Trade Setup On TSLA

October 7, 2014 0 Comments

Is TSLA done or continuing higher. So for TSLA to continue its uptrend TSLA need to break the R2 Weekly Fib Pivot $262.09 and then $263.54 which is the Ichimoku Kijun Line on the daily. I am looking to short TSLA tomorrow if you look at the 1hr chart TSLA was testing that R2 pivot all day and never really broke that level and the ADX is at 47.18 which suggests a strong trend that is reaching overbought.

TSLA_CHARTS

How I will be playing this is watching the first 5 min candle and seeing if TSLA can break the 5 min opening range. If TSLA breaks the 5 min opening range to the upside, above the R2 weekly Fib Pivot of $262.09 and the future are green I will be looking to buy the $265 or the $265.7 OCT weekly calls but if I see the futures selling off and TSLA breaking the 5 min opening range to the down side I will be buying the $255 or $252.5 OCT weekly puts with targets to yesterday low and if that breaks then gap fill. Not sure how to trade the 5 min opening range? Join our email list and contact us and we can go over these style of trades.

As always trade at your own risk and trade save,

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