Tesla Stocks Renko Nearing Cloud Exit. Short

Tesla, Inc.NASDAQ

Description

⋅ Jul 27, 2015 9:17 PM

On the daily 2$ Renko chart, TSLA is nearing it's exit oft the ichimoku cloud. This is a good sign for bears and would serve to be a profitable entry.

Enter Short If:
- 1 Renko box closes successfully under the cloud.
- Renko is below the Tenkan-sen

Exit::
- Trailing stop set 2 to 3 boxes behind entry.

Comments

mazdaki

⋅ Jul 28, 2015 2:57 AM

why wait... you could short now with the same trailing stop

miyako.pro

⋅ Jul 28, 2015 3:00 AM

The cloud is representative of an area of turbulence between support and resistance. While in the cloud the price has a high chance to bounce around and retrace. Best to wait for it to clear the cloud turning the red line into the trend's resistance and enter with peace of mind. Just how I use the cloud at least.