Back On The TSLA Wagon! (yikes)

I love when Elon goes into savage mode when it doesn't really make any sense to do so. It's part of brilliance, he just calls it like it is without being scared of the consequences. Maybe that's why he's able to achieve mind-boggling results {arguably} more effectively than any other entrepreneur, ever.

Anyway, on to the stock...

The key level to watch here is $1,000,000,000,000 market cap support level (~312 per share), even though the stock may drop to 300 today or tomorrow (in which case I'll add to the position).

Although, anchored VWAP since the April earnings call sits at 308 today, which may add more support.

This morning's sell-off has been ultra steep: 12/share, nearly an ATR (15); after closing down a full ATR yesterday.

Additionally, it hasn't tested this 312 level since it's gap up on May 12th, almost a month ago.

So that's three compelling reasons that 312 could be a good support level: $1T market cap, anchored VWAP since earnings, and a prior [recent] support level from less than a month ago.

I think there's still plenty of upside here since it's still down -35% from the all time high, and June should be a big month for the Robotaxi rollout/catalyst.

I'm okay buying here with 20% of my portfolio because the stock has already proven the support/resistance levels I outlined in my last post; so I'm beginning the position with 20% of my portfolio rather than the usual 10%. I'll be risking 3 ATR's against the possible 265 support level. If that stop gets hit, this would be a -15% loss on the position and a -2.5% loss for my portfolio.

And as I write this, I've already missed the 312 level and it's already recovered from the morning low of 312.38... That's okay though, I'd rather exercise patience and thinking through a trade by sticking to my "blog it before you buy it" rule; I think this will result in far better decision over the long term.

Sticking to my patience principal, I'm going to throw in a bid at 312, go attempt to surf, see where things are at when I get back; then update the blog post once the buy order is filled.

I'm always trying to resistance indulging even the slightest feeling of clamoring to get into a trade... this is usually a bad sign. If I'm okay {even slightly} impulsively buying, then I will likely do the same for selling, which is undoubtedly leads to sub-par [at best] or terrible outcomes [most likely].

Update! I had to work on other things all day, my bid got filled as Trump & Elon traded barbs on the internet so naturally TSLA got hammered (-15%)! At least I didn't chase in at 318... :)

Oh well, I'm still sticking to my stop of 265, even if the stock closed halfway down to it. Gotta be disciplined!

Trade confirmations: