Rationale:
-TSLA gapping down -1.7% on light/no catalyst (news came out early in the morning about product changes and price changes/increases)
-expected to go long near the open
How much risk should/did I take? 2 lots; appropriate, cannot scale up until I display consistency; then need to take it slow (add 2 lots at a time, decrease again after loser)
Recap/notes:
-entered too early generally & didn't have a clear area to risk off of (wasn't top of mind, NEEDS TO BE)
-if gap down will reverse, price will need to stabilizt so there is a good chance lows will be retested (ideally against support level)
-to get good fills using hotkeys the spread cannot be 15c or greater
-if there is a higher likelihood to close above the open, the open is a level to buy against
-given the market was weak on the open, preference should be to the short side (focus should've been on GS [gap up] instead of TSLA)
-TSLA skyrocketed once the market found its intraday low
-just because price is turning higher doesn't mean you can buy in the middle of the range or if there is no clear higher low
-have to slow down time when watching the tape on the open
How could I have traded this better?
-patience & making sure I SEE it on the tape (once TSLA found low against pre-market low, buyers continually stepped up)
Gain/loss relative to expected gain/loss:
-$47; smaller loss than expected given I scaled out; then stopped out on the rest
Execution detail:
Date/time | Symbol | Side | Price | Position |
---|---|---|---|---|
2019-07-16 09:32:51 | JUL19 19 250 CALL | buy | $5.150 | long |
2019-07-16 09:33:37 | JUL19 19 250 CALL | sell | $5.170 | long |
2019-07-16 09:34:55 | JUL19 19 250 CALL | sell | $4.700 | 0 |
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