Set#: 5-minute ORBD_03_03
Strategy: (X)ORBU ()HODB ()ORBD ()LODB ()Reversal ()After Hours
Market Condition: (X)Gapping Up ()Gapping Down ()Consolidating
5-Minute ATR: ().50 ()1 ()1.50 (X)2 ()2.50
Beginning Position Size: 75
Entry (AvgCost): 262.18
Technical Stop: 9EMA
Hard Stop: 260.18
LRC Break: ()Yes (up/down) (X)No ()In Between
Bollinger Bands Break: ()Yes (up/down) ()No (X)In Between
Level1: 270.00 ()DP()LRC(X)BB()MA * Level2: 272.38 (X)DP()LRC()BB()MA * Level3: ()DP()LRC()BB()MA * Level4: ()DP()LRC()BB()MA
Profit Target1(psy): 263.50 * Profit Target2(psy): 264.00 * Profit Target3(psy): * Profit Target4(psy):
Exit1: 263.43 * Exit2: 262.15 * Exit3: * Exit4: * Exit5:
**What was the result of the trade, what happened? This was a profitable trade. The market was gapping up at the time of entry. I took an ORBU trade at 262.18 with 75 shares when the price action broke the premarket high and ORH. The volume was average. The price action did not break the LRC and was in between the Bollinger Bands. I set the loss of the 9EMA with confirmation as my technical stop and a 2.00 hard stop based on the ATR of the 5-minute candle prior to entry. I had a Bolinger Bands level at 270.00 and a daily pivot at 272.38. I set my profit targets at 263.50 and 246.00. The price action was moving upwards, and I took a 2/3 partial near my profit target at 263.43 then set my stop to breakeven. The price action hot my breakeven level stopping me out.
*FEELINGS- Describe what you thought and felt during the trade? Feeling rested and ready for the day.
*EVALUATION- What was good or bad about the trade (what worked according to plan in the trade)? Good: The price action broke the premarket high and HOD. Bad: The price action made a new HOD then reversed stopping me out.
*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)? It was a good set up to execute, but did not have enough momentum to continue.
*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 execute the setup when present.
*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 (X)Go ()No Go
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