Hubert Senters here.
Let’s take a look at Tesla. So Tesla is in an uptrend. What we’re going to do is we’re going to look at a target where we use an extension on this different platforms to call them different things Fibonacci projection which projects price.
Fibonacci extension that extends in the future so depending on what your tools called in your charting platform. I’m using TradeStation as example. What we’re going to do there’s a couple different places that you can do this from. And it’s not right or wrong. It’s really based upon the time frame selection.
I’m going to use this most recent and I’m going to go high, high or low. You could also go from here. You can go high, low or high or low. You could also go lucky-ish. You could go low, high, low. Those all three will do that and some people will do that.
You’ll have clusters and they’ll be so many lines and chart and the price action and it gets overwhelming so we’re going to keep it nice and simple so first we’re going to zoom in here so you can see everything.
Now, we are going to in TradeStation it is called let me just click see when this market just closed. It is called a Fibonacci price extension line. I’m going to click one time at this low of that candle minimal and drag it up here and dropping on the top of that candle then I’m going to pull it down here to these most recent lows right in here.
Now I have some lines that I can deal with low, high, high or low. One two three those basically all line up. So the first target would be if you let it dip down here and touch the turning line. This would be your entry line. And the first target was fun.
Now if you’ve already missed this it’s great Hubert, now what I do. Well, you could just do a good old-fashioned bracket trade on this candle here and you could still target $361.48, $381.53 and $393.92.
Mark Helweg is going to be doing a special webinar on ‘’How to Potentially Profit from Huge Market Moves without Predicting the Direction.’’ I want to throw a thank you out to mark last week.
He filled in for me while I was in Vegas and then some of the free videos he’ll be doing a special webinar Wednesday, November 13th at 8PM EST. You can read the bullet point here. Show up to the webinar and learn all about this strategy.
Good luck. Hope it helps. See you on the next video.