TSLA Trade on Sep 8, 2022 09:31 from quanphan135: Tradervue User Stock Trades.

The set-up: Scalp/Momentum

Pre-Market Prep: 9/08/2022

Last Day closed: 283.70
Pre-Market High: 285.26
Pre-Market Low: 282.56
Current Pre- Market Vwap: 283.97

We have resistance at 282.75; 285, 286.77, 287.93
We have support at 282.91, 281.04; 280.66; 279.22

Catalyst:

Last Week: Market Sell Off – Hit Hard
Tuesday: Side Way – Price Stabilize
Wednesday: Finally, the market had found the direction and want it to be bounce and its bounce hard (strong or death cat bounce)
Thursday: Pre-Market Gap Up but weak, not sure how will REACT. Sideway/Bull/Bear? – Despite we had a bounce yesterday, but based on Technical Analysis, we are still in the bear market

Trading Idea:
1) Bull Case: When market is open, I would like to wait for the first 1 to 2m at least to see the trend either is a sell off order or not, I don’t want to get in between at the market open (price is had no direction and trend are not clear, trading this zone are dangerous). Despite we are under VWAP during premarket. Good thing is we broke and stay above the support 282.91. If Market getting a clear trend and held the bid at that important support level 282.91. I can still confident we can be bullish. Exit price depend how risk you are, but to play sure, all the next resistance always be your bet best exit price.
2) Bull Case: Same thing with the above but this time important key resistance level is 285. If we could break and held that level. It’s a signal that we can see TSLA reclaim back to 290 and 300. It’s a very interested level to be broke and hold.
3) Bear Case: We already below the VWAP during pre-market. If the price could not hold 292.91 support level. You don’t need to enter SHORT, just wait until getting a clear trend. By confirmed whether is clear bear trend, next support needs to break and hold to remain BEARISH is 280.66. We always have opportunity to enter good price, for this, just wait the market reclaim the resistance and enter your order at those resistance level. As well as also looking SPY and QQQ Trend as well.
4) PLEASE AVOID trade when had no volume/and consolidate with no clear direction. By making those irresponsibility trade, your asset will be at risk and ITS NOT WORTH IT.

Live Trading:
1) When market is open this morning, there is a sell off during the 1m break out the resistance 280 (similar like yesterday), then immediately bounce back to 281 it resistance. Tsla current under VWAP, I notice a held ask at 281 as well on the tape. Decided get a SHORT position and exit at 280.50, the reason I behind why I cut so fast is because huge buyer step in that support 280.50.

2)Following, Tsla retest its VWAP but still struggle to stay 281.50. One more time, break out its support and went to 280 (heavy selling pressure). I decided to get a SHORT position at 280.20, then stock quickly bounce back to 280.75. Then I decided to hit the bid, sold at the small loss. After watching, things I could improved. My thesis: selling pressure in the morning and volume was clean, but still not enough volume pressure to make my SHORT profitable. Fixed: I could wait for the stocks retest its VWAP or getting a better entries at resistance (not middle like 280.20), by then I could minimize my risk right there. Good things is I hit the bid, because I already know 280.50 and 281 are important support level, if Tsla could held there, there will be a bullish signal (Read my prep-market prep)

3) Actually, good job on not making the same mistake like 2nd position. I bought at resistance 280.50, it was a profitable trade until my position is not fill for sell and selling pressure in continue decrease, there is a huge fighting between BULL AND BEAR on the tape. I already had my exit price in place, which is if stock bounce back to VWAP, I will hit the bid and I did. I could hit the bid sooner, but then there is no liquid to be filled.** Fix: As soon as enter position, if I see there is no volume and pressure going my favor. Instead of hold in, my best BET SHOULD BE HID THE BID AND BREAK EVEN OR FEW CENT LOSS. It's better that way because timing the market or hope the market not going my way is not my friend**

4) After seeing TSLA bounce back and reclaim to its vwap, tape held bid at 281. I follow my pre market plan, and also look at 15M timeframe before making entries**. I enter a CALL position at its VWAP 281.36** after confirmed bid are held and TA 15M bigger timeframe. My risk is only 1 point but my reward would be 282-283 and if break out, 284. So, my reward is 1:5. After entries, I wait for my position to play out. Buyer volume increase. Stock going to my exit price resistance at 283 and BANG. SOLD with BIG PROFIT.
Enter 4 and Selling 4.5. Fixed: For this trade, this was a very good trade. Either I can add size on this trade, slowly sell for 1 lot and keep core lot to let runner runner run. Because it does break out 283, stay there and remain bullish exactly like what I wrote in my pre-market game.

5) The Fifth trade is really moving forward, any pull back to it support, I will add back my CALL position and quick scalp for it profit. My exit loss plan is risking .10 cent on my contracts only. - This trade is a profitable trade.

6) After 10 AM. I making another 4 Trade and those four trade is killing all my morning gain. Anyhow, after its reaching 287.07 resistance. TSLA could not stay there, its slowly sell off from the intra high and retrace back to its VWAP from (287.07 to current VWAP 283.77). Before enter this trade, I looking bigger timeframe 15m and 5m again, broke out it resistance like in the morning, it was a bullish signal already. I let the stock giving me more data before I going LONG. AND I DID. Stock BOUNCE from VWAP to resistance again 285. I seeing the tape buyer clearly step in. I also getting a CALL position at 285. I got shack out by 1M candle, I hit the bid for a loss. It's turn out my trade was super profitable. If I wait and trust my 15M bigger timeframe.

After frustrated of my 6th trade. I decided to STOP trading. Market look like going sideway with no Volume. My Plan was trading 1 hour market open only (I AM SCALPER). $-130.

At 12 PM. I see there is few volume pick up during afternoon. I decided to to jump and trading with trend. End up recover 80% morning loss. End up -$39 for the day. Happy with my result.

What I did Right:
Follow my Plan

What I did Wrong:
1) Few trade was getting FOMO - Both Rushing and SHACKING. But hey, I tried to minimize my loss here I soon as possible. I respect the price action and the market is always right. I will never blame the market. I will only focus my setup and to see if it work or not and analyze it to improve. I will not focus the result Gain or Red.

2) I did over trade today. My original plan was 5 trades. I end up making 15 trades. The reason behind that is, for the first 5 trade. My PnL are break even. Following another 5 trade, end up getting negative because all my trade go against me. I admit that my setup and the market are not flowing together. But it really doesnt make my setup are wrong.

3) The last 5 trade I made is because after 12PM, trend are pick up and clearly. I do not revenged trading, the market is not owned me anything. I was care about my setup and the trend so I jump in, my last 5 trade are all profitable, with small gain only. And it's recover 80% of my morning loss and I happy to stop and call it a day.

Where I could improve:
I already wrote where I could improve during my note. But basically, I still need to improve my psychology, and not getting afraid when the price is shacking.

Trade grade: B