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Strategies & Market Trends : ajtj's Post-Lobotomy Market Charts and Thoughts -- Ignore unavailable to you. Want to Upgrade?

To: Sun Tzu who wrote (83449)

1/11/2024 3:46:26 PM

From: Sun Tzu

1 Recommendation

Recommended By
ajtj99

Respond to of 97642

And now we get to see if TSLA has bottomed, having completed the shark pattern.

Recall from the post I'm replying to:

At the bottoms the opposite happens. The blue line gets closer to the green and the stock gets oversold and eventually breaks upwards. What the chart is showing is that TSLA may be about to form a bottom (within the 5 minute bar's scope, of course). I don't know yet if it is, or if it will keep falling. But a short term bottoming pattern is forming: The blue line is getting close to the green line. It will likely bounce around here until the red line approaches the price. Then the price will rise to the red line, surpassing the blue. At that time you want to pay attention to what the whole pattern/structure looks like and what the RSI is telling you. You will take a chance with a tight stop. Sometimes I make my stop bigger in size than my position so that I automatically switch from long to short or vice versa.

And this is exactly what happened (see the chart below).

Also recall from a previous post that I had identified 228 as a key breach point to add more shorts. Guess at what level did the red line and price met? 228.

From: Sun Tzu 1/10/2024 10:12:29 AM
1 Recommendation Read Replies (1) of 83449

Meanwhile, back at the ranch, TSLA bulls are valiantly defending the 200DSMA line, which happens to be the same as the green line. Normally I'd take profits here, but I think I will hold a bit longer and see if we can breach 228.

And now we get to watch and see. The strongest pattern is retesting the blue line and then surpassing the red line (and staying above it. The next strongest is testing the green line and then going above the red line. And the weakest pattern that would make me add to the short position is if it goes to green, back to blue, and the breaks below the green line.

These are the dynamic patterns that tell me what to do.

Here's the chart: