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TSLA has been in a longterm downtrend with sellers in control. Any long trades have to be at high risk to reward spots because it is less likely they will work until the downtrend shifts.
I had bids in at 593, which was the pre-market low. It initially looked like it might get there, but didn't quite make it. On the 1-minute TSLA had a mini-capitulation move followed by a big reversal bar. I bought at not the best spot, but I thought the trade was going to work a lot more quickly. Price had not yet moved an ATR, which was a check against me, but it did look like capitulation and the reversal bar was swift. Went with extremely small size because I was close to my daily stop and I didn't want to exceed it. My initial stop was below the low, but I eventually moved it up to the bottom of the consolidation. Finally the trade worked and I pieced out my shares into 599. Final sale was because I needed to be done for the day and I boxed the price with a tight OCO and it hit on the trailing side.
Execution detail:
Date/time | Symbol | Qty | Price | Position |
---|---|---|---|---|
2021-06-16 11:14:12 | TSLA | 10 | $595.060 | 10 |
2021-06-16 11:41:16 | TSLA | -3 | $597.160 | 7 |
2021-06-16 11:42:15 | TSLA | -1 | $597.690 | 6 |
2021-06-16 11:42:16 | TSLA | -1 | $597.690 | 5 |
2021-06-16 11:42:17 | TSLA | -1 | $597.690 | 4 |
2021-06-16 11:44:30 | TSLA | -1 | $597.950 | 3 |
2021-06-16 11:46:51 | TSLA | -1 | $598.960 | 2 |
2021-06-16 11:52:10 | TSLA | -1 | $599.150 | 1 |
2021-06-16 11:56:27 | TSLA | -1 | $597.980 | 0 |
I'm on Thinkorswim and TSLA is hard to borrow, which really changes how I have to trade it. Hopefully soon I can switch platforms and have more names available to short.
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Not bad trades, the 595, always been key support for me, I trade the opposite directions, 595 been the spot I cover.