Using your Journal to document and plan your trades pays off time and time again.
I want to share today’s AMZN trade as an example of a well planned trade.
Below are two snapshots of my journal entries for yesterday and today. On yesterday’s entry I spotted the nice consolidation range in AMZN and saw opportunity for a trade the next day.
Nice consolidation on AMZN today around 130.25. Buy if it opens higher tomorrow. It could go up to the upper trading range between 135.09 and 136. It would be a nice day trade.
Might go lower if it trades below 130.21.
Today I bought on the open at 132.81 and watched the stock move higher. I raised my stop when the 9 period MA began to flatten out and shortly after I was stopped out of the trade. The stock consolidated for a while and eventually moved to 136 and bounced lower from there. Today’s journal entry describing the trade:
AMZN on the open.******************
Bought AMZN and traded well. I got stopped out when the stock consolidated at 11:45. It keeps going higher maybe beyond 136 But I see lots of supply there.
All and all a nice setup.
