The idea for this trade came from MO, levels mentioned 209/212. I did my due diligence and reviewed the charts. Indeed the those levels mentioned were supported by the daily chart. So I waited for confirmation. I got in as it closed over 209 for the third time with my risk on 208.5, target 212. It was going as plan, and i was up over 35% on a $200 position. That is daily goal met in one trade. I could have locked there, but I didn't evaluate the fact that the stock had already traveled up so much is already so close to target that a pull back is due.
TAKEAWAY: 1. With current week expiry it's almost impossible to hold through pull backs and sit on a "intra trade"
2) I think scalping is where it's at for me. I can make daily goal in 1 position if i hit over 25%, and it'll fit my personality/patience a lot more. Along with my account pricing, since going out a few weeks exp the premium would be unaffordable on high betas.
Execution detail:
Date/time | Symbol | Side | Price | Position |
---|---|---|---|---|
2020-04-15 12:16:25 | 17 APR 20 115 CALL | buy | $1.690 | long |
2020-04-15 13:22:28 | 17 APR 20 115 CALL | sell | $1.920 | 0 |
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