TSLA Trade on Aug 22, 2022 09:42 from quanphan135: Tradervue User Stock Trades.

The set-up: Break Down Momentum/Scalp

Pre-Market Prep: 8/22/2022

Last Day closed: 890
Pre-Market High: 875.32
Pre-Market Low: 866

We have: resistance at 880; 885; 890 (those are all important resistance that need to break and hold to remain bullish break out – LONG)

We have: support at 870, 865, 858 ( 870; 867 - need to broke to remain bearish - if that a fake break down, watch for a reversal and go long at ).
Current Pre- Market Vwap: 871.65

Trading Idea:

1) Bull Case: Not going to lie again, but today will be a tough market to trade like last Friday. General market is gap down, Tsla gap down 20+ points during pre-market open today. If I want to go LONG, there must a good reason, and a good reason that I can pick on my mind today if Tsla could going up above important resistance 880, 885 and held the bids. Then, I will be interested getting LONG

2) Bear Case: By market open, I would like to see if price action is trading below the vwap and seller held ask at 870 and 868 , then I will be interested to go SHORT

Always remember
•LONG AT SUPPORT
•SHORT AT RESISTANCE
•TRADING WITH TREND

BEFORE ENTER A TRADE (THINK)
•IS IT A GOOD SETUP I WANT TO TRADE (1:5)
•DO I PICK THE RIGH POSITION?
•WHAT IS MY TARGET EXIT PRICE?

Trade in Defense:
•WHEN THE STOCKS TRADE AGAINIST YOUR SETUP AND AT YOUR EXIST PRICE = HIT THE BID
•DO NOT DOUBLE ON YOUR LOSS POSITION = HIT THE BID
•SMALL LOSS IS BETTER THAN BIG LOSS = HIT THE BID
•PATIENT WITH PRICE ACTION = RESPECT THE MARKET

What I did Right:
1) Despite last Friday took a huge loss because I didn't follow my setup "EXIT PRICE" instead of double down on the looser and the looser keep destroy my PnL. So on the weekend, I told myself that I will never let this thing happen anymore and before pre-market plan today, I always told my self that "hit the bid when trade against you", lost a hundred better than a thousand

2) I trade based on my setup today
3) I patience for the market and price action
4) I read the tape for trading confirmation

What I did Wrong:

1) None but my 3rd trade should get a better entries price

Where I could improve:

1) Always improve entries point
2) Always follow the trend
3) Always hit the bid when against my setup
4) Never double down.

Trade grade: B+