Daily Report Card
-morning prep: A
-market prep: A
-stock prep: A
-level of focus: A
Rationale:
-on Monday 12/16 TSLA closed +6.5% and closed at the highs, on 12/17, TSLA consolidated sideways and coming into today, I was looking for continuation in TSLA
Trade Strategy:
-enter on a break above 382 / PMH or the 378.45-379.83 high volume price channel
How much risk should/did I take?
-740; 8% of NLV
-took three trades; first two trades I entered two tiers and the third I entered one tier
Recap / Trade Management:
-TSLA quickly moved above PMH and I realized I would have to wait (I likely switched my attention to NVDA shortly after I saw this)
-saw price retracing to Y-high, then price broke below Y-high and fell to VWAP; price held VWAP before bouncing higher and reclaiming Y-high
-entered 1 tier at this point and used the tape to exit in front of the size on the offer at 388
-chose to exit, since scaling out was not an option given I entered 1 tier
-made 2nd and third trades on TSLA after the nice NFLX trade and i'm not sure what really happened with my risk mgmt at this point
-it looked like TSLA was forming a wedge on the 1m chart and it was above 385 but price broke lower....before reversing higher
-on the 2nd trade, I didn't enter trade against a level and on the 3rd I was basically risking down to VWAP/Y-high but exited quickly given tape wasn't proving my thesis
What did I do well?
-catching the first pullback to VWAP trade
How could I have traded this better?
-on the 2nd and 3rd trade, enter with less size / 1 tier, especially coming off winning NFLX trade (i'm not at the point where I can push...have to get consistency first before I work on sizing)
-after getting shaken out find a place to re-enter since price got right back above 385; however, at this point, I had already broke max daily drawdown rule so I cut myself off
What did the tape look like during the most important moments intraday?
-TBD
Where could I have been responsibly bigger?
-on first trade/entry
Gain/loss relative to expected gain/loss:
-net loss of -72; let a winner turn into a loser..could have avoided this by following max daily drawdown rule
Execution detail:
Date/time | Symbol | Side | Price | Position |
---|---|---|---|---|
2019-12-18 09:52:45 | DEC20 19 387.5 CALL | buy | $4.300 | long |
2019-12-18 09:54:40 | DEC20 19 387.5 CALL | sell | $5.300 | 0 |
2019-12-18 10:18:53 | DEC20 19 390 CALL | buy | $3.750 | long |
2019-12-18 10:19:01 | DEC20 19 390 CALL | buy | $3.650 | long |
2019-12-18 10:21:09 | DEC20 19 390 CALL | sell | $3.120 | long |
2019-12-18 10:21:10 | DEC20 19 390 CALL | sell | $3.050 | 0 |
2019-12-18 10:23:32 | DEC20 19 390 CALL | buy | $3.400 | long |
2019-12-18 10:24:22 | DEC20 19 390 CALL | sell | $3.000 | 0 |
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