NVDA Trade on Apr 12, 2023 12:11 from The_Trading_Apprentice: Tradervue User Stock Trades.

DESCRIPTION OF TRADE
Trade#: 2
Ticker: NVDA
Market Condition: ()Gapping Up (X)Gapping Down ()Consolidating
Strategy: ()ORBU ()HODB ()ORBD (X)LODB ()Reversal ()After Hours
5-Minute ATR: ().50 (X)1.00 ()1.50 ()2.00 ()2.50
Beginning Position Size: 50
Avgcost: 265.43
Technical Stop: 9EMA
Hard Stop: 266.43
LRC Level: 262.56
Bollinger Bands Level: 266.22
Level1: 263.95 (X)DP
Profit Target1: 1.00 above Avgcost* Profit Target2: 1.50 above Avgcost
Profit Taking: (X)stopped

*What was the result of the trade, what happened? This was a losing trade. The market was gapping down at the time of entry. I took a LODB trade at 265.43 with 50 shares when the price action took out the LOD with above average volume. There was also a large bid at 265 with 195 lots which eventually increased to 204 lots. I set taking out the 9EMA with confirmation as my technical stop and a 266.43 hard stop based on the ATR of the 5-minute candle prior to entry. The LRC was at 262.56 and the Bollinger Bands was at 266.22. I had a daily pivot at 263.95. I set profit targets at 1.00 and 1.50 above Avgcost. The price action quickly made a new LOD than reversed to the upside with rising volume. The price action broke the hard stop which I set manually and my technical stop, but I allowed the price action to test other levels and eventually the premarket low. I set a stop order slightly above the premarket low and the price action came near to stopping me out but then reversed eventually stopping me out at near breakeven.

*FEELINGS- Describe what you thought and felt during the trade? Frustrated that I did not respect my stops.

*EVALUATION- What was good or bad about the trade (what worked according to plan in the trade)? Good: The price action broke the LOD with confirmation and above average volume. Bad: The price action made a new LOD then reversed to the upside. I did not respect my established stops.

*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 feel I was trapped by taking a trade so close to the large bid at 265 before the short squeeze. I didn't respect my stops and allowed my position to stay open for several hours to avoid taking a loss. I was fortunate to get out of the trade at near breakeven.

*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 respect my established stops and accept the loss if the trade does not work.

*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 ()Go (X)No Go