61 [Tesla half a MILLION trade so far, can I get to 1 MILLION? Feb 5, 2020]

  • TSLA I shorted some more premarket, I shorted some higher 866, then more 846 when it started breaking below the rising 20 MA on the 60 minute chart. There’s a lot of downside in it, short just shy of 4kshares total. Not really an ideal scenario, weak close and gap down, but it is what it is. TSLA so far really weak, okay watching for potential orls, oh sh*t I missed the add 810 f*ck pls bounce a little bit. If TSLA takes out orhs I will size down a little lock in some profits and reassess later. SSR is on, I’d like this thing to bounce back to 860s or something then look for some weakness late day. I think the trade is potentially going to be late day, there’s just too much buying frenzy right now. Usually near the open, that’s when everyone is optimistic and everything.
  • TSLA if this thing takes out lods now after I covered up 1/4 orhs that would be annoying, they just couldn’t give us an easy trade. I’m not gonna chase it here bc now it could easily bounce $50 like nothing, but it could also fade $50 so now it’s just a gamble. Something I would like to see, obviously a series of lower highs, and then a range break to the downside. I’ll show you an example, this day here [15/1/2020] this would be an ideal setup, looked like a peak, like the top, So I shorted some that day, it closed kinda weak. Next day it gapped down and pushed back higher, retested the middle of the range of the previous day, then it went kinda sideways for about four hours. Then late day it started breaking lower from this tight, tight like five dollar range. Then look at what it did, went down like $40 in the next hours. That would be something I’d like to see. Like a tight range for the rest of the day and then a breakdown from that range. Something tight where you can put on a lot of shares and get like a 1-10R/R. That’s what’s been missing from this trade so far, no tight ranges. It’s just straight down like 20%, how the f*ck do you trade that?
  • TSLA look at the 60min rejected just got off the 20MA, it couldn’t bounce above it. I think it might have another leg lower here, it’s building a powerful bear flag intraday, lower highs all the way. If you look at the intraday chart it’s really weak, it’s below vwap. I just added 1100 shares I’m gonna use a really tight stop, if you look at the intraday looks really weak, below vwap, tight stop on adds. Ideally it goes sideways for even longer, builds a tight range, I’ll add more, just gonna play these ranges, this is what I wanted from the beginning, one promise I made to myself on this TSLA trade is not to get scared on the backside, that’s really where the big money is. TSLA that was a nice add, and now it has no support until like 680, like 10% from here, I’m up almost 500k on this trade, this is my biggest trade. I’m like 80% certain I just jinxed myself.
  • TSLA down like 20% from the highs yday, and this little bear flag here just perfect, you have a range, lhs, can’t reclaim vwap, why couldn’t this formation happen 100 points higher I would have so much more size with a much better avg, it’s so frustrating and this is what trading is. Now it’s all about waiting for the next setup TSLA. I’ll just cover some more, just a few hundred shares, just to lock in some, I’m down to 3800shares, really don’t wanna cover anything bit until sub 700. TSLA can’t bounce, just been lhs all the way, lhs lhs lhs.
  • LK may be a short candidate, up closing in on 50% from the lows 3sessions ago, thinking it could have a $3-5 reversal or something. LK that was a 5* layup, entry was like 39.05 and I didn’t want to chase it like 38.95, would have been like a quick 5min 50k trade. I missed the obvious trade, it’s the perfect trade, so far it almost had a $3 move down from orls perfect entry 39.05. LK, I missed my entry, it’s a perfect short setup. It’s a big bounce, you have a lot of overhead resistance, you have a short term down trend. It was almost a 50% bounce. Implement this chart in your brain [LK 05/02/2020], there’s millions to be made from this kind of setup. It’s a perfect short setup, really is, you don’t get these very often on these ultra liquid stocks. LK oh ffs
  • It’s incredible how important those first 5, 10, 15 minutes are in trading. If you f*ck stuff up, it’s gonna cost you thousands, tens of thousands, hundreds of thousands depending on the size you trade. Just incredible. Put your phones on mute, shut off everything. Just focus.
  • Thinking of doing this oil trade but I dunno which instrument to use, I’ll do ERX like 25kshares risking like 35c.
  • CODX triggering, just stopped in 50kshares, looks good been building hls, this range, obv a starter position could def add, not gonna use a wide stop on it either it goes or doesn’t.
  • What can I say, it’s been an emotional rollercoaster so far today. That’s what’s so hard, you get really frustrated, you get angry, you have all these feelings like fomo, fear of taking a big loss, fear of missing a big trade. You have all these things happening, you have alerts going off, you have this and that happening, you have to manage your existing positions so nothing is going to zero in your portfolio. Everything happening at once, and you have to do these rational trading decisions – correct sizing, correct sl, identifying a good setup, it’s just really, really, really hard. It takes years to become good at, and still, you fuck it up, like all the time.
  • I just do the math in my head, I keep it simple [position sizing]. I just do 1000 shares at a time, I know if stop is $20, thats 20k, it’s super easy. I keep it simple.

#shorting #masterclass

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