Tesla ( TSLA ) has an easy trading setup coming up. has been consolidating for a while and has managed to give a nice strong break to the upside, breaking resistance. Now I am looking at potential longing opportunities as the price retraces back to the point of the break-out. In my previous post, I was looking for a short which has not played out and I mentioned that there still is room for the price to break to the upside.
We are now trading at 780 and approaching a point of entry for this setup. I would like to see the price reject the zone and give me signs of bullish momentum before taking a buy. My target is for the price to fill the clean range that it has created on the way down. The target price is around 950.
On the flip side if the price does not manage to continue the push, I will be looking for a break back below 745 where we can start looking at shorting setups, But for now, let us work with what the market is currently giving us.
As always remain patient and stick to your trading plan.
Prediction Analysis Overview Table
|Analysis Overview Information||Prediction Analysis information|
|On what market is this position based (Forex, Stocks, Crypto, Indices, or Commodities)?||Stocks|
|What is the trading position identifier (Name and/or Symbol)?||Tesla|
|Is this a Short or Long Position?||Long|
|Would this be considered a Short Term, Medium Term, or Long Term trade?||Medium Term|
|As a Short, Medium, or Long Term trade, which best describes the position (Scalping, Day Trading, Swing Trading, or Position Trading)?||Swing Trading|
|What Time Frame chart is the position based on (1-Minute, 5-Minute, 15-Minute, 30-Minute, 1-Hour, 4-Hour, Daily, or Weekly chart)?||4-Hour|
|Depending on the asset, how much do you expect it to move in price or percentage?||From Entry to Target – 25.44%|
|What ratio of risk to reward is this trade/position? Choose your appropriate target(s)||Approximately 4 to 1 Target 2 N/A Target 3 N/A|
|What were the technical analysis tools used? Tick the appropriate boxes;||☒ Chart Patterns ☐ Indicators ☒ Price Action ☒ Support & Resistance ☒ Trendlines|
|From the technical analysis tools and indicators provided, tick the appropriate boxes for the tools and indicators used to analyze the position;||☐ Ascending Triangle, ☐ Bollinger Bands, ☐ Candlesticks, ☒ Channel, ☐ Cup & Handle, ☐ Descending Triangle, ☐ Double Bottom, ☐ Double Top, ☐ EMA, ☐ Fibonacci Retracement, ☐ Flag, ☐ Head & Shoulders, ☐ MA, ☐ MACD, ☐ Order Blocks, ☐ Pennant, ☐ Rounding Top Or Bottom, ☐ RSI, ☐ Symmetrical Triangle, ☒ Volume, ☐ Wedge|
Trading Prediction Success Probability Score
FSP ranks the probability of this trade a 5/10
- Wait for the retest and rejection
WATCH OUT FOR
- Price continuing to drop
Disclaimer: The FSP probability score is derived from adding and subtracting the positive and negative aspects of the position and is not a definitive sign of how the trade will play out. FSP is not in any way a financial advisor