In this educational blog and video, I give a detailed technical explanation and analysis of my current open Tesla position, including the moving average entry signal, stop placement, risk management and current open trade management.
Our Tesla Position Technical Study
- Technical entry signal off the rising 20-day moving average.
- Identified 1350-1400 as key support on any downside test. 1365 was the low.
- Trend following entry stop below 1250.
- Held the position unchanged through the 7.7% drawdown – following the trading plan without hesitation.
- Identified over 1500-1550 as a key breakout level.
- At 1515 – signaled downside risk levels for subscribers to measure new entries against.
- Booked partial gains on 8/22/20 just over 2060, at +39%, and holding the core position with a raised stop.
- Tesla has been on the Blue Chip Daily Buy List 9 times over the last 3 months.
Tesla Entry Chart
Trend Following stop set at $1238
7/31/20 Chart of the Day Buy List – daily best idea for subscribers
8/01/20 Measuring ‘home run potential’ reward vs risk
8/12/20 At $1515 signaled downside risk levels for subscribers to measure new entries against.
Tesla on the Blue Chip Daily Buy List:
8/17/20 Top 25 Weekly Buy List at $1650.71
8/02/20 Top 20 Weekly Buy List at $1430.75
7/31/20 Chart of the Day Buy List at $1487.89
7/26/20 Top 20 Weekly Buy List at $1417.00
6/21/20 Top 20 Weekly Buy List at $1000.90
6/14/20 Top 20 Weekly Buy List at $935.28
6/07/20 Top 20 Weekly Buy List at $885.68
5/31/20 Daily Best Ideas Buy List at $835.00
5/31/20 Top 20 Weekly Buy List at $835.00