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Wayne Ferguson

Wayne's Trade Journal

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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.




Edited by Wayne Ferguson
Added this would be 6R if I had covered instead of adding to my short position.

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