Hello Traders, here is my analysis for Tesla.
Listed on the chart are the Bullish and Bearish signals that I will be watching for.
- At the moment, a trade setup has not formed that I would be interested in, however I am keeping an eye on the price action to see if pattern forms that I can play.
Price is either going to breakout and Bulls will take price higher...
Or the Bears are going to take control and drive prices lower...
- Either way, I've listed the signals that I'll be watching to give me a clue as to whether the Bulls or bears will take control.
What trade Setups am I looking for?
If price trends down but has not yet broken the ascending trendline -
- Im looking for a potential entry long off the ascending trendline. (I want to see price hold this trendline first)
- I will also be looking for oversold conditions on the lower time frame RSI
- I will be looking for lower time frame patterns or entries.
- If the trendline holds, I see oversold conditions, and an entry pattern develops = I will potentially take this trade.
If price breaks down below ascending trendline -
- I will be looking for a potential Double Bottom long entry.
- I will need to see similar signals as listed above, entry pattern, oversold conditions, the support level must hold.
- It also depends on how quickly price comes into this level, the quicker it falls to this level, the better the odds of a bounce.
If price breaks resistance and rallies -
- I will be looking for potential short entries when price is way overextended and at key resistance levels.
Thanks everyone and best of luck trading.
Listed on the chart are the Bullish and Bearish signals that I will be watching for.
- At the moment, a trade setup has not formed that I would be interested in, however I am keeping an eye on the price action to see if pattern forms that I can play.
Price is either going to breakout and Bulls will take price higher...
Or the Bears are going to take control and drive prices lower...
- Either way, I've listed the signals that I'll be watching to give me a clue as to whether the Bulls or bears will take control.
What trade Setups am I looking for?
If price trends down but has not yet broken the ascending trendline -
- Im looking for a potential entry long off the ascending trendline. (I want to see price hold this trendline first)
- I will also be looking for oversold conditions on the lower time frame RSI
- I will be looking for lower time frame patterns or entries.
- If the trendline holds, I see oversold conditions, and an entry pattern develops = I will potentially take this trade.
If price breaks down below ascending trendline -
- I will be looking for a potential Double Bottom long entry.
- I will need to see similar signals as listed above, entry pattern, oversold conditions, the support level must hold.
- It also depends on how quickly price comes into this level, the quicker it falls to this level, the better the odds of a bounce.
If price breaks resistance and rallies -
- I will be looking for potential short entries when price is way overextended and at key resistance levels.
Thanks everyone and best of luck trading.