TSLA Trade on Oct 5, 2022 09:47 from quanphan135: Tradervue User Stock Trades.

The set-up: Opening Drive Play/Break Down

For the first 10m, TSLA is trading sideway in the pre-market range. After having a clear trend sell off. Broke pre-market low 244 and held the ask. I still want to wait more safety trend as I wait for a break down to 242 and held the ask to enter my trade.

After that, TSLA does broke 242 and held the ask. Plump down to 240. I enter at 240, risking $1 to get $2-$3 (238-237). TSLA pull back to $241. Meet my $1 stop loss and I hit the bid (KEEP LOSS UNDER -2R)

Review:

For this trade to work: I should enter at $241 pull back (where $242 just broke, held ask and its become it's resistance. Buy at $241 make more sense of my target risking only $1 where 242 resistance should be my target risk) (SHORT AT RESISTANCE)
Because $242 is the last support. Whatever my entries it. Those Support Turn Resistance Should Be My TARGET RISK LOSS - In other words, if I enter at 240. My target loss should be $2.
After I sold at my exit loss 241 ($1 risk). I should already figure out and jump in at 241 or 241.50 again where I only risk $1 and .50 and near 242 resistance where my reward its still alot from 240 to 237 (4 points). (But it's ok, lesson learned)
Despite this trade doesn't work out, good think I do it, I hit the bid at $1 loss target. So I can keep my losing trade at UNDER -2R (GOOD) - Meet my priority goal for this week.
Despite this trade doesn't work out BECAUSE OF THE ENTRIES AND EXIT. My pre-market game plan is work. For all bearish theories, TSLA broke 244 ; 242 and intra low is 233. (GOOD)

What I did Right:

Have Pre-Market Plan and Follow the Plan
Patient at the opened - to get clear trend to identify setup to trade.
Take time draw the line for calculate risk and reward. 2R only
Executed based on my plan 2R SETUP ONLY.
Hit the bid at my target loss $1 (RISK 1R Only)

What I did Wrong:

Entries need to be better by waiting for a pull back of this trade. If 242 become resistance. By all mean, short near resistance (241 or 241.50 is a best entries) = because if TSLA pull back 242 and held the bid, the down trend its already stop, stop loss is work very meaningful way.
If I already entries at $240 anyway. While having a stop loss $1 is good (241 hit out), but I need to see bigger picture of the chart, where $242 (long term support) just broke, down trend, under VWAP. Then I could expand stop loss at $2 (risking $200 to work)
Where I could improve:

If I can do this trade again, I will only wait for a pull back at least $1 near $242 (SHORT AT/NEAR RESISTANCE) (Fix my human and this small errors by be more patient at my entries)
See bigger picture of the chart. CHART by CHART - BAR by BAR
Hitting my bid under -2R is good. Please keep doing that no matter what happen.
Trade grade: B

The set-up: Opening Drive Play/ Break Down

After sold my first trade at loss (under -2R). I still identify clear down trend and more room to sell off (Broke 242, next stop 237).

I enter at $240.50, where I want to risking 0.50c for this trade ($241 its my stop loss). And of course, I was hit the bid at $241 (where my stop loss it) - Good things I still keep my loosing trade under -2R, and this is my priority for this week. Just like last trade. I need to entries better (I am sure I was rushing again for this 2nd trade, FOMO but did not revenged trade). Why FOMO because I still confirmed the trend is down trend, but because of FOMO. I could not see the chart clearly and where my stop loss should be 242.

Review:

FOMO Trade and Rush Entries - Because rush entries. I only want to risk 0.50c, where I need to risk $1 at least ($1.50 is max where $242 it) = BAD
Did not see the CHART AND BAR clearly (where $242 stop be my stop loss) = BAD
I should enter at $241 or $241.50 where I had a chance. = FOMO
I hit the bid at 0.50c (under -2R) GOOD.
What I did Right:

1) Having a pre-market plan and executed based on my plan

2) Hit the bids under -2R (Where my plan only risking 0.50c for this trade)

What I did Wrong:

1) FOMO and rushing trade. ( Bad Entries and Target Loss Plan)

2) Did not see the chart and bar clearly.

Where I could improve:

1) Be more patient despite losing the 1st trade (Meaning: NEED MORE Well Plan for Entries and Exit that making sense not only 2R but in bigger picture of the chart and bar)

2) Keep my FOMO in check.

3) Focus on the process (by trade better) - Not chasing PnL - Not chasing the loss of the 1st trade.

Trade grade: C