nmike
Long

TSLA CLONING targets (daily)

NASDAQ:TSLA   TESLA MTRS INC
2481 30 36
I don't follow this stock but I wanted to publish this chart to show how CLONING can be used to predict future price targets wants the stock has broken it's old high. In early April TSLA             broke out of the long term reference channel with a large gap and on high volume . I often use the FISHER (100) as a trend shift indicator on daily frames.You can see that the Fisher had signaled a trend shift last Nov. Now looking at this chart it's obvious that TSLA             has gone too far to fast, but until we see a reversal candle set up and or a CLONE support violation TSLA             will most likely continue upwards. If it clears CLONE 4 resistance next target is top of CLONE 5. Bottom of CLONE 4 is the near term support.... Fib. levels work very well along with CLONE boundaries.
nmike MOD
3 years ago
the FISHER (100) also works quite well on weekly frames
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foreversong nmike
3 years ago
Hi Mike

what is the FISHER (100) what we looking in term of FISHER. do you have any guide how to use FISHER charting, because i check few stock chart site does not offer FISHER charts
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nmike MOD foreversong
3 years ago
@foreversong, Fisher a is relatively new indicator so some charting software do not have the Fisher.I will publish some guidelines when I have a chance specifically on how to use the dual Fisher 34/100. Here is one basic way, if the Fisher 100 is below mid any rises in the Fisher 34 is a shorting opportunity
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You have had a few cases where price briefly breaches the clone resistance within a daily chart and quickly reversed.

This may be the case later this week. Will not know until I see the overall market reaction later this week. IF SPX break 1674 for a daily close than I will agree with a move higher in Tesla.

Interested in seeing what you have charted in the SPX.
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tuek
3 years ago
Mike, can you explain how you select the reference channels for cloning. Thanks.
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nmike MOD tuek
3 years ago
Hello @TUEK, having looked at charts for many years I observed that more often then not price swings move, more or less, with equal distances just like price patterns like the pole-flag and the head & shoulder pattern for example. So all I do is look for major pivot points and draw a box.The reference box can be drawn at any place on the chart , you don't have to necessarily start at the bottom / top, you can start in the middle of a chart and then you can forward CLONE and backward CLONE. One general rule is that if there is too many pivots in an area that I'm interested in I will take the average of the pivot levels.You can also have CLONES within CLONES. In large height CLONES it's usually a good idea to draw FIB levels inside the CLONE.In general I always place a median 50% line in each CLONE.What I like the most about cloning is that you can project future price levels when an instrument has surpassed the old time high or low. Just like any other technique cloning should be used with other tools for confirmation. Works very well in conjunction with trend lines and Fib.levels.Also CLONE boundary targets don't have to be perfect, if you see a reversal candle pattern just above or below a CLONE boundary that's good enough.
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tuek nmike
3 years ago
Thanks Mike. You have been very helpful.
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nmike MOD
3 years ago
>>>>> CLONE HIT
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huntingsniper nmike
3 years ago
amazing! last Wednesday, TSLA hit the confluence area in your second chart above and sits right at the bottom of Clone 5 as indicated in your first chart. interesting to see if it continues following the scripts!
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huntingsniper nmike
3 years ago
I was wandering if you write a book about your TA techniques and your trading experiences and stories, will that be a best seller?!
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nmike MOD huntingsniper
3 years ago
hello huntingsniper, I was just doing some home work, now I finally read your comments, I din't realize that TSLA had hit the second chart confluence CLONE zone, because I don't have that chart saved as an active chart, thanks for point that out. You be amazed how good these CLONES work. Interesting that you asked that question on writing a book about my past experiences going back 15 years.If I did write a book it would eventually become a blockbuster movie, however let's just say that reading and writing were not my favorite subjects during all of my school years. Trading teaches you many things besides how to make money. It taught me discipline and self control which are good qualities to have even if you don't trade. This is were I got one of my ideas on CLONING : http://stocata.org/ta_en/projections4.html
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STOXXResearch
3 years ago
How do you draw clones?
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nmike MOD STOXXResearch
3 years ago
@STOXXResearch just look below the TSLA chart, there is the basic idea on CLONING in one of the reply commentaries
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STOXXResearch nmike
3 years ago
Thanks. I meant to say what tools on Trading view did you use to draw the boxes?
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nmike MOD STOXXResearch
3 years ago
@STOXXResearch the rectangle tool and the parallel channel tool
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nmike MOD
3 years ago
BA, cloning example
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StealthTrader
3 years ago
Another nice clone hit
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nmike MOD StealthTrader
3 years ago
@StealthTrader...din't even realize we had another clone hit, I should have used the 34 ma on original chart better for volatile stocks like TSLA
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Bonkzilla
3 years ago
this site is awesome
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Hi nmike. How do you define height/length of a single clone? Fibs?
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nmike MOD InnovaThorr
3 years ago
hello......@InnovaThorr I just look at major pivot points for heights the length doesn't matter but you extended them to the right as needed, basic idea on CLONING above these comments.Not a perfect science but a great addition to other analysis
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nmike MOD
3 years ago
......TSLA cloning update
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Good signal to get out here and buy some puts
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FredRoberts
2 years ago
These support and resistances still work
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nmike MOD FredRoberts
2 years ago
update on weekly support / resistance
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nmike MOD FredRoberts
2 years ago
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nmike MOD nmike
2 years ago
....that's actually a reference "range" channel
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stan93 nmike
2 years ago
Right on. Nice nmike thank you
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nmike MOD
2 months ago
Cloning best used along with other analyses , like confluences with support / resistance & trend lines
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