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Shared by
JRockTrades

 

TSLA

Feb 24, 2022 09:28


Shares traded: 32
Closed Gross P&L: $286.64

Tags:

OGT Opening 5 Min Oversold Technical Level

Big Picture

Tesla has been in a longterm downtrend that has accelerated in recent days. Tensions between Russia and Ukraine led to a large market sell-off overnight.

VIX: 38 falling to 30 through the day
RVOL: 1.72

Technical Setup

As the open came near and imbalance data became available, a 300k sell imbalance wa reported which led to Tesla selling sharply from the 710 are to a wick below 700. During these couple minute bars, TSLA did volume well in excess of 300k shares, so my thought was that any selling could be absorbed at this super important technical level.

I took a small position prior to the open as TSLA reclaimed the 700 level with a stop $2 lower.

Trade management

TSLA did a rocket ship type move off the open. The overnight gap down was from the 750 area, which was my first profit target. My next target was just short of 780, which was a level that it had broken down from on the previous day. That one got met also.

I did make a couple scalps through the day. One would have worked better, but I had to walk my dog and close it for a small profit. Nice to add some positive cash flow through the trade.

My portion got trail stopped out when news about the SEC investigating Elon and his brother dropped. I just barely got wicked out with no reentry.

Conclusions

What a trade. I took such a small position because I've been burnt recently with too large of positions. Still this worked excellently. Phenomenal risk to reward.


Execution detail:

Date/time Symbol Qty Price Position
2022-02-24 09:28:12 TSLA 1 $701.615 1
2022-02-24 09:28:12 TSLA 4 $701.340 5
2022-02-24 09:49:51 TSLA -3 $747.400 2
2022-02-24 10:29:21 TSLA 1 $755.330 3
2022-02-24 10:46:11 TSLA -1 $757.539 2
2022-02-24 12:26:13 TSLA 10 $752.280 12
2022-02-24 12:28:16 TSLA -5 $754.424 7
2022-02-24 12:28:50 TSLA -5 $753.770 2
2022-02-24 13:50:13 TSLA -1 $774.924 1
2022-02-24 14:24:41 TSLA -1 $756.116 0


Comments

Gravatar humbletrader79
2022-02-26 09:57:22
 

Good trade!

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