Hello Mates sharing my trading idea on Tesla on provided daily chart based purely on price action.
So as we can check that currently price trading in downtrend on daily chart followed by weekly and monthly chart too and for going a long side trade surely will be trade against the trend but some how if i got identified key levels entries for this trade surely i will go long in it.
So after recent swing low posted by it of 175 levels on 5TH of February after price retraced to 196 levels which i marked as a key resistance for my this trade.
So if price will break and close above 196 levels on daily chart i will go for a long trade in it for the target zone of 208 to 217 where price tried to take support before gap down marked on published chart i assume this support zone will act as resistance zone now and i will take my second target near about 260 levels for this trade where last lower high or supply zone is placed very well friends if price will break lower mentioned target zone.
I will follow this publication on daily chart for any of executions but community traders can follow this idea by their own specific time frames for learning purpose for how can we execute this setup in any other scrip if we will find for a trade.
Apart from the description, I have also tried to explain a lot of things on the chart and i hope those are doing the charts will like it.
This publication is meant for only learning purpose, it is not any kind of trading advice.
Best Regards- Amit (Do boost my publication if you really like it mates)
"In the long run, we are all dead" (John Maynard Keynes)
So as we can check that currently price trading in downtrend on daily chart followed by weekly and monthly chart too and for going a long side trade surely will be trade against the trend but some how if i got identified key levels entries for this trade surely i will go long in it.
So after recent swing low posted by it of 175 levels on 5TH of February after price retraced to 196 levels which i marked as a key resistance for my this trade.
So if price will break and close above 196 levels on daily chart i will go for a long trade in it for the target zone of 208 to 217 where price tried to take support before gap down marked on published chart i assume this support zone will act as resistance zone now and i will take my second target near about 260 levels for this trade where last lower high or supply zone is placed very well friends if price will break lower mentioned target zone.
I will follow this publication on daily chart for any of executions but community traders can follow this idea by their own specific time frames for learning purpose for how can we execute this setup in any other scrip if we will find for a trade.
Apart from the description, I have also tried to explain a lot of things on the chart and i hope those are doing the charts will like it.
This publication is meant for only learning purpose, it is not any kind of trading advice.
Best Regards- Amit (Do boost my publication if you really like it mates)
"In the long run, we are all dead" (John Maynard Keynes)
Comment:
Hello friends and trading community sharing an update regarding marked resistance (196) breakout, so day before yesterday price breached resistance and closed above which was required for mentioned long trade one more thing happened in last session yesterday that price retested that resistance as support and didn't go below and set an classic example where resistance worked as support after breakout as many time we seen in many charts and ideas although it closed in red due big selling observed in related indices but according to the description this idea is active now and let's hope for well. Thanks for reading and supporting my idea friends
Weekly Chart-:
Highest weekly close after three weeks and after publish too
Weekly Chart-:
Highest weekly close after three weeks and after publish too
Important view-: Sharing an important thing that we have to notice that after this publication price made a recent swing low which is higher than the mentioned swing low in idea description so i am taking this as a positive sign for price included higher daily closing too after recent swing and it can help for breaking resistance in coming session mates. Thanks for reading and your support for idea mates