The Two Reasons I Might Go Long On Tesla

On the weekly timeframe for TSLA , I noticed two things immediately.

- A candle closed above the downwards trendline indicating strength in buyers
- TSLA recently bounced off of a Fair Value Gap (FVG)

Given these two reasons, I am bullish on TSLA as of now.


Stop Loss / Take Profits
Stop loss:
The stop loss of this trade is set at a close below the low of the candle that bounced off of the FVG. A close below the FVG would signify that the bounce was fake, and there is still more downside.

Take Profits:
All of these take profits are set at levels that were recent highs.
My plan would be to scale out half of my position at TP1, 1/2 of the remaining position at TP2, and fully out at TP3

Let me know what you think of this trade!

Comment:

Take Profit 1 has been hit. Always like to scale majority of position at the first TP!

Comment:

TP 2 is about to hit. This was an A+ set up for me, but I wasn't expecting a 30% gain within weeks! Crazy trade. Cheers to those who saw the same opportunity.

Comment:

Take Profit 2 has been hit. I have scaled 75% of my profits as of now! Stop loss is now at TP 1. This is a 0 risk trade now! Cheers to those who saw this opportunity.

Comment:

Take Profit 3 was hit! Great trade.