TSLA's doing it again. Don't be fooled. 1:5 Risk-Reward Trade.
I'm expecting a great 2021 for
TSLA
overall, regardless of what investors and traders decide. I've drawn a premature triangle representing the region between two levels which I believe are crucial support and likely resistance for the next month and a half. The resistance I based on multiple different Fibonacci extensions drawn out from multiple swings. The support is crucial, not because I believe firmly that it will not break. Rather, it is crucial for this moon move. If we are going to the moon in March, then this support should not break. That is my thesis.
I've also drawn out some key levels from previous charts.
Bear in mind that this triangle matures once we have hit and reversed off of its top and bottom sides at least three times in total. So until now, the trade is not confirmed. However, if you're already long TSLA from my previous posts, then the stop loss should remain as it was at $722.9. This makes the potential loss about 9%. The target is the height of the triangle, supposing the triangle will mature and then break to the upside. That's a target of $1270, a 49% potential profit. Of course the moon is much higher than $1270. That's why I call it an initial target. The achievable moon for the year 2021 is at $2400 as I imagine it.
Either way, let's observe and I will keep updating this idea as exciting
TSLA
price action unfolds.
TSLA
overall, regardless of what investors and traders decide. I've drawn a premature triangle representing the region between two levels which I believe are crucial support and likely resistance for the next month and a half. The resistance I based on multiple different Fibonacci extensions drawn out from multiple swings. The support is crucial, not because I believe firmly that it will not break. Rather, it is crucial for this moon move. If we are going to the moon in March, then this support should not break. That is my thesis. I've also drawn out some key levels from previous charts.
Bear in mind that this triangle matures once we have hit and reversed off of its top and bottom sides at least three times in total. So until now, the trade is not confirmed. However, if you're already long TSLA from my previous posts, then the stop loss should remain as it was at $722.9. This makes the potential loss about 9%. The target is the height of the triangle, supposing the triangle will mature and then break to the upside. That's a target of $1270, a 49% potential profit. Of course the moon is much higher than $1270. That's why I call it an initial target. The achievable moon for the year 2021 is at $2400 as I imagine it.
Either way, let's observe and I will keep updating this idea as exciting
TSLA
price action unfolds.
Trade closed manually:
TSLA has crossed our stop loss. So we're out :(
It has found support in one of my trend lines but it also has resistance above it. It's a tricky place. This was a lost trade. but your long term TSLA holding should not waver by this. TSLA is doing very good compared to the general market.
TSLA has crossed our stop loss. So we're out :(
It has found support in one of my trend lines but it also has resistance above it. It's a tricky place. This was a lost trade. but your long term TSLA holding should not waver by this. TSLA is doing very good compared to the general market.
This is stronger bearish momentum than expected. Still, the stop loss at $772.90 (which I just found out I mistakenly been writing as $722 all this time) is still not breached. If it is breached, then my whole idea of a nearby moon move is cancelled.