Tesla Forecast Follow Up And Update

Hi Traders! Tesla forecast follow up and update is here. On August 13th I shared this Tesla Technical Analysis And Forecast post in my blog. In this post, let’s do a recap of this setup and see how it has developed now. If you would like to learn more about the way we trade and the technical analysis we use then check out the Traders Academy Club. Spoiler alert – free memberships are available!

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Now let’s summarize the idea first:

My Idea:

On the H4 chart, we had a correction that was happening in the form of consolidation and the price had broken above this consolidation. Also, there was no evidence that showed the trend is over. So I mentioned that until the bottom of this consolidation holds my view was bullish and I expect the price to continue higher further.

Tesla H4 (4 Hours) Chart Current Scenario

On the H4 chart, the price action followed my analysis. After the breakout of the consolidation the price was holding the breakout and respecting it, there were no contradictory signs. The price then moved higher as I expected it to and provided a wonderful move to the upside. Currently, on the H4 chart, we have a potential bearish divergence that is forming at the moment, this is something that we need to pay attention to. As I always suggest when you see contradictory signs like this, then you should consider managing your trade and secure your profits (cash out or partial cash out or trailing protections or partial hedge, etc.. depending on the strategy that you work with).

Note: If you want to learn about Money Management you can find it here

You can see this move clearly on the H1 chart below:

So, traders, this is why I wanted to show this example to help you understand how important it is to follow the facts. When the facts do happen as we expected you can see how the price moved perfectly as per the plan. Because these are the kind of hints the market provides us at majority of the times and it’s our obligation as traders to be able to listen to these things that the market tells us and we should try to make the right actions”.

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If you have any further questions, don’t hesitate to drop a comment below!

 

To your success,

Vladimir Ribakov
Certified Financial Technician