TSLA 618 Breakout for NASDAQ:TSLA by WadeYendall

TSLA has been chopping around below the 618 retracement of the longer term pull back. TSLA closed the week above the 618 and is threatening to take out the key Apr 12th high at 780.79. If price can stay above 750 a trip back up to 800/820/850 is likely. Using my 7MESH methodology if price reclaims and holds the 618 a move to the 886 fib is probable. TSLA finished the week strong despite the fact that Crypto was beaten down again which I see as a positive. Needs a lot of room so size accordingly.

Additional Info:

I trade using a system that I call 7MESH. It’s a blend of Fibonacci, Harmonics & Price action.

I scalp intraday and take short term swings of stocks & Futures .

I focus on high volume momentum stocks in strong uptrends.

My time frame is between 5minutes to 5 days on most trades.

I scale into positions and scale out of positions as my targets are hit.

I always trail my stops after T1 is hit to reduce risk and lock in gains.

If my post is on a Weekly/Daily/240M chart the idea is a swing trade.

If my post is on a 60M chart or lower the idea is a day trade.

Day trades can turn into swing trades if the stock is strong.

All trades should be supported by market direction.

Treat my posts as trade ideas and not signals.

Traders must trade using their own back tested trade plan and rules.

Traders must plan risk first and profits second.

Additional Additional Info:

I rarely us naked options. I trade credit/debit spreads & equity.

If you use options to trade high IV stocks it is crucial to wait for some consolidation or a pull back.

If you buy an option when price is stretched you will find that even when the instrument trades in your

direction you will lose money because you will have paid too much premium.

Simple rule = BUY options when candles are SMALL and SELL options when candles are BIG.

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