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welcome the trade of the day brought to you by day trade the world is always get your day trading Journey started out the right way of course it's gonna be Tesla today and this is the thing I love about this trade is a lot of opportunities at the open you could have picked your poison but I was Morgan Stanley jpms we talked about some of the banks they were big meta was great Apple was great so many things out there but Tesla wasn't even it was probably one of the better shortstops I did not have this short on Tesla it was the 225 level was had other fish to fry but when you get to keep prices you want to have a plan of action in play and so I start with a 15 minute because when we had that CPI move your CPI Hive at 1920 we plunged to the downside you bounced around this 0708 really putting in a more big better volume floor at about 208 there and the first move back up you had Wick highs above 211 and then holding that support and then a breakout from that level so that's the bottom Channel that I had my eyeballs on once you've already worked to the downside and everything else that had worked to the short you're at lunch time and thinking okay well what can I do with this now that you've already made this move well the first answer is wait until it actually gets to the level you're looking for so you'll see it bounces right off of 211 here I'm doing nothing till I see it bounce it's at that channel like okay if it makes a double bottom I'll take a shot at some Longs here if it wants to make that bounce play and recover into 213.
I'm thinking risk to reward on the 11s is right in front of 11 like 20 30 cents above risk 40 50 pennies and then you're trying to scalp one two and three dollars to the upside that stops out and then we get right to 210. so when you look at the bottom of this channel over here I think you've got a little bit of leeway there were some higher there were some higher highs on the way up that got you to that 210 and 210 of course being around number options eligible was going to be significant so I did take a shot you'll see a quick little long here in a three minute where I was able to scalp about 70 80 cents with the same premise off 210.
but once 210 was broken it's a short we're through that price and I'm shorting multiple times here off of 210 and this is what was so interesting about this battle down at that level it's hard to see because of how the charge is skewed but you were sitting at these bottoms as the Futures were testing low as volatility was testing higher you had key stocks like apple resting on their bottoms and of course Tesla here as well the battle that was being waged at this 209 to 2 at 10 area was simply epic so as I saw this was happening I switched into a bit of a scout mode I wanted to be short and I had to hold it but if we're going to hang out in this range and it's going to take some time and look it legitimately took about a half an hour before it went it was rinse and repeat and at first I was shorting 0980 09 90.
in front of that 210 but once this Wick happened right here it snapped back tested that 210 level and actually ran a bunch of stops above the 210 level I said you know what it probably needs to run stops at least one more time before it goes 210 is an obvious stop area I'm gonna only get in the last time time just north of 210.
it's going to have to run those stops and get past 210 half to get me out of the trade I shorted 210 12 just above that price we got one last little scalp in and once it broke the range here's the thing that's the bottom at 208 if you're going to spend this much time in that range and make that breakdown and you're holding a short the entire way once the range is broken the outs got to be out in front of that 208 because you can't you don't sit in that trade the entire time to get out a dollar in front of it you hold it till that move at that point I'm risking that 50 pennies to make that two dollars end of story that's the trade we made it gave you another opportunity here at that 210 but once you've gone down that far you've got to structure a trade understanding that you're not going to get the 15 move all those big plays happen on meta and there were big ones on JPM and coinbase and square those were gone you have to structure a trade off those bottoms which requires a little bit more patience and a plan of action that's your trade of the day as always brought to you by day trade the world scan that QR code below start your day trading Journey today
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