TSLA Trade on Jan 3, 2020 09:32 from Marius_: Tradervue User Stock Trades.

Big Picture

Markets continued to make new ATH's after hours but notable US military operations overnight in the middle east took place and volatility increased in the overnight markets. Commodity markets saw movement and will keep note on how this reacts in the next few days.

TSLA reported good delivery numbers + price cut on Model 3's in China. Currently in ATH price discovery price action.

Intraday Fundamentals
RVOL - 5.31
AVOL - 9.48M
ATR - 12.35
Short Float - 20.11%
Shs Float - 142.47M
Inst Own - 58.50%
Market Cap - 77.26B

Technical Analysis
SPY 30M

TICK + ADD 5M

TSLA D

TSLA 30M

TSLA 1M (pre-market + open)

Tape Reading
I had the tape up but didn't use it as an edge here. Larger cap names move a lot faster and there was already notable volume flowing in with the news. I paid more attention to the price action on the chart and volume at the open keeping in mind the pre-market levels. I did watch the tape as it tagged 450 to see of there were any notable sellers. I didn't see anything unusual and continued to watch the chart and opening drive volume.

Trade Management / Trade Review

I haven't recently traded TSLA so sizing and determining the range of a move was not as clear and intuitive. Tier 1 size here at a 100 shares seemed reasonable looking at the overall volume and price action of the stock. I later looked at the ATR and realized why I thought my scalp was too fast and exited too early. Entry execution was adequate, waiting at the opening bell to see a few ticks. Initially it ticked down with volume but quickly reversed and got above pre-market highs and held which is where I entered. I noticed the strong move and hit out on which was an error. I could have waited for a few more ticks for more data on buying or selling flow. This is something I will need to work on going forward and keep in mind scalps in the opening bell and later in the day have different dynamics. Again this is a newish stock for me to trade in realtime not just studying price action. Overall I grade this as a C to a B- as an opening drive scalp trade.

Also noting the capitulating volume going into the 450 level and following ticks with less volume but moving for new highs. This is something I continually see in areas of exiting or seeing a move show signs of reversal for entry. I had a plan to short around here but did not, keeping in mind there was a rising VWAP and at ATH price discovery. Re-evaluating though, I think there was an acceptable scalp short here with those parameters and a clear stop level. The rising VWAP situation is more used in the terms for trading with a trend in mind.