Posted by elementsix on 13th of Aug 2020 at 04:47 pm
Entry Example - sharing an example of how I pick entries on
TSLA. This was an ideal setup, so others don't have everything
aligned this well. Hope this is helpful.
- Red to Green signal while pushing up in to the MA Ribbons
- 60 STO crossing up from 20
- Building volume
Since I trade options, I don't like to jump the gun because if I
am wrong it goes bad quickly and i'm stopped out. In this case I
wouldn't enter until the breakout candle (blue left arrow) or maybe
even at the consolidation that followed (blue right arrow). Stop
loss is always set with the initial order to reduce risk and
preserve capital. I also have a target in mind where I start fading
the trade, maybe near VWAP (purple dash).
Posted by elementsix on 13th of Aug 2020 at 10:48 pm
With TSLA, definitely more Calls than Puts. The chart will tell
you that.
TSLA really like to go up. So I'm not going to bet against that
and personally I find the long setups easier to spot. No need to
eek out gains using Puts when the Call buying works so well. For
me, I'd prefer to wait out pull backs, be patient and strike when
the long setup becomes obvious. And sometimes the best trade is no
trade.
So true, "sometimes the best trade is no trade." In my
case, I was seeing the same things you were seeing at that time,
but I ended up with "no trade" because I was too disorganized and
scatter-brained - no plan when I see a chance. Then I trade when I
don't need to trade and lose.
Entry Example - sharing an
Posted by elementsix on 13th of Aug 2020 at 04:47 pm
Entry Example - sharing an example of how I pick entries on TSLA. This was an ideal setup, so others don't have everything aligned this well. Hope this is helpful.
- Red to Green signal while pushing up in to the MA Ribbons
- 60 STO crossing up from 20
- Building volume
Since I trade options, I don't like to jump the gun because if I am wrong it goes bad quickly and i'm stopped out. In this case I wouldn't enter until the breakout candle (blue left arrow) or maybe even at the consolidation that followed (blue right arrow). Stop loss is always set with the initial order to reduce risk and preserve capital. I also have a target in mind where I start fading the trade, maybe near VWAP (purple dash).
This is great. Is this
Posted by arun on 14th of Aug 2020 at 05:32 am
This is great. Is this on TOS ?
Yes, think or swim
Posted by elementsix on 14th of Aug 2020 at 08:33 am
Yes, think or swim
Awesome. Do you mind sharing
Posted by arun on 14th of Aug 2020 at 10:49 am
Awesome. Do you mind sharing the various parameters so I can set it up
Thank you so much, very
Posted by lapri24 on 13th of Aug 2020 at 09:57 pm
Thank you so much, very helpful!
Do you daytrade both calls and puts on TSLA?
With TSLA, definitely more Calls
Posted by elementsix on 13th of Aug 2020 at 10:48 pm
With TSLA, definitely more Calls than Puts. The chart will tell you that.
TSLA really like to go up. So I'm not going to bet against that and personally I find the long setups easier to spot. No need to eek out gains using Puts when the Call buying works so well. For me, I'd prefer to wait out pull backs, be patient and strike when the long setup becomes obvious. And sometimes the best trade is no trade.
So true, "sometimes the best
Posted by lapri24 on 14th of Aug 2020 at 01:39 am
So true, "sometimes the best trade is no trade." In my case, I was seeing the same things you were seeing at that time, but I ended up with "no trade" because I was too disorganized and scatter-brained - no plan when I see a chance. Then I trade when I don't need to trade and lose.
Thanks again for sharing your method.
Thank you Elementsix for sharing.
Posted by mundy on 13th of Aug 2020 at 08:53 pm
Thank you Elementsix for sharing.