TSLA Trade on Sep 30, 2015 09:32 from Holden: Tradervue User Stock Trades.

What are the variables - (Checks) in my favor for this set up (continuation play)
TSLA had a news event where they released their newest car yesterday (no run up into event but no sell off with rest of market)
They did not give estimated deliveries but did warn of production delays coming after they had already lowered delivery forecast on the last earnings call. For a growth company, having to cut production estimates can be a very negative thing.
Price action was holding below key R level just before the open following the gap up so I was looking to see how the action responded early and looking for tests against key levels (either support or resistance before looking for a good play.
My thought process-

When the action failed to clear R that it had traded up to I was looking for a quick drop out to fill the gap which occurred and I wanted to exit there at my target but was unable to get filled on the entire position as the action spiked down so quickly.
When the action rallied back up but could not clear VWAP or 250 I began to talk through what I was seeing including levels the action seems to be respecting, volume (above average for entire moves so far so confirming name is in play.

I pushed and got bigger (up to 2 tiers) as the action began to break lower looking for a push down to 243 area which was larger potential area of support in the name.
When the action dipped lower to my target I covered ½ the position and covered second ½ when the action failed to hold and extend lower.
This allows me to reset, talk out what I am seeing and where I may have edge as well as determine where and if I want to risk some of the open p/l from this opening drive move.
What else is important for me to note on this play-
Big flush out but with strong volume and fresh catalyst, these names can move well.
Pushing to get bigger in a play that was working for me is a great way to extend.
Controlling risk well by working to get good r/r and trade location is really important as I look to get bigger in a play.
The fact that I was able to cover some risk on the opening flush was really good in giving me the confidence to build into the second piece.
I didnt really have to look at a lot of other names here which was awesome because I had done the work to develop a solid plan in case this name had broken higher or broken lower, allowed it to confirm, and then worked to take advantage of that opportunity effectively.