TSLA Trade on Sep 9, 2022 09:36 from quanphan135: Tradervue User Stock Trades.

The set-up: Scalp/Break Out

Pre-Market Prep: 9/09/2022

Last Day closed: 289.26
Pre-Market High: 293.70
Pre-Market Low: 289.98
Current Pre- Market Vwap: 293.02

We have resistance at 293.76; 294.52; 295.19; 297.16
We have support at 292.51, 291.64, 289.95

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: Overall is Bull, get a fade down mid-day and recover back.
Friday: Bull

Trading Idea: Break Out/ Break Down and Reversal

1) Bull Case: When the market open, I would want to the market represent is the OPPORTUNITY ITSELF. THINK ABOUT WHEN I PLAY POKER, I WOULD NEVER WANT TO ACT FIRST. I FOULD A LOT OF HAND and don’t play out the position to get high EV same with stocks. With that said: if I saw stocks broke resistance 293.77, held the bid. Above VWAP. Volume increase, buyer step in. I interested to go LONG and TRADE2HOLD as well as REASON2SELL.

2) Bear Case: If price itself fade down, broke 290, held the ask, I would interest getting SHORT.

3) Reversal Bottom: 290 and 288, those two levels have interested me if they can be a reversal pattern

4) Reversal Top: 298, 297.28, those two-resistance level are interested in a reversal top aka fading down

Few Important to remember (Maximum profit and minimize the risk)

•When the market open, I would want to the market represent is the OPPORTUNITY ITSELF. THINK ABOUT WHEN I PLAY POKER, I WOULD NEVER WANT TO ACT FIRST. I FOULD A LOT OF HAND and don’t play out the position to get high EV same with stocks. No matter how long it is. 5m, 30m, 1 hour or a whole day. NO OPPORTUNTY GOOD - RISK REWARD = NO TRADE.
•I WILL NOT FORCE MYSELF TO JUMP THE GUN
•LONG AT SUPPORT
•SHORT AT RESISTANCE
•TRADING WITH TREND; TREND IS YOUR FRIEND
•RESPECT THE PRICE ACTION/ MARKET IS ALWAYS RIGHT
•HIT THE BID WHEN TRADE AGAINST ME = SOONER IS ALWAYS GOOD = TRUST ME ON THIS (F4 IS THE HOT KEY FOR SELL THE BID)
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?
•DO I PATIENCE ENOUGH OR FORCE MYSELF TO TRADE?

Play 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
•SET AND FOLLOW YOUR PLAN AND MAX INTRA LOSS
•WALK ALWAYS AFTER MEET YOUR TRADING PLAN
•LESS TRADE BUT PERFECT TRADE AND SETUP

Live Trading:

1) Morning Break Out: When market is open at $291.75 right at support, under VWAP, I saw buyer step in slowly and the important is seller lift their ask so there are almost not sell pressure to broke its support 291.75. Stock bounce to retest its VWAP (a very good since for bullish and a breakout setup). After price successfully stay at VWAP as well as broke resistance 292.60 (I missing this trade: I SHOULD ENTER at those VWAP support or support 282.50, so I could capture a break out play for a small position/ or big position, I could sell half and keep half for the next break out if it hold). Anyhow, I did follow my pre-market plan setup, good things is tsla broke 294 and stay there, I waiting a pull back at the support and buy a CALL at 293.87 (loss exit: support 293.50, gain exit: resistance 294.50 - 295). Feel like I cut still early, this would be a trade2hold again. I will focus on break out/breakdown next week and make more decision to hold the trade.

2) VWAP Retest Setup: After TSLA broke 294.75, stock pull back and keep retest at vwap. Before I enter this trade, there is already a multiple time retest vwap 293.33 and shoot for 1 point. I saw this pattern again at 9:44. Enter only 1 small CALL position (exit loss, under vwap .5 cent, gain exit: holding to resistance 294.50). Stock end up broke it vwap (I sold it at 293.10 for a very small loss), after I sold, there is a BIG RIP to 292.89, thanks god that I have my tight exit so I SAVED from this rip. However, after that candle close. The next candle retest successfully and bounce the stock back to resistance 293.83

3) After the retest and successfully bounce to 294.50. My setup: wait a pull back to support 294 and buy a CALL exit at 294.50. Stock does broke resistance at shoot up to 295. Should hold more. But that's fine. This will be my priority to improve for next week.

What I did Right:
1) I patient for price action before enter my break out setup (1st trade, I know that I missing that first break out and it's a lot of money left at table. But more importantly, I trade small for this week to get my confident again after got beating down last week.
2) Reading the tape
3) Only trade when setup come.

What I did Wrong:
1) I trade at noon, tried to trade a FADE Down Setup but it does not come. Even if I want to test and hold the trade, should only trade 1 size to minimize the risk, end up loss all my morning gain and negative PnL end of day
2) Should not trade at noon or any consolidate and low volume environment. Instead, scan another stocks or just observe the market.

Where I could improve:
1)Focus on adding size on winning setup (Less Trade and More Size)
2) Hold winning trade, be more confident and accept your trade risk.
3) Keep hitting the bid and reading the tape to have a perfect entries. My MANTRA: MAXIMUM REWARD AND MINIMIZE THE RISK.

Trade grade:: B