Shared by
TheStrongTrader
PEG/Daily breakdown gap setup. $SHOP had a daily wedge/pennant forming and Ive been watching the key 800/780 level for a while now. Earnings premarket came out and with weak guidance, this thing gapped gown and sold off. Opening right at 800 and instantly selling through trigger, I got short. Spreads are scary on this so I went 1.5x full size but wanted more as I loved this setup. Felt pretty A plus, id say what makes it not overall is the fact that SHOP spreads are nasty, and playing OTM always has more risk. As this paid and ran into 760s I took off most to lock in profits. My target was a daily gap fill at 745. I held my last contract and stayed patient through small tape buying, but sellers were proving they were strong. Selling came back through and this sold into target for a bagger. GREAT TRADE OVERALL! Executed near perfect imo.
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2022-02-16 09:30:32 | FEB18 22 700 PUT | buy | $6.000 | long |
| 2022-02-16 09:31:12 | FEB18 22 700 PUT | sell | $8.700 | long |
| 2022-02-16 09:38:59 | FEB18 22 700 PUT | sell | $12.000 | 0 |
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