Were you guys in our chat room last Friday June, 9th? Because if you were, you would have witnessed our incredible Tesla short unfolded before your eyes. In fact, I called out this $TSLA short the day before on our free daily watchlist. So even if you just followed our blog, I hope you guys caught as big a chunk as we did. Szaman here, and I’m one of our Bullsonwallstreet head traders who calls out trades and moderates our chat every day. Then if I see an opportunity, I’ll call them out to you in real time!
TSLA looking parabolic
On Tuesday June 8th, I posted that $TSLA was beginning to look parabolic. That means that after a series of consecutive runs, a stock gets exhausted and is ready for a pullback. But the more extended a stock’s run, the more volatile a drop can get. $TSLA is no exception and after its run from $310 to $370 a hammer drop was ready.
Stalking $TSLA intraday, we saw that it was struggling to get above $376.75. Once the stock finally broke below this weak uptrend it was time to take a shot. I shorted $TSLA at $374.25 with a stop above the consolidation. Although it didn’t happen right away, I had the conviction to hold onto the trade. Finally, an hour later, $TSLA began to crumble. Only entering with just a couple hundred shares, my first cover was at $371.50. Then I covered 100 to 50 shares after every flush. With no end in sight, I rode it all the way down to $361 until finally closing his last 50 shares at around $355.50. That’s a total of $19 in gains, making this one of our best trades for the year!
If you’re not sure of the setups and price patterns that we’re talking about you can learn them all here at our Bulls Bootcamp. It’s an intensive 60 day course to teach you exactly how I trade and why. To learn more or signup, email me at kunal@bullsonwallstreet.com today!
