Mar 30, 2023 10:39

Shares traded: 200
Closed Gross P&L: $-27.00


5MIN_ORBD_Set01_03-28-2023 TradingError_fallingvolume

Trade#: 3
Ticker: MU
Market Condition: ()Gapping Up ()Gapping Down (X)Consolidating
Strategy: ()ORBU ()HODB (X)ORBD ()LODB ()Reversal ()After Hours
5-Minute ATR: ().50 (X)1.00 ()1.50 ()2.00 ()2.50
Beginning Position Size: 100
Avgcost: 63.34
Technical Stop: ORL
Hard Stop: 64.34
LRC Level: 62.2
Bollinger Bands Level: 60.95
Level1: 62.31 (X)DP ()MA * Level2: ()DP ()MA * Level3: ()DP ()MA * Level4: ()DP ()MA
Profit Target1: .50 above Avgcost * Profit Target2: 1.00 above Avgcost * Profit Target3: * Profit Target4:
Profit Taking: ()1/4@ ()1/2@ ()2/3@ ()scaled out@ (X)stopped out@63.61 * Shares added ()50@ ()75@ ()100@ ()200@
Profit Taking: ()1/4@ ()1/2@ ()2/3@ ()scaled out@ ()stopped out@ * Shares added ()50@ ()75@ ()100@ ()200@
Profit Taking: ()1/4@ ()1/2@ ()2/3@ ()scaled out@ ()stopped out@ * Shares added ()50@ ()75@ ()100@ ()200@
Profit Taking: ()1/4@ ()1/2@ ()2/3@ ()scaled out@ ()stopped out@ * Shares added ()50@ ()75@ ()100@ ()200@

*What was the result of the trade, what happened? This was a failed trade. The market was consolidating at the time of entry. I took a ORBD trade at 63.34 with 100 shares when the price action took out the ORL with above average volume. I set taking out the ORL with confirmation as my technical stop and a 1.00 hard stop based on the ATR of the 5-minute candle prior to entry. The LRC was at 62.2 and the Bollinger Bands was at 60.95. I had a daily pivot at 62.31. I set profit targets at .50 and 1.00 above Avgcost. The price action continued gapping down on the next candle but then lost momentum and reversed. I stopped out at 63.61.

*FEELINGS- Describe what you thought and felt during the trade? Not feeling confident after several mishaps with previous trades.

*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: I entered too extended from the ORL. The price action reversed with falling volume.

*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)? After committing mistakes on the previous two trades, I should have taken time away from my trading station to reset.

*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? I will reset away from my trading station when I am making trading errors.

*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 ()Go (X)No Go * Profit Targets/Stop Respected (X)Go ()No Go

Execution detail:

Date/time Symbol Qty Price Position
2023-03-30 10:39:58 MU -100 $63.340 -100
2023-03-30 10:47:10 MU 100 $63.610 0

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