A trader executes a Tesla intraday trade on the 5-minute chart, entering at $5.75 after waiting for the first candle to close and spotting a rejection pattern. He splits the position to take partial profits, closing for $1,500 then $1,200, emphasizing that patience and sticking to your plan matter more than chasing every move.
Market open. There is no rush, just patiently waiting for the first 5-minute candle to close. Tesla is breaking one level, not two lows, but just one level. If Tesla will somehow resist this move, hold this area, then I'm going to be entering. But I'm still going to be waiting for the good setup. It might be feeling weird to have this type of rejection pattern, by the way, on the Tesla on the 5-minute. I see 1, 2, 3 wicks that are rejecting this one level, but I'm still having the calls on my plan because this level is the level of my interest. And even trading from this level to that level is going to be rewarding for me. After that, none of my business. So my target is going to be from this one. Maybe tomorrow is going to be even closer than the level. This thing was just 4 cents away from this. Sometimes I might be flexible with that, and sometimes I might be even like going here like half size, and for the touch, the other half size, so that somewhere in the middle I'm going to be having the entry for that trade. All right, so the price is approaching to this area. Here's my position. I'm in at $5.75. Price is at $5.87, and I'm gonna keep my stop loss here with the closing order for, let's say, 10. Okay, we almost touched the level. We closed 10 contracts. Now we have only 6 contracts left. We made $1,500 and $500 running. I'm gonna maybe close another 2 contracts. Let me have the order ready just in case it will hit the stop loss. If this thing is gonna go to the red zone, I'm gonna be closing the trade. All right, closing. A little $1,200 on that trade just because of the smaller size of the trade. What happens next is none of my business.
