Markets have gone back down into the range and knocking on the lows. I have been looking for short plays to take advantage of this possible downtrend and TSLA looks intriguing. TSLA has not experienced the deep retracement like other stocks and is current sitting on support. On the daily chart, TSLA printed 2 inside days in a row and is setting up as a coiled spring. On the 30m, there are clear lower lows as TSLA continues to downtrend. I think if we break below 600, TSLA could tumble down to 450s.
Entry - 634
Stop Loss - 655
Target - 450
Using half size on this trade. I understand that markets are extremely volatile at the moment therefore we could easily gap up big tomorrow due to good news. Need to reduce risk on all trades.
Entry - 634
Stop Loss - 655
Target - 450
Using half size on this trade. I understand that markets are extremely volatile at the moment therefore we could easily gap up big tomorrow due to good news. Need to reduce risk on all trades.
Trade closed: stop reached:
Exit at 590.20
TSLA seemed to be working well in the morning therefore I moved my stop loss to 590 just above the HOD. TSLA tested the lows but all stocks popped due to the fed stimulus announcement. Unfortunately this hit my stop and markets whipsawed back down and close LOD. I am not frustrated because this is simply what happens in volatile market conditions. It was a decent trade so walking away with a good profit.
TSLA seemed to be working well in the morning therefore I moved my stop loss to 590 just above the HOD. TSLA tested the lows but all stocks popped due to the fed stimulus announcement. Unfortunately this hit my stop and markets whipsawed back down and close LOD. I am not frustrated because this is simply what happens in volatile market conditions. It was a decent trade so walking away with a good profit.