TSLA - Another Day, Another Trade Setup
Updated
We are identifying a potential long trade on TSLA - However, unlike Friday (where our conditions to enter were not met), we are back in the same position after gapping up pre-market back into our yellow strong buying.
We are looking for price to continue to respect our teal strongest buying algorithm and build controlled liquidity. Once we prove teal, we will look for an entry on the bottom of yellow HTF strong buying and we will look to enter longs with our stops below purple tapered selling if our conditions are met. Remember, this is the same purple selling channel dating back to 2021 which we've recently broken out of.
Trade or no trade, we follow our rules and stay disciplined today!
Happy Trading :)
We are looking for price to continue to respect our teal strongest buying algorithm and build controlled liquidity. Once we prove teal, we will look for an entry on the bottom of yellow HTF strong buying and we will look to enter longs with our stops below purple tapered selling if our conditions are met. Remember, this is the same purple selling channel dating back to 2021 which we've recently broken out of.
Trade or no trade, we follow our rules and stay disciplined today!
Happy Trading :)
Comment
As we continue to see teal strong buying proving itself (which is exactly what we need), we await a buy-side hold and then a re-activation of yellow HTF buying for our entry!
Comment
We see our bullish tapered teal selling respecting on the buy-side and we've established buying continuation with our LTF teal strong buying. We are now looking for a rejection of our teal tapered buy-side and an activation of our yellow HTF buying for a long trade entry. If these conditions aren't met, we simply will not enter!
Comment
Although we didn't get our confirmation yesterday for a trade entry, price is gapping up this morning toward our teal tapered (bullish) selling algorithm which is an important condition to prove prior to an activation of yellow.
This morning, we will be looking for that teal rejection and then a subsequent HTF yellow pickup for an entry
Comment
As we were looking for the past 2 days, market has proven the buy-side of our strong teal buying. We are now looking for a taper back toward the bottom of our HTF yellow and if price wants to hold our very tapered teal selling, even better. I have indicated in the above chart 2 potential entries if we do get the proper pullback. The 2nd entry more ideal as that teal taper that we opened above and held strong this morning is an important level to prove and hold (this will allow us to head to our TP which is the top of this same teal tapered selling channel).
Stay patient and disciplined traders! There's always a larger move to catch
Trade active
We have entered a small starter position on yellow activation! Tight stop loss below the weekly purple buying channel (Roughly 218.35).
Will be adding to the position on a break back above teal tapered selling and a further yellow activation.
Comment
Here's the simplified progression we're seeing on TSLA price action today. You can see the progression from strong selling purple -> tapered selling teal -> HTF buying continuation yellow starting to prove price. Ultimately, something like green will bring us out of our selling but it starts with proving a HTF buying continuation like yellow.
I was able to take profits (with the plan to get back in) on our recent move up to top of yellow and top of teal, knowing that we still had further progression to go through to prove buying > selling!
Trade active
Adding to my last update, you can see here if I add in the LTF strong buying (red) from the past few days, we find an overlap point of HTF and LTF buying and selling algorithms. That's where I want to be adding or even starting my position ideally which would prove the progression to be following through
Comment
Awesome reaction off of our HTF algorithms! Updated price action we can see off our teal tapered rejection for re-entries above
Trade active
Notice our close! Smack at the top of our bullish Teal algo. Great news for bulls and likely to be a gap up overnight or strong bullish action tomorrow. I sold many positions today for profits and am holding runners safely.
Hope this analysis was helpful and as always, it always works out when you follow your rules and stay disciplined! See you all tomorrow
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