Tesla (TSLA) oversold and turning up

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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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Nice trade Timwest, you also can utilize fibonacci technique, let me show you
Cheers Timwest.
timwest jmtbernardo
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.
Timwest ..... the best!
Bravo bravo!!

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.
jmtbernardo jmtbernardo
"Officially broken *trend*"
jmtbernardo jmtbernardo
Oops sorry I mean low point and *high point*. Forgot to edit it, before posting it.
Great Work
timwest StealthTrader
timwest QuantitativeExhaustion
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