Needed to get first trade under the belt. Late to the market so not the best start, had to take care of day job tasks. Still wanted to get in to get the reps.
Looking at GOOGL around 11:00 cst, potential Flat Top Breakout on intraday around 171.10 level, upward momentum on daily riding the 9EMA. Trending upwards with higher lows
Initial plan: long near 171.1 with about 0.50 risk, 100 shares = $50.
Eventually entered at 171.18, 9 EMA = 170.88, give extra room of $0.10, total risk = $40.
ATR = 5.11, up 2.71 up on the day so there can be a little room left.
Upward moves of 2.41 (1st candle), 1.83 (after pullback), and 1.01 (ramp) so there is a little J/S.
Case:
Exits:
1/4: 171.60, 1R:1R PT of 171.58 reached, price getting away from 9EMA, better lock in. Move stop to entry
1/4: 171.63, got a little nervous b/c previous candle closed red, seems like a little bounce off of 9EMA, lock in some more. Didn't move stop
1/2: 171.48 - Fat fingered the exit. Was trying to move stop to 9 EMA, 171.35, but entered wrong order type. Got lucky a the price did break the 9 EMA on a little pull back.
Grade:
Prep: C - Late to market, only quick look at scans and Kunal's screen
Execution: B - Pattern looks there, up on daily, broke the range, need to work on entries and exits. I think I did show understand of concepts
Case: C - Trouble with the J/S and reasonable risk. ?Where am I going to be wrong and will I know it?"
Emotions and FOMO: F - Felt like I had to get the first trade in. Nervous the whole time, and it's only paper trading
TOTAL: Has be a D, but man am I proud of it!
Execution detail:
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Paper trade #1