Shared by
tjmiller2001
CNP is a name I'm long biased on. I've been range trading it recently. It dropped during the first few hours of trading, then showed a rounding bottom pattern. This inverse head and shoulders convinced me that buyers were interested again and support had been found. I entered on the break of 21.00 resistance. I liked that it was making higher highs and higher lows so I entered with a 3:1 RR while I had SPY supporting the uptrend.
Slept in and wasn't able to exit at 21.75 PT, which was hit several times. Adjusted plan to take profits and leave after seeing 21.75 rejected 4 times then a series of lower highs put in. There was no bullish price action left so I got out.
Lesson Learned: Sleeping in will cost you $. Plenty of chances to take profits and then switch your bias for more $.
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2021-01-29 14:12:34 | 19 FEB 21 20.5 CALL | buy | $1.000 | long |
| 2021-02-02 14:46:04 | 19 FEB 21 20.5 CALL | sell | $1.200 | 0 |
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