TSLA Trade on Oct 30, 2015 09:40 from Holden: Tradervue User Stock Trades.

Anti - Playbook trade today
Jumping into a play before it develops - TSLA - Same challenge I have had but slowly getting better at recognizing situations where I begin to press before I really have a good set up and a confirmed play.
I allowed my idea of one potential set up and play that COULD develop, turn into an entry before that set up had developed and far before I had any real edge in a play that I understood- Chasing action based on one idea of what could develop and not letting it develop first.
Research and information collection (what I was seeing and where I sourced the idea):
Chart work- Name consolidating into a tight consolidation on a 60 min chart
From my mid-day Journal “it was in anticipation of having a strong move lower as the action had been consolidating for multiple sessions near the lows that led to me giving myself FOMO. This idea of looking for a strong break before it has actually confirmed is something I have done before so I need to be hyper sensitive to my desire to “CRUSH” plays where I am looking for a break out of consolidation and a possible desire that may exist to push for a play in those set ups before one has developed and confirmed. “
Creativity and the generation of trading idea (my thought process for what could develop):
Gap down then hard failure below key support level and consolidation below that support level allowing me to really focus in on this name but need to see action hold lower with both price and time (or maybe volume negates some of that if I have strong volume?) giving me confirmation of sellers in control before I have a possible trend play lower.
Entry execution and position management (Why did I take the play, why did I size as I did and what was my plan?):
Had forced a short up into potential R instead of letting it develop but need to see the consolidation below key support with time before getting a real entry opportunity. short into R above but when action is well set up. Should be looking for a trend move to develop out of the move lower.
Risk management and exit execution (My plan for the play and my reasons2sell):
Risk management- How do I control my risk in this situation effectively.
Manage risk best by patience to wait for a great entry with a RORO set up. When I rush in early before the play I am looking for has developed I put myself at a disadvantage needing to stay wider with my stops initially and needing to burn more mental capital staying with the play while it really sets up.
When the name begins to trend I want to look to roll stop down through the play, accelerating my stop lower as the action extends lower.
Self Management (Specifically self talk and did I support myself in a way that allowed me to execute to plan):
. Need to be patient early and much easier to be patient if I am not overly committed to the play before it sets up.