Today Tesla made new all time highs. That is undoubtedly bullish, but the old high area is considered a resistance zone.
Also today the market is starting to roll over. It has shown cracks for awhile now and most groups look vulnerable to some downside. Who knows how far it will go down though.
This is a classic market dilemma for the speculator in Tesla shares. Some might call it cognitive dissonance. I’ve been here a million times. You have a top 1% of all stocks in terms of momentum and price action, but you see the potential for a leg down in a market correction. It can be kind of confusing holding these two beliefs at the same time.
I’ve found that when you have these two beliefs…you have to accept that you’re smart enough and good enough to be correct on both of your views. It’s just a matter of how it plays out.
I think the key to all of this is just sticking with your original plan. It doesn’t really matter what your plan is, as long as you follow it. If you’re wrong and lose some potential profits, you do the least damage possible to your psyche AND you get to learn how to make your plan more robust in the future.
Trade ’em well