Shared by
Goku_BOWS
Daily Setup: Pullback to support, short side
Intraday Setup: Extended/overbought into resistance level
Layers of Probability: Daily level is fairly clear, Pat H callout, arguably bearish daily (but today's action makes it look more bullish)
Entry:Extension into resistance and ticking down w/ tail
Stop:Originally 187.01
Targets: 1:1 (quick cover risk), 185, 50c-$1 increments
Thoughts/Thesis/Notes during the trade:
Not my trade idea, not the best idea to follow a trade. I pulled it up quick and did agree with the setup so I got in VERY small and allowed a fair amount of room since the 5 minute candle wasn't closed yet. I did get a good price and was able to cover risk fairly quickly. At that point I moved my stop to HOD.
Covering into 50c and $1 increments.
I wasn't thinking about using the add-back strategy and couldn't really capitalized on the range action between 184.5 and 186. I added back once I remembered.
Areas of Success: Great risk size, great add-backs(once remembered)
Areas to Improve: plan the trade, know if add-back style trade, scalp, trailing, etc.
3.20.23 - holding 5% of original position.
3.21.23 - pretty good sized gap up above my stop, 15 minute rule comes into play.
- I added back in a few shares as it was tailing against 190 and looked like it might break down. I put the stop for all at HOD. Stopped.
Overall decent gain
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2023-03-20 10:36:00 | TSLA | sell | $186.100 | short |
| 2023-03-20 10:39:00 | TSLA | buy | $185.510 | short |
| 2023-03-20 10:43:00 | TSLA | buy | $185.010 | short |
| 2023-03-20 10:45:00 | TSLA | buy | $184.520 | short |
| 2023-03-20 11:29:00 | TSLA | sell | $185.710 | short |
| 2023-03-20 11:36:00 | TSLA | buy | $185.020 | short |
| 2023-03-20 11:53:00 | TSLA | buy | $184.040 | short |
| 2023-03-20 12:17:00 | TSLA | buy | $183.050 | short |
| 2023-03-20 14:28:00 | TSLA | sell | $183.980 | short |
| 2023-03-20 14:35:00 | TSLA | buy | $183.010 | short |
| 2023-03-21 09:33:00 | TSLA | sell | $189.080 | short |
| 2023-03-21 09:40:00 | TSLA | sell | $188.950 | short |
| 2023-03-21 09:42:00 | TSLA | sell | $189.900 | short |
| 2023-03-21 09:42:00 | TSLA | buy | $190.230 | short |
| 2023-03-21 09:42:00 | TSLA | buy | $190.230 | 0 |
Comments
kgauvin25
Very nice trade, especially the second short seeing how once the 9 EMA was broken through you were able to get paid nicely
Goku_BOWS
Hey @AndyBhanver3, thanks for the comment!
I shorted into the daily 185 resistance area. The daily, arguably could be either bearish with a pullback to resistance, or bullish, forming a higher low.
My premise was bearish, once it broke the 186-190 base/pivots, it went lower and pulled back to that S/R level which was now resistance, and extended intraday into that level.
Much stronger than indices yes, but the SPY was rejecting new highs, QQQs still red and rejecting highs, and the IWM a bit extended creating highs and now downticking. I watch all 3 indices and the UVXY, sometimes the TLT, and UUP.
I agree with your thoughts on the bullish consolidation! but I had a plan to trail with my last tiny bit and add-back some if it retraced. My plan was to keep my original stop and I stuck with it. I generally don't modify my plan once in a trade, you can't build consistency if you do. Yep, it was a big red flag with the bullish consolidation, but I accepted the risk when I put on the trade. "Buy the ticket, take the ride" one of my (and kgauvin25's) mentors will say. It's been a big help in achieving consistency and allowing winners to run.
AndyBhanver3
Awesome Goku, love to hear your thoughts and reference from a mentor, very well explained and yes put the trade, accept the risk and let the trade play out. Thank You for breaking that down for me!
@AndyBhanver3 - are you currently trading? I don't see any recent trades.
Yes, I trade practically everyday, I don't post 95% of my trades, just some notable ones that I like, been in a bit of a drawdown recently and not performing the best, so just finding my way, but yes I currently am trading :)
@AndyBhanver3 - bro, it happens to all of us. I suggest putting, see if the community can help provide some guidance or insight. You should post the bad ones before the good ones. Id be happy to review them.
I can share my email if you'd prefer to share more privately. Just let me know
Thank you so muck GOKU, yes that would be awesome, I can share a few trades over haha, I wouldnt want you to review a couple months of alot of trades, that might be too much time, but I can definitely breakdown the way I was trading , show some examples and the performance behind it and get some feedback, that would be really nice.
Yeah let's keep it recent ones. Easier to remember what was going on. I'm no expert, but happy to provide my perspective.
100% I agree - my email is andybhanver@gmail.com if you want to send me a message and I can reply if you don’t want to expose your email here on tradervue or you can reply back with your email and I can send you a review - thanks Goku
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Nice Goku, had the same thought here but did exit a bit prematurely here - I was curious on what your thoughts was about shorting this. I mean tesla was moving up much stronger than the market indices /ES and /NQ or SPY and QQQ some watch those as well, were you ever cautious about shorting a ticker with relative strength here despite it being overextended? And how did you feel when tesla consolidated here instead of fading out earlier on, looking at this, its looks like relative strength stock followed by a nice consolidation here, what made you stay in the trade, I mean was this ever a red flag for you? the consolidation and relative strength despite tesla being overextended?