A trader executes a live Tesla put trade, starting with a bearish setup on the opening candle. He adapts his pre-market plan when price doesn't hit his target, then enters on a break-and-retest pattern on the 2-minute chart and exits with profit after two candles.
I saw the downtrend on the Tesla. This is the regular trading hours because I don't use any extended hours. Market pushing, market pushing to the downside, and this is the opening candle of that day. So lower high is quite close to that area, but we still respected that. At that point, we moved to the downside. I think here my plan slightly differed from the plan. The most important thing is just to review the pre-market plan, whether I had it planned or not. So the only name again for the Tesla, for the puts here, was the execution. I've been initially planning on the higher level, this one level, but as price did not give me any opportunity. I saw the hard break to the downside. I stopped looking at the 5-minute and on 2-minute timeframe I saw this break and retest. Good break, good retest close to the level. Even those two 2-minute candles, they provided me with some good profit because of the position sizing, good entry and good exit.
