TSLA Trade on Aug 9, 2022 09:30 from quanphan135: Tradervue User Stock Trades.

The set-up: Break Down / Reversal

Pre Market Prep:


Last Monday closed: 871.27

Pre-Market High: 885

Pre-Market Low: 865

We have: resistance at 870 ; 874 ; (880 - need to hold to remain bullish break out - long ; if need a fake break out, short is the play)

We have: support at 867, 864; 858; (850 I need to broke to remain bearish - if that a fake break down, watch for a reversal and go long).

Current Pre- Market Vwap: 870

Trading Idea:

During Market Open, I want to take time and make sure to wait:

1. If stock can open at 870, hold the bid. And if stock hold, support 870 are not break, I will go long and exit at next resistance 874. (Break Out)

2. If Stock open below 870, below vwap, I want to see the tape to see if the offer is strong- stock weak, I will SHORT at 867 and exit at 865. (Break Down)

3. Easy Play: If stock reaching to any important resistance or important support and there is a lightly pull back (Long at support ; Short at Resistance) - Momentum

Trading Live:

1) Break Down Play (SHORT)

Based on my experience with TSLA stock, I always wait few minutes to see price action to collect for data. During the Open, stock open 870 had a fake break out 875-877. Quickly pull back to resistance level 874. Saw the pattern fake break out with a very good price SHORT OPTION.** I bought 12 AUG 22 870 PUT at 874.35 and SOLD IT AT 871 (3 points gain) (I sold it because 870 was a key level support, so I want to exit/scalp my position quickly at planned)**

2) Break Down Play (SHORT)

Stock broke its resistance 870 quickly fall to over 868 its support and continue free fall broke another support at 865 to 862. Then, I know this is a huge sell off. I was waiting for another pull back to 865 to enter PUT but market quickly continue to sell it off. Then, I decided BOUGHT 12 AUG 22 870 PUT at 862 and SOLD at 860 (2 POINTS GAIN)

3) Reversal Play at Support (LONG)

After watching stock free fall, to important key level support 858. I watch the tape and see there is a held bid in that area, I switch to go LONG but still wait for a good price to enter. And I did get it, stock continue break its support 857 to 855.** I BOUGHT A 12 AUG 22 865 CALL at 856-ish for a reversal play. And when it does recovery quickly back to 858 I EXIT my position (2 points gain)**

4) Reversal Play at Support (LONG)

After exited the position above, stock still hold at that support level 858.** I BOUGHT 12 AUG 22 865 CALL at 857** and hoping from a strong bounce to 860-861. But it does not. Stock free fall and create another intra low to 853 but quickly pull back to 855 area. I already have my exit plan on my mind it (855 are psychology support level), if stock break that, I will exit and cut loss. After few minutes struggle to bounce back. Stock does bounce back to 859 and I already set to SOLD my position to exit for small break gain

What I did Right:

1) Continue patience is the Play
2) No FOMO
3) Trade based on my setup pre market with excellent risk reward 1:5
4) Enter and Exit the trade while reading the tape

What I did Wrong:

1) I did not did anything wrong today. Still beside, 1st to 2nd trade, I could make more gain ALOT if I did not exit my position that quickly. But there is setup and plan for a reason, for me 2 to 3 points exit, even 1 point, that is profit. But proved that my setup working for me

2) For the 3rd and 4th trade. I did not doing anything wrong at well. I play based on my reversal setup and of-course I do have my exit plan at the time. And 2 last trade still working on my way.

Where I could improve:

1) Not for now since I still want to perfect and improve my setup entries and exit, but later on, could be next month.
2) I want to slowly increase more size, less trade = more profits.
3) I want to slowly increase my risk and reward as well.

Trade grade: B

Video Trade Below