Shared by
AndyBhanver3
TRADE IDEA - (TREND TRADING, BREAKOUT AND BREAKDOWN, REVERSAL TRADING, MOMENTUM TRADING, GAP AND GO)
PLAY IDEA/SETUP - KEY LEVEL, PENNANT
REASONS TO ENTRY (ENTERED CLOSE TO A SUPPORT/RESISTANCE THAT WAS HOLDING, RECLAIM WICK OFF POINT OF INTEREST) - #1. GOT LONG OVER THE TRENDLINE AFTER WE HELD ABOVE 23.5 AND FAKED OUT TO THE DOWNSIDE AND REVERSED BACK UP TO HOD, WAS LOOKING FOR THE SQUEEZE OVER HOD
REASONS TO EXIT (EXIT AT SUPPORT/RESISTANCE WALL/EXTENSION, LARGE OFFER, VOLUME DROP OFF) - #1. EXITED A 25% PORTION OUT INTO THE FIRST LEG HIGHER INTO 24.5
-#2. ANOTHER EXIT 25% UP INTO NEW HIGHS RIGHT UNDER $25
-#3. TOOK SMALL EXIT OUT INTO NEW BREAK OVER 25, SHOULD HAVE BEEN 20% HERE BUT WAS ONLY 5% OF POSITION
-#4. GOT FLAT HERE TRAILING THIS ALONG 5M LOW CANDLES,
PT - #1. WAS TRAILING POSITION, DIDN’T HAVE PT HERE OTHER THAN 25
MARKET CONDITIONS - #1. NOT AFFECTING STOCK
TAPE (AROUND SIGNIFICANT AREAS) - #1. NICE UPMOVE BREAKING OUT OVER HOD, TIGHT RANGE AND GRIND HGIHER, NICE SQUEEZE ITNO 25 HERE BREAKING OVER AND THEN BEAR PIN BAR 1M BUT DID NOT TAKE THAT AS A RED FLAG, ENDED UP STOPPING OUT ON MY TRAILING POSITION AS WE ROLLED OVER AGGRESSIVELY IN 1 CANDLE
REFLECTION - #1. ENDED UP STOPPING OUT HERE ON REVERSAL 5M BAR, ENGULFING AS WELL, WAS TRAILING STOP ALONG 5M LOWS, COULD HAVE EXITED A FEW MORE SHARES INTO 25, I WAS TRAILING 45% OF MY POSITION WHICH WAS QUITE A LOT, NEEDED TO TRAIL PROBABLY NO MORE THAN 30%
MISTAKES (DON’T GET UPSET AT LOSSES, BUT GO BACK REVIEW AND MAKE SENSE OF WHAT WENT WRONG WHY DIDN’T THE TRADE WORK AS YOU EXPECTED IT TO AND ONCE YOU FIND THE SOLUTION YOU WILL FEEL MUCH BETTER) - #1. NOT EXITING 15% MORE INTO 25 HIGHS HERE, TRAILED TOO MUCH OF POSITION - 45%
SOLUTIONS -
IS THIS STRATEDGY WORKING OR NOT? PROBLEM? SHAKEN OUT TOO EARLY, RIGHT TRADE WRONG TIME, TOO TIGHT STOP LOSS?
WAS THIS A GOOD SETUP, DID I EXECUTE WELL, DID I FOLLOW MY PLAN, WAS MY MENTAL IN TACT? -#1. NICE SETUP HERE AND CATCHING LARGER UPMOVE HERE,
BUILDING A NETWORK / STAYING UP TO DATE WITH MARKET TRENDS, NEWS AND DEVELOPMENTS - EDGE, UNIQUE TRADE STRAT,
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2023-04-11 09:45:17 | AI | buy | $24.020 | long |
| 2023-04-11 09:46:46 | AI | sell | $24.420 | long |
| 2023-04-11 09:47:30 | AI | sell | $24.470 | long |
| 2023-04-11 10:04:16 | AI | sell | $24.850 | long |
| 2023-04-11 10:04:41 | AI | sell | $24.780 | long |
| 2023-04-11 10:10:14 | AI | sell | $25.090 | long |
| 2023-04-11 10:12:55 | AI | sell | $24.630 | 0 |
Comments
AndyBhanver3
Thanks for the feedback Goku. Having predefined targets is important, I had some levels in mind such as 24.5 and 25 but also had an idea of just trailing a portion to see how far we could go especially with AI being crazy lately and along with the short float. My stop usually tries to trail along the trend, as we started to break the prior 5m bar and the previous higher low, I exited. For big picture trades I don't think this is appropriate either, but for a intraday trade I try to give it some room but not too much because many times I have given back way too many profits and it actually ended up hurting my trading trying to keep wider stops for larger moves. Just some of my experiences with trading and thoughts - thanks Goku for your breakdown
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Nice trade!
It sounds like your trading plan is a bit variable based on what the market is doing (LARGE OFFER, VOLUME DROP OFF). I don't like that, it can lead to impulse decisions and emotional trading. I suggest having your targets defined prior to entering.
While your stop worked this time, I don't think it's appropriate. The 8ema or short term MA hasn't even caught up which could lead you to getting stopped out and missing a larger move which is where you can make great money.
Could just be different trading style, but those are my thoughts.
Again - very nice trade.