TSLA Trade on May 5, 2020 09:36 from Donutbreath: Tradervue User Stock Trades.

SPY with a big gap up and running, hourly and 4hr extended. TSLA the same - looking for a 4hr LH after a quick hourly trend change yesterday, no real consolidation.

Noted significant buying at the open as price continued to squeeze shorts. Noted 2m OB conditions on the approach to 800 psych resistance. Entered first short against this level and took partial profit into first sign of weakness. Re-added another short on the lower high bounce with significant weakness on the tape - any buying pressure was met with larger selling pressure, evident with wicks on the 5m tf. At this point price had broke and backtested VWAP and was looking for a 5m LH against HOD, we added 2 positions into VWAP and covered on weakness to remain protected of a 1hr bull flag. Patience - we were cautious with the 2m volume, showing bears were taking a breather and were not getting any additional follow through.

At this point, we thought bull thesis may be possible given we were technically just looking for an hourly LH, though we were short with the 4hr LH in mind. Price brokedown and we covered all but the final leg of our position which we took at our target.

In reflection, our initial position and add logic was correct, r:r was inline with requirements and high conviction given our comfort with the ticker and time frame, focus, and attention. We got bigger and carried more size as we have wanted to work on, though need to continue to be comfortable CARRYING that size into the deeper parts of the play.