MA Trade on Oct 30, 2020 10:23 from spyrosz: Tradervue User Stock Trades.

Main trade idea, with significant room to fade and a huge daily gap $279-285 to fill.
Day I (10/28): earnings release with bad #s, big gap-down, breaking and holding below YTD AVWAP + AVWAP from March lows=$295 that coincided at same price! Day I LOD=$288, Day I HOD=$300
Day II: Digestion day, trading at the bottom 50% of Day I range, between Day I LOD=$288 and AVWAPs=$295.

Day III: I was expecting to clear S1=Day I and II LOD=$288, and move towards S2=$285. Break below S2, opens door to daily gap and thin air up to next support S3=$279.

Tagged and held S1=Day I and II LOD=$288 twice during the 1st hour of the session, as QQQs were getting hit hard, but SPY was trying to hold LOD=$327. Once SPY broke lower, MA collapsed as well.

Got short Tier 0 hitting bid and getting great price, risking above R1=yesterday's pivot support=HOD=$291, expecting the flush to S2=$285 at a minimum.

Same time, I also bought same-day expiration $285 puts taking the ask for $0.64/contract, going really aggressive here imo for my level & experience. I should have bought the $290s.

(-) Covered small in-front of S1 but I really shouldn't. Instead, I should have added another tier here for the break of S1=LOD=$288, and the momo move lower.

Covered all in-front of S2=$285 in order to focus and manage the options trade that went berserk. Sold 60% of options in-front of S2=$285 for a >100% gain, kept the rest to see how MA would react at S2.

MA remained weak and heavy, and soon lost S2=$285 and into the daily gap. Clean rejection of S2 to the penny, and quick roll-over back to LOD=$283s, gave me convidence to hold for more down-side.

Great cover almost at LOD for +415% gain, held one last contract in case it flushed to $280. It didn't and that contract lost 2/3 of its value in seconds. Wow...