BYND formed a very clean bear flag on the daily. Consolidating sideways with low range for 6 days + volume decreasing in the flag made for high probability of a big move soon. SPY also showing weakness after a big selloff yesterday and recession fears are becoming more and more pertinent are both good for a short thesis + everybody knows that this stock is trading way too high. When all the fundamentals line up with a clean technical pattern like this, that is an A+ setup. Been watching this one for a few days now, so when it finally broke I was ready to execute.
No real critiques for this trade. I followed my plan completely and let that last contract ride for as long as I could comfortably. My sizing was commensurate with my plan, staying between $300-$400 position size. Proud of myself for this because I really wanted to try and add to this position, but I knew that was not part of my plan so I didn't try to. This is what happens when I follow my rules + plan perfectly. Keep it up.
Execution detail:
Date/time | Symbol | Side | Price | Position |
---|---|---|---|---|
2019-08-15 09:41:56 | AUG16 19 155 PUT | buy | $1.770 | long |
2019-08-15 09:56:51 | AUG16 19 155 PUT | sell | $4.200 | long |
2019-08-15 10:49:47 | AUG16 19 155 PUT | sell | $10.300 | 0 |
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