TSLA Trade on Sep 6, 2022 09:30 from quanphan135: Tradervue User Stock Trades.

The set-up: Momentum/ Scalp

Pre-Market Prep: 9/06/2022
Last Day closed: 270.21
Pre-Market High: 274.20
Pre-Market Low: 271.23
Current Pre- Market Vwap: 272.57

We have resistance at 273.50; 274.32, 275.43, 277.15
We have support at 271.22; 270; 266.48

Catalyst: We had a big sell off last week in general market as well as hit TSLA very hard. There could be another sell off or a recovery as well. Look out for the trend and trade with it. TREND = FRIEND

Trading Idea:

1)Bull Case: When market is open today, I want to SEE AND WAIT/WATCH THE TAPE for a clear trend and see if there is any good setup to be bullish-go LONG. I’m interested to go LONG at any strong resistance and held bid at 273.50 & 274.32. Hold bid mean = Strong Buyer step in and broke those resistance and hold at those important resistance level.

2)Bull Case: 275.33 is also a very important resistance level, mostly we could see another uptrend/strong recovery at this resistance level. Again, I’m interested to LONG if the 275.33 are held the bid

3)Bear Case: Only become a bear if general market show me a bear/sell off trend. Why? Because there could be a fake sell off and then a strong reversal (since we already had big sell off last week). But in this case: I wrote a support 271.22 and 270. If strong are trend down, below vwap, broke those support and held ask those level. I’m interested for SHORT but please also remind about your cut gain or cut loss when is going against you. DO NOT DOUBLE DOWN. MARKET IS HARD TO PREDICTING. RESPECT THE MARKET AND PRICE ACTION ITSELF. NO NEED TO HOPING.

4)Reversal Play: As per discussed, watch out for those important support level: 271.22, 270, 266.48. There could be a massive/strong reversal to switch and become a big BULL

Few Important to remember (Maximum profit and minimize the risk)
•LONG AT SUPPORT
•SHORT AT RESISTANCE
•TRADING WITH TREND; TREND IS YOUR FRIEND
•RESPECT THE PRICE ACTION/ MARKET IS ALWAYS RIGHT

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
•SET AND FOLLOW YOUR PLAN AND MAX INTRA LOSS
•WALK ALWAYS AFTER MEET YOUR TRADING PLAN

Live Trading: 2 position.

1) Market Open, Tsla above vwap trading at 272.63. SPY AND QQQ looking promising a recovery after last week hard sell off. Based on basic fundamental, if there is a big sell off, likely we will have a bounce (cause of oversold). Anyway, when TSLA retest of its vwap. I enter a Long at vwap retest 272.50, it does a good entries support for LONG. I was making money as soon as when I enter the trade ( I am scalper). The reason why I loss in this trade was there spread is too wide. I bought the contract at $7.95, in few second, the market price was $8.25 (THAT A GAIN), somehow someway I sell it at market price, its doesn't filled, I saw the bid was $8.05. After my position could not SELL, stock trading against me immediately. Reach to support 271.20 and bounce up immediately. I HOLD my position abit longer with hope that I could cut loss but small loss. When the stock pump back to it 272, my contract were 7.60 market price, I SELL AT MARKET PRICE AND IT DOES NOT FILLED. AND THE BID WAS 7.50. I don't even know how to REACT now, whether I HIT THE BID OR SELL MARKET because too many attempt to sell but doesn't not get fill. Immediately, my REACT too slow and TSLA finally broke the support and decided to sell the bid.

2)After cutting a loss of CALL POSTION, I see the CLEAR TREND AND SIGNAL BOTH TAPE AND SPY QQQ - another sell off, I switch position to PUT at resistance 271.25 under VWAP(BY THE BOOK) But no, the stock pump back immediately. I try to sell as fast as I could but it doesn't not fill. Then, after the stock jumping above vwap. I just set to sell at the market and take another big loss.

Even though I am not trade anymore for the day (hit intra day max loss), I still looking at price action. To be honest, the trade was not BAD AT ALL.

First, I got confused when I trade, my contracts was not get fill whatever I want to sell gain or loss.

Second, TSLA trading side way for the first 8m before having a clearer trend. When I say is side way, its mean, stock go both direction up and down in second without 1 way trend and its was super difficult trade even IAM USING MY A++ SETUP to trade and scalp like I always do.

What I did Right:
1) Trade based on my setup and plan-reading the tape, etc.
2) I follow my trading fundamental.
3) I have intra day max loss - and I STOP IT when I get there.

What I did Wrong:
1) I REACT too SLOW when did not get filled. (I WAS FULL OF SUPPRISE)
2) Having chance to break even, or very small loss at first trade, but still want to HOLD because I still surprise while my order did not get filled, then its make me more confusing how to trade?
3) Second trade make me more confusing, Bought for 8.60, when market price was 8.50, I set for sell at 8.50 (at $20 loss only), still not getting filled, and the bid was 8.25, that was a big difference, not sure what to act to end up acting SLOWER.

Where I could improve:I having some idea to improve the day like to day when the spread is too wide and order was not filled.

1) Instead using the mouse to set the price - I WOULD LIKE TO USE THE BUTTOM OR EVEN SET HOTKEY TO HIT THE BID/SELL AT THE BID. SO WHATEVER THE BID WAS, THE LADDER ON TOS WILL NOT CONFUSING ME BETWEEN BID AND MARKET PRICE.

2) CUT GAIN FASTER BY EVEN TIGHER, WHICH MEAN, IF GAIN SHOW $50, I WILL SET TO SELL AT $40 to $45, to get faster and instantly filled.

After all, I am a scalper, I in and out under a minutes. If I could not sell my position as fast as I can, with today problem, I could react faster (this is my first time not getting filled anyway)

3) The fact is I am getting underperform since last week because was going through a mental hurt from trading as well as physical quit smoking. Getting a bad start this week do make me abit disappointed. But I watch my video and journal my trade today to see where I could improve both skill and mental.

4) One more to pointing out to improve, ofc, I could not know if market side way are not during the first 1m or 2m market opened. - But what I can do is patient waiting more before jumping and trading. With this, I prefer to wait maybe 3 to 5m before trade, to get to know clearer picture and trend (even I might missed a big opportunity at the 1m or 2m open, missed opportunity are happen all the time anyway). If I could minimize the risk by just be more patience at the open. I could prevent this market side way anyway at the open.

Trade grade: C