Shared by
quanphan135
The set-up: VWAP Retest/Momentum.
Around 10:27 PM, TSLA from 301 fade down to 296.80 support, right at VWAP as well. I would like to trade VWAP retesting/testing out new strategy. But PUT at the support 296.80. (Already decrease normal sizing to minimize risk). Seeing bid hold at the support 296.80 (key support). Should sold it when I little doubt my this setup (1. This is important support, 2. Does not broke, does not trade below VWAP)
I should hit the bid at 297.20. So that only 25c underlying asset. So could only $30 to $50 of this trade. Instead my F4 hit the bid getting problem? Hit twice, and could not work, some stupid screen of TOS pop up? Now price trade over 298 that $1.2 different. Thanks myself that I manual hit the bid, also thank myself that I cut half normal size I trade as well.
What I did Right:
1) Trade small size
2) Manual hit the bid (Hotkey is not working huhu)
What I did Wrong:
1) Wrong big picture to enter this setup
2) Should get out early when target risk .25c underlying asset. Could only loss $30 only and save $100 :(
Where I could improve:
Wait for the break down important support 296.83 successfully and held the ask there, I will wait a buy at the reclaim.
Trade grade: C
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2022-09-14 10:28:52 | 16 SEP 22 296.67 PUT | buy | $4.850 | long |
| 2022-09-14 10:31:31 | 16 SEP 22 296.67 PUT | sell | $4.200 | long |
| 2022-09-14 10:31:31 | 16 SEP 22 296.67 PUT | sell | $4.200 | 0 |
Comments
xxjordan88
thanks for the book recommendation and advice, I struggle with following my plan instead of letting the trade play out
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I can see how hard you are working to get this right. Honestly, I feel your pain as I have been working on this trading for three and half years full time. I know I shouldn't send un-solicited advice but I am making an exception because when I read your notes I see an opportunity to help. If you would just read "Trade Mindfully" by Gary Dayton. It will change your outlook and help tremendously if you follow the exercises and put in the work. I've read a great deal and this one is by far the best. It will explain why we find ourselves not able to follow our own plan, how to implement process improvements and how not focus on individual trade results. Best of luck. Stay green. Marc