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hi this dr. Pete with trade rounds tonight we're gonna look at the Tesla daily chart Tesla volatility is very problematic to trade on the one hand it can lead to significant profits and on the other hand you can be whips out very quickly into a losing position with such stocks we prefer to play potential bottoms rather than looking for breakouts we find the breakouts to be extremely risky of a chance of a pullback whereas we think we do better trying to find these selling climaxes within a range and looking for signs of strength and this is how our Wyckoff training becomes quite valuable and we can illustrate that on this chart here so we're looking at Tesla again on the daily chart and we're going back to last summer and what we can see is an extremely big range of about 80 90 dollars with some downtrend to it but what we see with each bottom within each cycle is that at the bottom of the range if you look down at the volume bars there's a climax of selling with very high volume well above average in red you see it here you see it here you see it here you see it here and again you see it here and so basically what you look for is not to buy the first time that you see a big red volume bar for example there was one here but this wasn't the bottom it was the next bar to where you saw that the selling stopped and then you saw evidence of buying here in this blue bar where you can see the notch here was the open they sold down below the low of those two bars and they closed the stock well off the bottom near the high of the range of the day that was a good sign that the buyers were now in control so if you look at more recent price action here we see this major selling climax here and again there's a series of red bars with very high red volume where the stock really no longer progresses downward and then you see a finish off the bottom here and then the stock really moves up here off the bottom and although you came back down you're really just retesting we often see with these big bars on high volume a retest somewhere into the area of this bar it can even go down towards the bottom but then strength comes back in around here and you see a good amount of volume there so right in around here was a good place to consider buying the stock now again as we mentioned we don't like to buy the potential breakout so you could call this a breakout here when the stock moved up this huge amount with again another musk conversation announcement and what we really don't like is the past two days if you look at the position of the clothes here and the position of the clothes here there's been a decent amount of volume and the sellers are winning so this is a place of pause and we'd like to see it pull back maybe even a little bit more and then show a sign of strength which would give us we think a better reward to risk and that's sort of how we would like to play Tesla although again we would stress the market seems to be in a bit of a struggle to attain new highs there's going to be a lot of news next week with risk for the news influencing price movement significantly and so we suggest small positions especially on a stock like Tesla we hope you have a good week of trading and we'll talk to you again soon
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