Trading Lesson: Fade Trade $TSLA

via SMB Capital – Day Trading Blog:

Tesla has demonstrated itself to be one of the very best short term trading vehicles in 2013 (no pun intended). After putting in an all time high above 190 it has presented numerous setups on both the long and short side.

Reading The Tape

This trade began as a “pattern recognition” trade but morphed into a “tape trade” as there was a clear seller on the tape. Traders who develop this skill are able to better manage risk and improve their results.

I initiated my short position just below 155 based partly on a pattern I saw developing on the 30 minute chart, and eventually adjusted my “trade management” to account for the identifiable seller on the tape.

Profit targets were based prior Read more [...]

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SMB Capital – Day Trading Blog

Trading Lesson: Fade Trade $TSLA

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