6.15.23 If I were long in Tesla I would be taking my profits because the market set up to trade lower. I would not short Tesla at this point because there is a paradox here.... the market is very bullish but I don't see buyers yet. The price action is bullish and you never really know when the sellers are going to step in until you see evidence of sellers. My practice is to never short without seeing some evidence of selling. Very good Traders Like Larry Pesavento does it differently: If the market comes to a reversal pattern frequently, he will take the trade anticipating the sellers. My analysis of a Trader scaling into Tesla when it hit it slow At around $100 when the market had a high above $400..... my description to Scale in with more Shares.... it makes no sense to scale in with equal number of shares because you just lost two to $300 per share when the market went down from over 400 to $100 A share.... that would be crazy. That part of my video Was silly.... so ignore it.... rather than redo this video which takes a lot of time, I'll explain with a little bit of detail on the next video.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.