In early April, my trading account was around $350. Over the last few weeks, I have been practicing The Strat, and I found my way to Jim Bradley. I had a solid start, and I have decided to share my trading here.
Today's trade resulted in an 8.5% gain on TSLA. Analysis below..
As many traders did, I had a rough time last week. The market was really choppy, and I was not patient enough. I ended the week down $130. The biggest lesson I learnt was that when the market is choppy like that, and you're trying to scalp the shorter time frames, it's best to let the day play out a little bit. Then you can at least see the direction (perhaps) for the day. This lesson was very much demonstrated with TSLA on Friday. Every day last week, TSLA told a different story (inside month on a mother bar, what a shock).
On Friday, I was so confident that TSLA was going to 2d on the week and was going to have some follow through on the day. I jumped in on an inside candle to the downside, and, before I knew it, had taken a $70 loss (cheapo premiums on a Friday). Had I waited to let the day choose a direction, it would have been fairly obvious that the day was going to turn into a 3. So today, I decided to let it play out a bit more.
I usually post the higher timeframes, but today was the first day of the month, so there wasn't really much to post. In addition, just based on the last day, week, and month, there was no clear bias. The day was a green 3, week was a red 2, and the month was a green 1. Quite a bit of conflict. On most stocks you should pass, but with TSLA, if you can find a really solid setup, the volatility will make it worth your time.
|TSLA 1-min chart|
This was the setup I found. Now, there were multiple potential entries prior that probably could have led to greater profits. I decided that I wanted to wait, because I wanted either one of the following two things: I wanted the price to be at a round number (like a 700), or I wanted an entry off of a 2d candle. This is because, on a choppy day, you have to do all you can not to be chopped up. If you buy off of a broadening formation at 700, you should be able to count on more action from buyers, just because it is a round number. I also wanted to get the 2d candle so that the stops on the shorts will propel the stock higher. With TSLA at 700, I know that there is someone looking to bounce short at the first break of the candle low, and I know everyone's getting chopped up. Let the shorts come in, and let them force the stock higher.
I had been hoping for a first easy target at 701.5 (based on the candle highs at that price throughout the day), and then perhaps, we could fill up that puke down in the morning, and turn the day green.
|TSLA chart 2 min later|
However, as days like this tend to go, TSLA hit the opening price and then reversed. So after all that, I got chopped up as well. But at least I achieved a profit 😂. Green is green.
As always, videos below. Things to note:
- If you are new to these posts, note that I enter based on an automated break of the candle high. At the instant of this break, the software selects the best option for me based on the criteria I provide. I basically give it the whole chain, and tell it to get the tightest spread that will result in a position qty of 2 to 5 contracts.
- Note that I clicked the Close1 button at around 2:30 into the video. It simultaneously cancels the nearest limit order and replaces it with a market order. The ability to manually override my predefined Trade Plan without having to manipulate existing orders makes this software very agile, easy, and stress-free.
- Sit back and enjoy watching #TheStrat actionable signals fully automated 😋
Trade with narration (sorry about the watermark, still researching video tools):
Trade without narration:
The material and results shared in these posts are made possible by using Trade Unafraid. Trade Unafraid evaluates personalized criteria and selects the most favorable option, allowing traders to come out on top. With a “hands-off” approach, Trade Unafraid intelligently navigates the bid-ask spread and gives users the power to place “conflicting orders.” By fully automating trade entries and exits while still allowing you to manually override anything, Trade Unafraid compels user discipline and adherence to strategies. Please checkout TradeUnafraid.com
Shoutout to @RobInTheBlack. I will never see another chart again without seeing #TheStrat. See More.
And, shoutout to @_JamesBradley__ whose approach to trading has made a tremendous impact on how I trade. See More.