TSLA Trade on Aug 4, 2022 09:30 from quanphan135: Tradervue User Stock Trades.

The set-up: Break Out/Momentum/Scalp

Pre-Market Prep:

Pre-Market were up Low: 926, High: 939. Yesterday closed: 922.
So, Tsla was up: 13 points on pre market and open open at 932

Trading Plan at Market Open

Support 932 930, Resistance 935.50 - 839
1) Idea one: if market open around 934 933, stay there, if is touch 932 931, I remain bullish
2) Idea two: If market open at 932, drop and broke 930 - 928, I will go short
3) If price to 928, looking for 926 key support, if is broke, remain bearish, if is not. looking for recovery and get call for scalp reversal

Trading:
1) Break Out Play LONG
Market open at 932. Selling pressure at open to mid 929 at "first 1m candle". Setup: I want to see a pull back between 30-929 key support, if it hold, I will go long. It does hold this first few second, I show the bid is held price at 930, then I enter a Call Position with exit plan at 932 (two point)(5AUG22 935C 1 $16.78). After that, I saw the price action tried to go up to 933 but fail, the seller keep presser the 2nd candle to $926-ish and my current position "Call Contract was at lost around $14-ish". I did not sell position at lost, because there was a uptrend during the premarket market and yesterday as well. I was think twice about it what to do next. Then I think that sell pressure from yesterday and today premarket "gain", so people keep continue to sell for their profit and the buyer wait to go long at a good price. I read the tape very carefully to make sure the pressure sell is only happen abit and seller will lift soon and I will see a bounce back. Then I decided to enter "another" Call Contract (5AUG22 935C @14.70) at 927-ish to average my cost per trading plan. And I want to see a pull back, and after that at 3rd candle, the seller DID lift. There is a STRONG bounce back to 931 and I decided to sell my two "5AUG22 935C @16.30)at 931 to cut small profit quickly as soon as possible.

*Just to be cleared, as soon as I sell my position, Tsla was bounce back to 939 (on the same 3rd candle) can't you believe that? (Yes, I was sell my position early abit, but hey, you never go broke by taking profit right?) I was in my mode that want to defense my position and sell a small profit (based on my setup)

(Thanks god, it still work based on my plan, but I hate my self to enter at the first position at entries price and had to "average"-add on another position to average the cost) and hope for the bounce. For Scalper myself, I like to see the position go in favor as soon as position and cut my profit. I usually doesn't like to average my position and always careful to cut at lost, to be honest, double down was never my strategy). But because today I did it, and somehow is does work, but I feel like I am lucky after I review my trade, so I hope after today, my entries at excellent price and reward point will be improve)

2)Break Out Play with FOMO LONG

After see a bounce back to 939. the 4th candle was pull back to 936. Setup: like what scalper did, when I see a new intra high with a quick pull back based on the tape. I want to enter another call and pull back price and sell 2 points up for profit so is will be 939

Yes, it was somehow a FOMO.. I saw a pull back to 936 from 939. I bought a "5AUG22 935 CALL @19.77" with hope that it will going back to 939 and sell my call at profit. Then, it does going to my way to 937 (1 point) but my plan was (2points). So I hold my position. After that, come on, the price was pull back to 930 (Can you believe that?, It not going my way again and my current position price were "16.45" at 930. That was a -$332 lost if I were sell my position. But this time, like the first trade above, that could be another heavy sell off when tsla price between (938-937)- HUGE SELLER. The good think is at 930-931, we had a vwap support uptrend. I quickly enter-add on-average cost another Call Position "5AUG22 935C @17.26" at 933. And hoping another bounce back to sell position exactly like the FIRST TRADE. And yes, the price was bounce back slowly to 936 and my position EXIT with small gain again. Sell two position at (5 AUG 22 935 CALL @18.80)

Again, like first trade and this second trade. This was a fake break down market. I respect the market and price action. But today, the market was very difficult even thank you the market to somehow make it work based on my idea trading plan. I will breath in and breath out and try to avoid make this same mistake.

3) The Momentum Setup (SHORT)

After, getting the idea from the first and second trade. I know there is a seller between 940-937-ish waiting to continue their sell pressure. And I want to extra careful to enter this SHORT setup at a perfect entries and reward despite what happen last two trade.

Yes, while I were looking carefully at the tape and chart. I saw there is a held ask 937-936 (and there were no buyer). Setup: I bought a PUT "5AUG22 920P @10.80) at 937 and SOLD my position at 936 ""5AUG22 920P @11.05) for small gain. The moment I sell, stock was going to 933 (haizz another big gain lost), but this time, I was not in FOMO. Gain is Gain, and I sell it based on my setup plan.

What I did Right:

First and 2nd Setup was OK. But I want to improve the entries and exit more. Also, It was the right thing to trade with the tape (since chart are the lagging indicator). I want to keep continue to do it. (Chart will only useful for me to see support and resistance line that I draw)

What I did Wrong:

I review many of my record trading, and somehow FOMO still appear at 2nd trade. Sometime, because of mine entries is not good, I always to add another position to average my position, even this time is profit and going my way. But I want to eliminate it. Per professional trader said, double down might work 85% of the time, but when is fail, it failed hard and I totally agree this statement.

Where I could improve:

1) There is so many thing I need to improve, but first, focus on price entries. Remember, PATIENCE to see the trend and data, you have all 8 hour a day to see price action. There is no need to be FOMO and enter trade blindly.

2) Based on my video recording, I see I made few mistake with entries point. Now, I want to do this since I trade option. Since I heavily trade based on my technical analysis, please "PUT on resistance & CALL and support" only enter when I see a clear trend.

Trade grade: C