Now that I'm trading more actively, I am very tempted to get out of my long position in Tesla and free some capital... So I decided to draw in my lines and see what they told me.
After doing so... I don't see how its possible to get out of this stock. My gut told me to sell when it had been simmering at the top supply area for so many weeks... and I did not. Bad, Eric. Now my gut is saying to stick it out, so I am looking for reasons to make my gut right. I see a nice upward channel that is being respected. Could be a dirty trick in the makings, but I think it's a good idea to make the market prove you wrong. Sure the market is a dirty trickster sometimes, but most the time it's just a lot of people trying to play by rules that no one can agree on. I think we can all see a trendline, however, so let's not make this difficult folks... Tesla has been an easy stock, I don't see why that money would go elsewhere, however, anyone can be made into a diamond handed fool.
This is why I like the futures markets... being liquid is so much easier sometimes. In and out like a bandit.
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If daily finishes with a red body candle we will have 3 bearish black crows flying into a bullish hammer candle. That translates to nil, which translates to rangebound? Lots of consolidation in markets lately. Tough to see who is making who wait. Not a very useful update... maybe it will be later.
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Hope you all liked that bounce! :P
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Happy profits everyone that held on! I sold in the daily 4 hr supply area, but I know many long term holders are doing even better! Way to go! Encouragement!
Thank you for sharing your free flowing thoughts like this! This is what it's all about. Brainstorm, think out loud, and look for feedback. We'll be watching the comments below to see what advice others send in. It's also been featured in Editors' Picks.
You've got to wonder if this is a dead cat bounce.
The down trend started when the Higher LO was breached.
Looking at the chart I see a lower hi, another lower HI, another lower HI, another Lower HI.
Drawing a trend line from the recent Lower HI to it's bottom, there is still no new Higher LO.
The lower Hi's are looking weak!
Draw that trend line, and then ONLY buy, if price crosses and breaks out...until then, its still down.
It's possible that Kathy _____, famous hedge fund manager, may buy again, if price reaches $560, to protect her gigantic 1 1/2 billion dollar investment.
DISCLAIMER: FOR EDUCATIONAL PURPOSES ONLY
emehoke
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@randyandrajie I will have to look up dead cat bounce. Sounds like a selling thing. I guess I’ll look up Kathy too while I’m at it. I do see the LH weakness.
randyandrajie
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@emehoke, Generally, a dead cat bounce is when the market as a whole sells off hard, then sharply bounces back up...and then sells off hard again. Like throwing ___ onto the ground, it bounces, but only once.
@emehoke, You'll have better luck looking up "Cathie" Wood.
emehoke
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@WonderfulMongoose she appears to be a fund manager. This changes everything.
JapaneseCandlesMadeMeRich
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The markets not a dirty trickster just like a train stopping it gives you signals before it turns around, Should have listened to your gut especially if it was simmering in the top area for quite some time, Dont make it gambling come in with a game plan like you are now.