Thursday 25 February 2021

Tesla short update #7

Opened a sell trade of Tesla last night just after the market opened in the US as the price rebound seemed to have ended and the price was drifting downwards once more. I added a 20 pt trailing stop loss to close out my position if there was a rebound while I was asleep. As it turned out Tesla shares pushed higher after the first hour of trading and then moved even higher late in the day. Fortunately my stop loss closed out my position for a modest loss:

25/2    Sold 4 TSLA @ 705.610    closed out by stop loss @ 717.120    loss: -$58.45 (USD)

I'll wait and see if prices stabilize around this level before deciding whether or not to short Tesla again. The market is quite choppy at the moment, so I'll also defer placing another buy order for GOOGL until things settle down a bit. Trading a trend is only profitable if there is a trend.

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