Hey everyone. Today was my first day where I saw a pattern developing and got really excited for it. Last night I watched the video on Peter's Mountain Pass strategy, and today I saw what looked like a perfect Mountain Pass on TSLA. I'm a beginner who just started in SIM and I'm trying to back off on my chasing trades and trading because "I think it will go up from here." I put together a spreadsheet from scratch while watching the webinar to help me track my performance and stats on these trades. My original goal was to fill this out before taking a trade, but I did not really fill this out at all on TSLA until after I took the trade.
Today is the first time I have a trade I was proud of (aside from 1 major mistake which I will explain.)
TSLA had a strong trend starting around 446 at 2:08pm and pushing up to a HOD of 461.9 around 3:00. There was a final push with exhaustive volume 3 candles prior to the HOD. There was a slight pullback to 456.15 (~36% pullback) and then a second attempt at a HOD approximately 14 time periods later. The second high only made it to ~460.6 at 3:14. I may have entered ~1 candle too early, but at 3:17:41 I sent a short with $10 risk (5 shares) which executed at 459.15 with a hard stop at 460.93. I probably could have zoomed in a bit before double clicking to set my stop to get it closer to the 2nd peak "high."
I took my first partial, ok... so I clicked the wrong button here and "sold 20%" instead of covering (position now -6), I mistakenly did this on my first partial ~2R and second partial ~4R (50% so position now -9). I'm not really used to shorting stocks so I think in my mind I was "selling" part of my position, but I guess this is what SIM is for. I moved my stop to breakeven and was very confused as to why my stop was not at my initial short value - only in hindsight did I realize that I increased my short position thereby adjusting my average entry price.
I finally realized what I did as the price was approaching 440 and initially covered 10% at 441.71 (Position now -8). The quick price action bouncing back to VWAP spooked me a bit and I got another share out (10% at 442.50), and then the rest out 5 seconds later at 443.50.
I was happy to see a P&L on the trade of over $100 for what started as a $10 risk trade. Obviously me accidentally increasing my short position from 5 shares to 9 shares had something to do with this. If I had taken off 20%, then 50%, then all out this still would have been about a 6R trade.
I'm excited to be a part of this community and I'm really hoping that I can start being more disciplined in my trading and continue to work on these strategies.