This setup is a break out play, when tsla shooting from 282 to 285 (3 points) in 5m candle, big volume. I bought call when is pull back, ready to for a break out play with atleast 4 points up side. But got destroy when buyer decide to sell for profit. However, I only risking $1 for this trade and I did get out within my risk. So, great plan/ setup/ R/R and great execution. A loss just a cost of opportunity. Market go either way and is random.
Thing I need to improve:
1) Break Out at noon is something I need to be caution because it's slow volume environment. For this, I will decrease my size just to improve my edge of noon time, or just elimated those trade and observe the market.
2) Original plan was 50c risk but I expand my risk to $1 after entries. So, when the trade not going my way, I can SCALE OUT MY LOOSER at 50c and keep one at $1 (So, I can cut half my risk)
|2022-09-28 11:29:18||30 SEP 22 285 CALL||buy||$5.350||long|
|2022-09-28 11:38:54||30 SEP 22 285 CALL||sell||$4.700||long|
|2022-09-28 11:38:58||30 SEP 22 285 CALL||sell||$4.650||0|