Shared by
JRockTrades
Tags:
Big Picture
SPY is hovering near the ATHs. Tesla has been on a major bull run dating back several year. Over the weekend 4th quarter production and delivery numbers came out and they were an incredible beat.
VIX on this day was in the 17 range.
Technical Setup
Tesla had a strong opening drive to 1170 before pulling back for some time. It made a slow grind back to the highs and looked like it could break out above the 270 level. My intention was to take a scalp on the break of the high of day.
Reading the Tape
TSLA wicked over 1170 once, pulled back for a couple seconds, and then was back over 1170 almost immediately. I paid the offer once it was over the second time.
Trade Management
I definitely sold the first shares too quickly, not even fifty cents in the money. Unfortunately I did a market sell and that was the price I got. Live and learn. Otherwise, this was meant to be a quick trade and I continued to take profits $3 higher than my entry.
Conclusions
I don't take many scalps but this seemed like such an obvious one that I went for it. The risk to reward was probably a little lower than I'd normally take, but it had a very high probability of working.
Execution detail:
| Date/time | Symbol | Qty | Price | Position |
|---|---|---|---|---|
| 2022-01-03 11:06:06 | TSLA | 49 | $1170.770 | 49 |
| 2022-01-03 11:06:06 | TSLA | 1 | $1170.730 | 50 |
| 2022-01-03 11:06:32 | TSLA | -20 | $1171.190 | 30 |
| 2022-01-03 11:06:43 | TSLA | -20 | $1171.776 | 10 |
| 2022-01-03 11:06:58 | TSLA | -5 | $1172.520 | 5 |
| 2022-01-03 11:08:03 | TSLA | -2 | $1173.803 | 3 |
| 2022-01-03 11:08:20 | TSLA | -2 | $1173.226 | 1 |
| 2022-01-03 11:08:35 | TSLA | -1 | $1173.000 | 0 |
Comments
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JRoc! good to see you here man. Nice trade.