TSLA Trade on May 8, 2023 09:41 from Dandres: Tradervue User Stock Trades.

PREMARKET
- TSLA on the gap up list barely.
- ETB, ATR: $7.5, M.C.
- Not really bias, just had the thought of watching the candle action and price action very closely to see what side had the strength.
OPEN
- Did wait the OR and saw there was some downside momentum.
- TRADE 1: 1 min candle was showing me lower highs/lows and so was the 5 min candle. I was anticipating the break of the strong daily level of $170.75. So I took initial 25% size. Couple minutes later the price was still slowly trending downward BUT I was weary of the movement, so I got in about 25% again. Upon watching the 1 min candle action and 5 min candle action simultaneously, the candles were forming against me, and I got out early. Good call because it did indeed go higher and break past the VWAP. Could have been a much larger loss.
REFLECTION
- Although it was a loss, I am glad about how the risk on this trade was managed. It could have been a lot worse, but I was actively assessing the changes in price action.
- Good entry reasons and scaling on pull back.
- Difficult to trade against highly respected daily levels, keep this in mind.