TSLA Trade on Aug 23, 2022 09:32 from quanphan135: Tradervue User Stock Trades.

The set-up: Scalp on Momentum

Pre-Market Prep: 8/23/2022

Last Day closed: 869.74
Pre-Market High: 879.80
Pre-Market Low: 870

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: 875.96

Trading Idea:

1) Bull case: Again, we have a similar pre-market open like yesterday, despite we have a good gap up today around 7 points, be very cautious. I will be interested to GO LONG if TSLA can held bid at resistance 880 and 885.

2) Bear Case: If could not hold 874 support and broke like yesterday with the similar pattern I will wait abit longer and watch tape closely if we have the same seller held their ask at those level 874 then I will go SHORT

3) Reversal Play: It touch 860 yesterday and might be 858 today if we have a decent sell off. But those are key support I willing to take risk to play reversal (LONG)

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?

Play 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) I have a very good day today, despite on the open, I was patient and wait to see the price action trend with tape reading skills
2) The first trade and 2nd trade is a perfect setup for me
3) The 3rd trade also a perfect setup if the trade going my way. I SHORT at the resistance but the stock is end up going against my way and shoot up to the next resistance important level. With the mantra, hit the bid when the stock going against me, I did hit the bid and cut a small lost.
4) I respect the market and price action.

What I did Wrong:
1) I could wait more before entries any setup that come to me. I want to improve my patience so I can see the market offer me even better risk/reward opportunity.

Where I could improve:
1) I look at my video for my 3rd trade again, I glad that I did hid the bid. I was SHORT in the weak environment (ONE GOOD TRADE), then the market end up (SPY AND QQQ) shooting up in the general market as well. This is something all the trader must already experience that even a good trade you made, how hard of the market price action will also sometime make your setup wrong. So, please always respect the market.
2) I could hit the bid even earlier but yes, I was totally trade on defense mode today, and it was feeling great - Small Lost is WAY BETTER than BIG LOSS - imaging if I do hold my position, in the next 5 min, I could lost another -$800 per contract.

Trade grade: B