Currently in a consolidation, TSLA
still exhibits strength on the broader time frames. Upon a retracement into the 216 area or even lower into the 212 area. I will be looking for bullish
reversal patterns, If they appear on an hour chart, that can imply a broader bullish
move over the next week. It is hard to set a stop when there is no validation at the moment. The purpose of this analysis is to highlight upcoming levels of relevance that can lead to a buy signal. Also these levels can be used for scalping as well, it just requires intraday targets that would be determined at the time of entry using smaller time frames. If a buy signal does occur on this hourly time frame, I will be anticipating price to push up unto the 266 area initially and if momentum allows, for a the more aggressive 235 area.
If price falls below 212 then I would reevaluate the long scenario completely. This area can also be used as a reference point for a stop level initially.
Trading consistently is not easy. I believe there are 3 elements that are required. I wrote an article and made a video on the topic. Check it out here. http://www.unconventionaltrader.com/?p=321