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
Not
Correction, the approximate percentage for TP for a the short scenario is actually ~23% not 30%Not
Upside break at ~444.50TP: 536
SL: ~402
İşlem elle kapatılmış
This is looking like a "fakeout" rather then breakout. I will be closing my long here at a small loss
Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, işlem veya diğer türden tavsiye veya tavsiyeler anlamına gelmez ve teşkil etmez. Kullanım Şartları'nda daha fazlasını okuyun.
Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, işlem veya diğer türden tavsiye veya tavsiyeler anlamına gelmez ve teşkil etmez. Kullanım Şartları'nda daha fazlasını okuyun.