CHWY Trade on Jun 1, 2023 09:38 from The_Trading_Apprentice: Tradervue User Stock Trades.

Description:

Trade#: 1. Ticker: CHWY. The market was consolidating at the time of entry. I took a ORBU trade at 36.97 with 100 shares when the price action took out the HOD with volume rising on the 2-minute chart. I set taking out the 9EMA 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 price action was above the LRC and above the BBs. I had levels at 37.3 (DP) and 38.28 (DP). I did not record areas of liquidity on Bookmap. I set my 1st profit target at 38.00.

Additional notes: $CHWY reported earnings beat and was up 21.6% for the day.

*What was the result of the trade, what happened? This was a losing trade. The price action gapped up and made a new HOD before reversing and taking out my technical and hard stops. I allowed the price action to test the 20EMA which it took before I stopped out.

*FEELINGS- Describe what you thought and felt during the trade? Disappointed with the lack of follow through.

*EVALUATION- What was good or bad about the trade (what worked according to plan in the trade)? Good: The price action broke the HOD with rising volume on the 2-minute chart. Bad: The price action made a new HOD and reversed taking out my technical and hard stops.

*ANALYSIS- Does the trade make sense to you now that it is over? Yes. I executed the setup per strategy but there was not enough momentum to push the price action towards my 1st profit target. Volume dropped on the 2-minute chart after the price action made a new HOD. I could have exited my position sooner instead of allowing the price action to test the 20EMA on the 5-minute chart.

*CONCLUSION- What is the final judgment of the trade (draw conclusions)? I executed the trade per strategy, but it failed to gain traction.

*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 setups and practice excellent risk management.

*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