History repeated itself on TSLA (again)!
Hello traders and investors! Let’s how Tesla is doing today! Believe or not, it is behaving exactly the way it should, as we already discussed in previous analyses.
We saw, for the 3rd time in 3 months, the 3-gap pattern after an accumulation: Runaway, common and exhaustion gap. The last gap always gets filled in the short-term, while the others are still open.
As we already discussed, today’s candlestick shouldn’t scare anyone here, as Tesla just filled its Exhaustion gap, and if history repeats itself, we will see some correction. Pullbacks are different from reversals, as they simply offer opportunities to buy, while reversal offers opportunities to short. There’s no sign of reversal ahead, and I don’t recommend to anyone here try to guess Tesla’s top.
We are in a bull trend, and the odds favors the bulls. Now, let’s see the daily chart:
The 3-gap pattern suggests that a correction to the previous top (green line) would be acceptable. Today’s candlestick is bearish, but not much.
Ok, so, we can expect a correction or some erratic movement ahead, but how to proceed in this situation?
I always like to use some exit strategies to help me with my anxiety level while I’m in a trade. For instance, I like to use trailing stops: If the next candlestick closes under the previous candlestick low, just book your profits. Today Tesla closed under Friday’s low, so, you can book your profits. Nobody will judge you.
Or you can just wait for a bearish pivot in the hourly chart. Until now, there’s no pivot, so, the game is still on. Or you may mix both strategies, and book half of your profits now, and the other half if Tesla does a bearish pivot in the 60 min chart. Do whatever suits you, and what’s the best to manage your anxiety level.
Either way, the volume increased a lot, and today’s candlestick is not scary at all. See the candle evidenced by the black arrow in the daily chart above? There’s a funny story here.
As it happened today, this candlestick did a new ATH and it filled its exhaustion gap. The history repeated itself. So, today’s movement was natural and expected by us for a long time now.
The moment is perfect to manage positions. It’s too late to buy, but it's not time to short it either (not good risk/reward ratio). If you are trading Tesla, just book your profits with the strategies above and wait for a better opportunity.
And please, support this idea if it helped! And follow me for more analyses! Every day, after the market closes, I’m here to share a few thoughts with you.
Recent public trades (links below):
XP: +30%
AAPL: +10%
LB: +45%
UKOIL: +62%
Congratulations to all of you, my dear subs, who believed in my trading methodology, and challenged the world by being a bull! We deserve to celebrate!
BECOME A MEMBER!
Remember to follow me, I’m a trader who uses the classic technical analysis (barely any indicator, just the candles and the volume). Like this idea if it helped.
Thank you very much.
* LIKE this idea and FOLLOW me, because:
- Here, you will see clean charts;
- Trades with clear risk management;
- The best of Dow Theory, Price Action and Candlestick psychology;
- Chart patterns with statistics. *
* My name is Nathan, I'm a trader and portfolio manager and I'm here to LEARN. Leave your COMMENT and FOLLOW me to keep in touch. *
We saw, for the 3rd time in 3 months, the 3-gap pattern after an accumulation: Runaway, common and exhaustion gap. The last gap always gets filled in the short-term, while the others are still open.
As we already discussed, today’s candlestick shouldn’t scare anyone here, as Tesla just filled its Exhaustion gap, and if history repeats itself, we will see some correction. Pullbacks are different from reversals, as they simply offer opportunities to buy, while reversal offers opportunities to short. There’s no sign of reversal ahead, and I don’t recommend to anyone here try to guess Tesla’s top.
We are in a bull trend, and the odds favors the bulls. Now, let’s see the daily chart:
The 3-gap pattern suggests that a correction to the previous top (green line) would be acceptable. Today’s candlestick is bearish, but not much.
Ok, so, we can expect a correction or some erratic movement ahead, but how to proceed in this situation?
I always like to use some exit strategies to help me with my anxiety level while I’m in a trade. For instance, I like to use trailing stops: If the next candlestick closes under the previous candlestick low, just book your profits. Today Tesla closed under Friday’s low, so, you can book your profits. Nobody will judge you.
Or you can just wait for a bearish pivot in the hourly chart. Until now, there’s no pivot, so, the game is still on. Or you may mix both strategies, and book half of your profits now, and the other half if Tesla does a bearish pivot in the 60 min chart. Do whatever suits you, and what’s the best to manage your anxiety level.
Either way, the volume increased a lot, and today’s candlestick is not scary at all. See the candle evidenced by the black arrow in the daily chart above? There’s a funny story here.
As it happened today, this candlestick did a new ATH and it filled its exhaustion gap. The history repeated itself. So, today’s movement was natural and expected by us for a long time now.
The moment is perfect to manage positions. It’s too late to buy, but it's not time to short it either (not good risk/reward ratio). If you are trading Tesla, just book your profits with the strategies above and wait for a better opportunity.
And please, support this idea if it helped! And follow me for more analyses! Every day, after the market closes, I’m here to share a few thoughts with you.
Recent public trades (links below):
XP: +30%
AAPL: +10%
LB: +45%
UKOIL: +62%
Congratulations to all of you, my dear subs, who believed in my trading methodology, and challenged the world by being a bull! We deserve to celebrate!
BECOME A MEMBER!
Remember to follow me, I’m a trader who uses the classic technical analysis (barely any indicator, just the candles and the volume). Like this idea if it helped.
Thank you very much.
* LIKE this idea and FOLLOW me, because:
- Here, you will see clean charts;
- Trades with clear risk management;
- The best of Dow Theory, Price Action and Candlestick psychology;
- Chart patterns with statistics. *
* My name is Nathan, I'm a trader and portfolio manager and I'm here to LEARN. Leave your COMMENT and FOLLOW me to keep in touch. *
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