Currently TESLA stock seems to have formed a nice symmetrical triangle.
Now , we still dont know direction yet but based on our TP calculations, we know were looking at a 20-30% move if this pattern plays out (~20% up, or ~30% down).
With that said we can get a basic trading plan outlined.
We have had a lot of upside movement lately so I will be expecting it to be a continuance pattern and break upwards, but not enough to risk my capital until confirmed ;)
TP Calculation :
Target = 159.91 / chance of reaching target 0.58 = 92.74$
IF we break upwards:
TP: ~92$ from break point or ~20%
SL: Last swing low, currently around 350$ (making a pretty bad R/R of ~1/1)
IF we break downside:
TP: ~92$ from break point or ~30%
SL: Last swing high, currently around 450$ ( making approximately 2:1 reward:risk)
In either case, please wait untill a fully closed break of the triangle happens ( higher risk), or even better until one full bar closes outside the triangle AFTER the break (lower risk, less reward).
Link for pattern info : thepatternsite.com/st.html
Now , we still dont know direction yet but based on our TP calculations, we know were looking at a 20-30% move if this pattern plays out (~20% up, or ~30% down).
With that said we can get a basic trading plan outlined.
We have had a lot of upside movement lately so I will be expecting it to be a continuance pattern and break upwards, but not enough to risk my capital until confirmed ;)
TP Calculation :
Target = 159.91 / chance of reaching target 0.58 = 92.74$
IF we break upwards:
TP: ~92$ from break point or ~20%
SL: Last swing low, currently around 350$ (making a pretty bad R/R of ~1/1)
IF we break downside:
TP: ~92$ from break point or ~30%
SL: Last swing high, currently around 450$ ( making approximately 2:1 reward:risk)
In either case, please wait untill a fully closed break of the triangle happens ( higher risk), or even better until one full bar closes outside the triangle AFTER the break (lower risk, less reward).
Link for pattern info : thepatternsite.com/st.html
Nota
Correction, the approximate percentage for TP for a the short scenario is actually ~23% not 30%Nota
Upside break at ~444.50TP: 536
SL: ~402
Dagangan ditutup secara manual
This is looking like a "fakeout" rather then breakout. I will be closing my long here at a small loss
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.