Live Trading | $8.5K in 5 Minutes Trading TSLA (1/4/22)

What's going on guys? So in this video I'm going to break down my trading day for January 4th. So I had two trades today and I made about eight, eight hundred dollars. I'm not going to really focus on the SPX trade. That was just to kind of work on my hesitation. I'll talk talk about that in another video. But the main trade I want to talk about is this Tesla trade, right? Made about 8,511% return 1.9 R. It was like a two, three minute trade right on the open. So with that being said, let's go into the chart and let's just kind of break it down. So I did screen record this as well, right? I'll kind of show you guys that I screen recorded this as well. But before we dive into that, let's talk about the morning game plan. So these are some of the names I had on watch. One of my biggest watch or main watch was Tesla, right? So my game plan was, you know what I mentioned a pre market action looks slow, but we do have tons of OI on 1215, 1300. I believe Tesla can magnet towards those areas this week on the open. Been watching for bounce zones 1188, 1190, continuation 1202, continuation 1210. So let me explain what that means on the chart. So looking at the chart, I was looking for a bounce at these zones that I mentioned, right? 1188, 1190. So basically what I mean by that is I wanted to see how Tesla holds at those zones on the open. So as you guys can see, right when we open, right? Actually hold on, let me move this back. As you guys can see right when we open we get the first rejection, 1194. Right after getting the first rejection, 1194, the next candle that kicks in on Tesla, we push all the way to 1178. So it's even deeper than the level I had. So we got a lot of stops removed, we got a lot of people shaking out right on the open. But 1188, 1190 area held very strong. It held very well. So the moment I saw that all of that was wiped out and we had a strong hold around this 1188 to now a well established 11 of 1185. I was going in with the mindset of I'm going to scalp this. Now when I scalp, I'm usually in and out in a minute, two minutes, sometimes 30 seconds, 40 seconds. I try to get in with a good fill and then I'm out. So right when that happens, I immediately go in and I take 30 contracts. Now, obviously, I went in with size on this trade. Went in 35 contracts at $25. Now, once again, ignore the size. Ignore that. Just look at the R multiple. Not the best for many reasons, but still a 2R. Almost trademark. 11% right on the open. So I get in at 9:31. I have a total position of 30 contracts. Right? Get into 25 about a minute later. Not even a minute later, I'd say about 50 seconds, 40 seconds later, I scalp 10 off. Then I scalp another 10 off at 28:55. And then I start scaling out slowly afterwards. Let me walk you through the mindset of that. So because I'm scalping or because I was scalping and that was my main focus, the. The moment I saw the bid hold, the moment I saw aggressive buying pressure drive up that buying pressure was able to give me confirmation that we have a high probability of continuing in the next move or two. And you can see in the next move, we see continuation, which was at 932. And that's also where I started scaling out. You can see at 932, I start scaling out 933. I scale out a little bit more just because I was like, you know, if we do reverse, I don't want to get caught up in that. So in the beginning or mid 939, 33, 12 seconds in, I started scalping more at 2910, right. I started taking more size off because I was hitting the ask. I was hitting a high selling point. Now, as I was hitting a live selling point, look at my fills here. I was getting filled at a very, very high point. So for me, I was like, listen, I'm up about four points on my contracts here, which is phenomenal. So I'm going to start scaling out. So I scale out and then my final position, 937. You know, I held that. And I wish I let it be a runner because I started identifying major, major, major support around these levels around 1185. So a smarter thing for me to do would have been to let this be a runner and start scaling out around 1200. If I did that, obviously would have made a little bit more money. But I think being seeing the chop, seeing a little bit messy action, not seeing direction from spy, also kind of put me into perspective. Hey, listen, if I sell right now, walk, I'm making eight grand, nine grand, you know, it'll be a quick scalp, which is what I anticipated. Let me stick to my game plan and let me walk out. And if I do sell, obviously it's not the best selling point from my entry, but I do walk out green. And listen, I follow this rule. Green is better than, you know, being flat. Green is better than red. Green is better than anything. Obviously, I'd rather be green. 70 cents on a trade than be red, right? So with that mindset, I took the trade, I executed, I got out, and like I said, obviously, if I held, I would have made a little bit more money. Now, with that being said, I just want to go through a little bit of the live video, right? So right here, I have the live video. I'm gonna play this. I don't have the audio or anything. So you guys can see I execute 30 contracts. I hit the bid right at 25. Ask was going at 26.5 at one point, and I got it. While we're pushing down, I get filled a full 30 contracts, right? With the confirmation that we pushed down, I'm seeing strength. Once I identify strength, I'll make a deeper video going into this live video, but just explaining the concept. Once I see strength, I'm going in very quick. And remember, I'm scalping. So because I'm scalping, I'm in and out with, with extreme strength, extreme size. And also, if you guys take a look at spy, right, look at market indexes, they're holding up right now. We're not seeing weakness. So seeing Tesla push down on the open, seeing SPY kind of make a push up, seeing NQ make a push up, right? Just seeing the market indexes look strong is giving me that confirmation that, okay, there was a probability that this could start bouncing off that level, especially when I saw a hold around 1180s to 1190s. So that's the main idea of scalping, of getting in, capitalizing on 3, 4 points, which size on the contracts, and then getting out. And as you can see, once I get in, you can see the contract premiums, how they start moving, starts moving up into the vwap. And once we start moving into View app, I'm like, okay, we're moving into vwap. I want to start looking to scale out into vwap, right? I want to start looking to take profits off. And you can see option premium start moving about 2645s on the ask. And watch, when I sell, I join the ask. I'm trying to sell at a high point. We see rejection, right? 1190s tend to hold. It keeps being a magnet, right? You see 1190s are a magnet. That's something that's like when you're reading the tape, you're identifying where buyers and sellers are looking into. Like I said, I'll make another video going in depth with this, but just looking overall at this, I saw strength. 1190s. We're becoming a magnet. We're going into VWAP. Not breaking yet, but becoming a strong magnet. As we're becoming a strong magnet. I'm now up about two and a half points on my option contracts. So with that being said, I took 10 off right here. Now, if you look, I joined the ask, meaning I'm hitting this high point, and when there's a high spread like that, most of the time I'm getting filled at 27, 28 instead of hitting market or just trying to get out at a cheaper price point. Right. The vwap scares me a little bit. Obviously. I'm like, okay, you know, we're seeing the 1190s hold, but we're fighting the vwap too hard. So. But let me just take some off because I always talk about scaling out. I always talk about building cash flow. Let me scale out. Because I went in 30 contracts at the beginning of the year. I'm still trying to build a cushion. I scale out, right? I lock 10 in. We start pushing in. Contracts go to 27, 28. We keep pushing higher and higher. And I'm like, listen, we're pushing higher and higher. I'm going to take 10 more off. Remember, I'm scalping. I'm in with the mindset already of scalping. I'm in with the mindset of getting in and getting out. We start seeing that push happen and once again take another 10 off. And then when it starts really, really pushing, we're at 28 fours. I have 10 left. And now I start slowly scaling out and just writing out the remaining few positions. Like I said, I'll make a separate video of just breaking this down for a live trade perspective. And you can see at one point, I was up $10,000 on this trade. Obviously didn't capitalize on the full trade, left a little bit money on the table. But hey, this is trading like you're not going to capitalize on every single move all the time. And now when you look at Tesla for the whole day, obviously Tesla made a new low of the day. Dumped super hard. I actually missed this whole move down. I've been actually having hesitation problems. Like I said, I'll make a video on that and talk about that. But after I've taken one trade, right? If you go to even my last two trading days, after I'VE had one trade, I would basically just stay flat. So even yesterday, on Monday, I took one trade, and I walked away, and I left a lot of money on the table with that. Right. Even today, I took one trade. And then the reason I took my second SPX trade was just to kind of get myself into getting back into rhythm and, you know, removing that hesitation. Because it's a new year, I'm having a hard time executing on a second trade. I see green. I'm like, okay, I got a little bit green. Let me keep that green. And it's just something I got to work on. Right. But, yeah. So that's my recap for the day. I hope you guys enjoyed it. Thank you for watching. And, yeah, guys.