timwest
Long

Tesla (TSLA) oversold and turning up

BATS:TSLA   TESLA INC
2563 27 32
In my other posts I had been suggesting to sell the 100 puts going out awhile. I think this is another way to look at this trade. I think there will be a decent retracement back down once the 155-160 level gets retested, just based on the amount of distribution and time that occurred above the 160 level.

Cheers and Happy Thanksgiving to all.

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admin PRO
3 years ago
Thank you for sharing. Very informative as always. I think it's a good time to close my short position. Happy Thanksgiving!
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timwest PRO admin
3 years ago
Nice trade admin :-)
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kungfuguo
3 years ago
Nice chart. Thanks for sharing.
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Marius Johnsrud
3 years ago
great analysis. I especially like that 50% retr zone.
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westsource
3 years ago
agree
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OldGoat
3 years ago
Thanks for the chart. My reversal signals start kicking in near 137 followed by 147, 149, and 156. Looks like there is resistance in the mid 140s. While I have a lot of respect for Elon Musk and think Tesla is likely to be a long-term winner (>200), 160 seems a push in the current market. It also seems likely that Tesla will drop below 120 again before returning above 200.
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DuncanParker PRO OldGoat
3 years ago
Agree with you here. I got long at $119 originally expecting a run up to the $145-$150 area. After agonizing over my target for a few days, $139 looks like it could have some trouble. So long as $134 holds from above after $139 (or $137), a break back above $141/$142 could bring in $145 all the way up to $150 (and possibly ever so slightly more, but no more than $152). I'm looking to take most profits between $139 - $141, with a tiny position on in case the more bullish scenario pans out. Keep in mind November Auto Sales are released 2 p.m. Tuesday. Could be a sell-the-news or short squeeze capitulation catalyst. If we top out around $145, my attention will shift to positioning for $100 as a year end price target. For now, all systems go for the bull case.
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timwest PRO DuncanParker
3 years ago
Did you exit on the move today or do you hold on with this amount of momentum?
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Hungry
3 years ago
This is just a short squeeze. This thing is toast!
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JonR Hungry
3 years ago
Thanks for the chart. Starting today is making some $$$ for me. Upgrade analyst saw your chart, IMO. :)
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charttrader PRO JonR
3 years ago
The same for me:)
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charttrader PRO JonR
3 years ago
Why it is growing today?
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timwest PRO charttrader
3 years ago
Here is the news that I saw today - Morgan Stanley upgraded Tesla on the same day that the German safety report of Tesla said that no recalls were necessary after the fires.
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timwest PRO JonR
3 years ago
Funny :). Thanks. Feel free to donate a portion (10%) of your profits to a local charity :-)
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Token99 timwest
3 years ago
Timwest : Hi! Will TESLA move from 140$ to 200$ in december.? How do you think ? At what date should touch 200$ price target ?
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I4
3 years ago
cool, never thought about using Fibonacci retracement to create a trendline
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timwest PRO
3 years ago
I'm suggesting that now at 150 is a decent place to exit TSLA from the 125 entry level. There could be more upside of 10-15 points, but I think the downside is the same. This rebound is on strong momentum but we are nowhere near "massive support" that I had labeled before from $120-$100. If you want to push the capital gains tax into next year, then you have to accept the risk of a setback. All in all, I hope everyone has had a great year and I look forward to hearing from everyone to know which was their best trade this year in terms of profits as a multiple of risk. Please don't talk $$$'s, but keep it in PERCENTAGES so we don't offend anyone. Feel free to use this page to reply with your BEST TRADE: SYMBOL, ENTRY PRICE, EXIT PRICE, STOP LOSS, RATIO of return to risk. Thank you everyone! Tim
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Spot on
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timwest PRO QuantitativeExhaustion
3 years ago
Thanks
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StealthTrader
3 years ago
Great Work
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timwest PRO StealthTrader
3 years ago
Thanks
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jmtbernardo
3 years ago
Nice trade Timwest, you also can utilize fibonacci technique, let me show you
snapshot

Cheers Timwest.
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timwest PRO jmtbernardo
3 years ago
Thanks for the cheers. Those were dark days when TSLA was dropping back in its correction under $120. I encourage you to define how exactly you enter and exit a trade. Cheers to you.
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Tittipupa timwest
3 years ago
Timwest ..... the best!
Bravo bravo!!
ciao
Tittipupa
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jmtbernardo timwest
3 years ago
snapshot

Yes indeed dark days.If you choose to place entry at 0.5 level, then 0.382 is your stop loss. It is done this way, because of Risk/Reward ratio risk (ratio 3). Also for Fibonacci traders it is very important for the level of 0.382 not to be broken, because then the is officially broken. It is very important to analyze HH and LH or LH LL before placing the Fibonacci retracements. If you line up support/resistance line close to the fibonacci level, increases the probability the price action will react towards it. I only recommend using this method on upward or downward trends, not side ways (range) market. Also keep in mind in lower time frames this method is less reliable, it is better used on long time frames such as monthly, weekly, perhaps the daily. I showed simple demonstration, but in the real world, it takes more keen eye to place the right low point and low point. I hope my explanation sounded logical and simple to you.
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jmtbernardo jmtbernardo
3 years ago
"Officially broken *trend*"
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jmtbernardo jmtbernardo
3 years ago
Oops sorry I mean low point and *high point*. Forgot to edit it, before posting it.
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