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Tsla over prior day high

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Vikram Bansal asked 3 years ago
Hi Pat, could we have started a position in TSLA on Monday above Fridays high?   I know it looks obvious in hindsight but I was wondering if that would be a cheat spot? 
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Avatar photoOwen Staff answered 3 years ago

Hi Vikram,
It's always so obvious when looking back, isn't it?  Sure, one could have started a position over Friday's high. TSLA formed a downward sloping trendline last week that presented an entry point.  A nice consideration about an entry such as that is one could place a stop under Friday's LOD and have reasonable risk; say about $12 in risk.  Good eyes!  Friday's bar with a bit of a tail, bouncing off the 21ema as the 8ema comes up through it.  That would have been aggressive, but good.  Pat did have TSLA on the Key List on Friday & Monday with an entry point of 708.20 (above recent high), but of course as you know, that did not trigger.  What a great move today!
Owen