TSLA -- short for a swing.

Aug 31, 2023

Going into Labor Day weekend I like to have a little short. TSLA has outperformed over the 2-yr, 1-yr, and 6-mo time frames, but has under-performed more recently. The upswing over the last 10 days may prove to be a counter-trend move in the context of the downtrend. There are a number of related harmonic patterns that are suggesting as much.

Beyond that, I don't have any great conviction in the trade. I was looking for a short and this one checks a bunch of boxes.

My SL and T1 will follow the deep crab pattern shown on the chart.

Aug 31, 2023

Note

Those who know me may ask why I am violating the cease and desist order I issued myself against shorting TSLA. What can I say? I guess I am a glutton for punishment.

Sep 1, 2023

Note

That downward trend channel of the past month got challenged right away and, on the 15-minute chart, a symmetrical triangle emerged and broke to the upside. This is a *very* bullish pattern which, according to LonesomeTheBlue's HPP indicator, has a 91% chance of success and a profit factor of 49. I remained short, whether out of stubbornness or ignorance. Then, suddenly, 15 minutes before the close of trading the wind shifted, QQQ sold off, and TSLA with it. I am not sure that this weakness will carry over into tomrrow's session; if I had to guess I'd say that it was likely end-of-month gymnastics. But I continue to bank on a post-holiday hangover mood for next week.

Sep 1, 2023

Trade closed: target reached

News of price cuts in the US sent TSLA down hard today. This is not what I expected. I intended to hold the TSLA short through the weekend. But the market offered an opportunity to grab some green ahead of the weekend, and I won't say no to that. I'll look through my watchlist to see what other names might offer an opportunity for a short.