TSLA head and shoulder?

[syfan]

Looks like TSLA is making a head and shoulder with a downside target to $140. But the market is in a bullish phase right now, especially after today I am not looking to take bets either side. But rather looking to take money off the table and see what happens. Any thoughts guys and gals?

 

[rsh01]

apols for prob being a bit retarded, can you point out the h&s?

and other stuff:
~what time frame are you trading on? do you deviate for bias / entry / exit etc?
~how does the chart (trend) look at higher time frame?
~where was your entry? and your target profit level?

 

[syfan]

apols for prob being a bit retarded, can you point out the h&s?

and other stuff:
~what time frame are you trading on? do you deviate for bias / entry / exit etc?
~how does the chart (trend) look at higher time frame?
~where was your entry? and your target profit level?

Hey rsh01, thanks for replying.
-weekly/ bias to long side
-Still bullish. Although it would probably pullback to the 21 day MA on the weekly and have violated the trend since may (Yellow trend line).
-no positions taken, one of my rule was to not short the best performing stocks.

 

[syfan]

apols for prob being a bit retarded, can you point out the h&s?

and other stuff:
~what time frame are you trading on? do you deviate for bias / entry / exit etc?
~how does the chart (trend) look at higher time frame?
~where was your entry? and your target profit level?

you just answered my question.

 

[rsh01]

you just answered my question.

ah ha....but remember it maybe an h&s on a diff time frame!

do you have profit targets before entering?

is there anything to the left of the chart indicating possible resistance areas? ie price levels above here?

without knowing more about your method (style/historic performance/broker commission/stake/acct/risk etc) its hard to comment on what to do, trading with the trend is obv good, picking a reversal point is obv v hard. finding areas of potential resistance (& likely pullbacks) is much easier - but you may not adhere to that type of TA. and then theres money management....

i wld suggest you do what you think is right based on some tangible reason, document it, & then see if that method works going fwd....& wld you have made more using another method (tested over many trades).

journalling trades (& reviewing in detail) is a great basis to then tweak your trading style (avoided the word edge), & getting rid of bad habits. though its rarely talked about.

g/l.

 

[rsh01]

btw & fwiw as a PA 'indicator' i prefer the quasimodo (an h&s with a deeper 2nd neck joint) - it makes more sense as to a possible reversal imo. google it - nbt from ff.com originated iirc, & all his stuff is free the last time i looked (few years ago!).

g/l.

edit:
his chart example is terrible.....
http://www.nobrainertrades.com/2009/06/over-and-under-pattern.html

 

[jacknapier]

It looks like H&S, but whether it means something or not, you'll only know in retrospect.