TSLA Trade on Sep 12, 2022 09:32 from quanphan135: Tradervue User Stock Trades.

The set-up: Break Out/Scalp

Pre-Market Prep: 9/12/2022

Last Day closed: 299.68
Pre-Market High: 302.17
Pre-Market Low: 300.10
Current Pre- Market Vwap: 301.09

We have resistance at 301.50; 302.26; 303.05; 303.91; 305.94
We have support at 299.92; 298.68; 296.67

Catalyst:

Week of 2nd Sep: Market Sell Off – Hit Hard
Week of 9th Sep: Market Bounce!
Last Friday: GAP UP from 290 to 293.70 (SIDE WAY/BULL/BEAR)?
Monday: GAP UP ((SIDE WAY/BULL/BEAR)?) NEW CPI THIS WEEK

1.Bullish: This week, I will only trade breakout/break down setup to improve my edge on TSLA with higher size position. Based on 15m candle. I will be interested to go LONG if resistance 302.26 broke and held bid. Next resistance will be $1 to $2 dollars. Max loss: $1-dollar underlying asset or $.25 per contracts. Always careful fake breakout (take profit fast if volume is slow down)

2.Bearish: I’m interested to go SHORT if 299.91 broke and held the ask. Always careful fake breakdown (take profit fast if volume is slow down)

3.No Reversal Play this week.

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 & RISK REWARD = I WILL NOT 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)I did follow my plan today and pre-market as well. When is open, I want to see the market opportunity/trend and price action flow to me. Seeing TSSLA holding 301.6, still not buying, I want to buy a break out at 302.20 and I did. Call for $7.30(risk .25 to get $1-$2). Exit Gain: 303.60, exit loss: 302.20 Price holding at 302.77 but did not have enough buying volume to break and hold 303. (meaning 303 had a big seller/held ask). So after see the tape and confirm seller held their ask at 303.20, I still holding my position, sell volume increase, broke 302.20. I hit the bid at 6.90 and took $160 loss.

Improved: All is well and good regard about the entries. But for sell at loss when trade against me, I could even hit faster at 7.10 or 7.05. But really I just follow my exactly target price plan at 302.23. Option/contract of course always harder to hit, but I can always can improved it, meaning, seeing 303 reject reversal time, its time to hit to break even or even .10 loss.

Also one think to point out: When I enter the trade, I enter at 302.20 contract that time is 7.30, when I sold after trade against me, I sell also at 302.20 but price contract at that time is 6.90

2) So after exit my loss. Tsla retest at VWAP 301.87, immediately BOUNCING BACK over support 302.20->302.80 = Strong buyer/held bid at vwap support, I wait for a pull back (still play breakout setup). After multiple attempt trade below vwap but reject and bounce back over 302.25 (the support I call out for BULL and BREAK OUT). I bought another CALL contract at 6.90 right at 302.25 and now wait for this breakout setup. (VOLUME PICK UP + ABOVE VWAP + REJECT VWAP SUPPORT = BULLISH) - and Yes, I DID GET MY BREAK OUT SETUP SUCCESFULLY. BROKE 303 HOLD. BROKE 303.50 - SELL for ($1.25 point), yay capture more than $1 gain. Price end up broke 303.92 as well and then trade over 304.

Improved: Again, this looking for a break out play and trade based on my plan both entries and exits. - Did holding position (very good). But I could minimize it by self half position and let other half to run to 304 305 even 306.

What I did Right:
1) Follow on my pre market plan and risk management plan + trading fundamental plan!

What I did Wrong:
1) NONE

Where I could improve:
Will keep working on Breakout/Break down setup this week only to improve my edge and sizing.

Trade grade: B+