After gapping up at the opening, Tesla shares appeared to be drifting downwards once more, so I placed a new sell order at $844.54. It wasn't looking too promising during the first 1-2 hours (started moving up again after the first hour), but as the trailing stop-loss had not yet closed out my position I went too bed with the position left open. This morning my position was still open, having not been automatically closed out by the trailing stop-loss order during the trading day. The position is currently in (paper) profit by A$42.47, but this could still end up being a losing trade as the trailing stop loss is currently still about 8 pts above the price I sold at.
17/2 Sold 4 TSLA @ 844.540 -- position still open after hours.
Looking at the available indicators on City Index charting, the Average True Range (ATR) for a 1-min period appears to show that most intraday price fluctuations are mostly within 14 points, so my 16 points trailing stop-loss setting seems reasonable, despite occasionally closing out positions that would have been profitable if allowed to run a bit longer.
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1 comment:
I think you need a much wider stop if you are holding this position while asleep and don't want to keep get stopping out. You probably need the stop like a $100 from the current price...
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