TSLA Trade on May 10, 2023 10:19 from Dandres: Tradervue User Stock Trades.

Premarket
- TSLA not on the scanner but im always watching for the moves on this.
- ETB, ATR: $7.5, M.C.
- Not really bias, just had the thought of watching the candle action and price action very closely to see what side had the strength. Possibly a good break of 174$.
Open
- Did not trade at the open, was super chopped trading right on the VWAP range. Around 10:20 it was developing levels to the downside as if to break the VWAP, bias at this point was short because of the 1 min and 5 min candle confirmations showing weakness to break the VWAP
Trade 1: Great short entry close to the VWAP but the error was the tight stop loss. I got stopped out during the small consolidation period.
Trade 2: Tried again for the move to the downside only to get stopped out again because of the stop loss I had set. Super tight and I didn't allow for market volatility. As can be seen, the trade did break down WAY WAY WAY past the VWAP and lost out on a $4 move.
Reflection
- You must set you stops accordingly, if you have a great entry you can risk a bit more on the stop loss. You can ALWAYS stop yourself out. Set the stop loss but if you see it developing strongly against you then you can definitely get out early before the stop loss.
- The 1 min candles werent with you or against you really but the following 1 min candles really showed the confirmation to the downside, if you had not set the stop so tight you would have been able to see that.
- Stop losses are unique to the stock and ATR, remember that.