Hello!
Where is Tesla's stock price headed??
I apologize for the crowdedness of the chart but "bear" with me... or bull with me.
After a bounce off the lower trend line and a follow up 10%+ day we saw TSLA take a breather, with the overall market for most of the day. As the indices pushed higher into the close TSLA started to take off then met some resistance or just a lack of buying. On my trading day chart I have an advance/decline indicator that was showing a 2.5. So I am going to go with the latter. I think big money was saving some ammo for the big names that reported earnings after the bell today. AMZN, GOOGL, AMD, PYPL. We still closed above *my* resistance trend line. If you zoom in (15 min chart) and draw your own, I think you will find that line is pretty accurate.
The candlestick pattern can be seen in 2 of the previous up trends which were both followed up by larger moves to the upside. Although the volume of first duo was much larger I think that was due to earnings?
4 points why I think we see a 61.8 retracement of the Jan 2 highs around the end of Feb.
1. This would put us around 1050-1060 which is our POC.
2. This would create point two for the resistance of a symmetrical downtrend.
3. This would complete a bearish shark harmonic.
4.This would also be right before March Fed rate hike. Leaving us plenty of room to the downside as the market could turnover around then.
Bonus: If you want to practice harmonic patterns. You can draw a pretty good three drive pattern. You have to have some understanding of why it isn't perfect though. If you draw a top trend line from the Nov 2ish high to through the December 20th-ish high you can see that may have been the GP from the market makers before the production report came out right before the new year. IMO that created a conflicting plan that pulled the price a little higher 1/12. Without that the three drive would be almost textbook also supporting this upward trend although the target would be 1180ish, given the logic the pt B was supposed to be 12/27ish.
Always write down your trading plan and stick to it.
Thanks for stopping by, may your accounts be ever increasing and your dreams be fulfilled.
Where is Tesla's stock price headed??
I apologize for the crowdedness of the chart but "bear" with me... or bull with me.
After a bounce off the lower trend line and a follow up 10%+ day we saw TSLA take a breather, with the overall market for most of the day. As the indices pushed higher into the close TSLA started to take off then met some resistance or just a lack of buying. On my trading day chart I have an advance/decline indicator that was showing a 2.5. So I am going to go with the latter. I think big money was saving some ammo for the big names that reported earnings after the bell today. AMZN, GOOGL, AMD, PYPL. We still closed above *my* resistance trend line. If you zoom in (15 min chart) and draw your own, I think you will find that line is pretty accurate.
The candlestick pattern can be seen in 2 of the previous up trends which were both followed up by larger moves to the upside. Although the volume of first duo was much larger I think that was due to earnings?
4 points why I think we see a 61.8 retracement of the Jan 2 highs around the end of Feb.
1. This would put us around 1050-1060 which is our POC.
2. This would create point two for the resistance of a symmetrical downtrend.
3. This would complete a bearish shark harmonic.
4.This would also be right before March Fed rate hike. Leaving us plenty of room to the downside as the market could turnover around then.
Bonus: If you want to practice harmonic patterns. You can draw a pretty good three drive pattern. You have to have some understanding of why it isn't perfect though. If you draw a top trend line from the Nov 2ish high to through the December 20th-ish high you can see that may have been the GP from the market makers before the production report came out right before the new year. IMO that created a conflicting plan that pulled the price a little higher 1/12. Without that the three drive would be almost textbook also supporting this upward trend although the target would be 1180ish, given the logic the pt B was supposed to be 12/27ish.
Always write down your trading plan and stick to it.
Thanks for stopping by, may your accounts be ever increasing and your dreams be fulfilled.
Trade active:
Buying March 18th 1010 calls
Selling March 18th 1020 calls
paying around 3.25-3.45
will sell for 6
SL: spreads worth 1
risk/reward 1-1.25
Selling March 18th 1020 calls
paying around 3.25-3.45
will sell for 6
SL: spreads worth 1
risk/reward 1-1.25
Order cancelled:
Due to Bearish open I have not entered into trade, looking for some strength for entry.
Trade active:
picked up said spread at 2.85
SL .85/TSLA break down 785
PT = 6
ratio around 1.5
SL .85/TSLA break down 785
PT = 6
ratio around 1.5
Trade closed: stop reached:
Stopped out.