entry (X)Go ()No Go | Profit Targets/Stop Respected Without Fear ()Go (X)No Go

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Execution detail:

Date/time Symbol Side Price Position
2023-02-28 09:35:32 ZM sell $74.060 short
2023-02-28 09:41:10 ZM buy $74.940 0


Comments

Gravatar averagejoetrader
2023-03-02 08:08:27
 

I can understand why you bailed on this trade. It seems as if the algo's are manipulating these setups prior to letting them go. We must defeat them with poise and patience

2023-03-02 20:37:35
 

I shall defeat the algos with poise and patience. Thanks!

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