Two of my first trades ever

[Lenny 2]

Dear all,

This is a papertrading account and I just started trading.

I would like to have your thoughts on the two trades I made. I think I know what I did wrong ( a lot went wrong), but curious to know if you will give the confirmation or will show me something else that I did not see.

There is a fat finger mistake in the chart. Instead of selling everything of my first trade (stop out) I added to position. After this add, (while I wanted to sell) I immediately sold everything at once at 10:35.

This was Roku yesterday (March 17th)

I mainly focussed on the 5 min chart here,

As you can see Roku was in a uptrend, and there were, at least untill 70 USD no resistance levels above, we were above all the moving averages so there seemed to be the potential to go up. My R:R would be 1:2. In both trades I placed the stop 75 cents below with a first profit target of 1.50 higher.

Question 1. Should I have waited first if we had the confirmation that we broke through the level of the highest wick of around 09:50/09:55?
Question 2. Should I have waited for the confirmation of an increase of volume in the entry (or confirmation?) candle?
Question 3: What would be other factors to consider?

 

 

Kind regards,

 

Edited March 18, 2020 by Lenny
Added information

[Justin 264]

Yeah, simply put, whole numbers are good resistance and support levels.

Obviously it's a bit harder with ROKU where it's going up full dollars within minutes.

That being said I think the best indicator was the second from the top red dotted line - the previous day close line (maybe color it a different color than high of day line). Previous day close is a very strong indicator. It was 63.84 and it bounced. I would have waited for a 1 min candle to close above that line.

[Lenny 2]

Thank you guys