Pattern: FIrst red day
Key Levels:
Thesis: I didn't trade the morning session because I needed to sleep. So I got up for the afternoon session. As soon as I opened the charts I rushed into this play because I saw it near the LOD. I had an impulsive trade. Normally a low of the day will be bought up will selling. The best thing to normally do is wait for a retest before getting in. Anyway after I got in, I could not get out. I have a problem with cutting losses and this is going to hurt me.
After I cut my loss, I thought I saw weakness and got in again and this time the stock run higher. At this point I did not care anymore, but I knew that VWPA was right above me, so I just hold that would be my level to exit. We rejected from there and I rode the option down to LOD. THere was a really strong Green candle which I got out on which caused me to miss about $60 which is a bit annoying though.
Execution detail:
Date/time | Symbol | Side | Price | Position |
---|---|---|---|---|
2022-02-03 14:47:00 | FEB04'22 240 PUT | buy | $3.520 | long |
2022-02-03 15:15:11 | FEB04'22 240 PUT | sell | $2.530 | 0 |
2022-02-03 15:16:29 | FEB04'22 240 PUT | buy | $2.770 | long |
2022-02-03 15:35:29 | FEB04'22 240 PUT | sell | $3.400 | 0 |
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