Sunday Prep 10/31 - $TSLA We Don’t Need to be First In

Oct 31, 2021

Ignore the swing idea on here as that idea is complete and nothing left to do with it, but I like to keep old ideas on the charts so that I can look back at things later on. But this is really starting to speed up and get some real separation from the 20d. But keep in mind that it already pulled back since the initial big move up, and it clearly showed the ability to hold the psychological 1k level. That pullback may have been all it needed to trap a bunch more shorts and have the juice in it for the next leg higher. I am in no hurry to step in front of it and would actually welcome a gap up Monday and push even higher.

Next month’s R1 is up at 1231.61 which seems completely doable. If we get there in an emotional fashion, I would probably be getting pretty excited at the short prospect. ALWAYS remember that we don’t need to be first in, especially when there is so much meat on the bone. Wait for some lower highs and a way to have defined risk. And remember, this idea isn’t for 10, 20, or even 30pts. The idea here is to capture a massive fade that could easily be over 100pts. So don’t be that guy that is busy covering as soon as the trade starts working. Have some patience for exits the same way you should have patience for your entries.