Entered this trade following short squeeze technical analysis (Dan Rawitch strategy). Our plan is to exit if a breakout doesn't materialize immediately.
Exit Plan: We will close the position if the underlying drops to $47 ($48.26 at entry)
Underlying Price Target: ♾️
Profit Target: $162 (3x of risk)
Concerns include entering on a Friday of a 3-day holiday weekend, and trading a strategy that we haven't back tested or paper traded. But we are keeping our risk defined and maxed at 1-2% of our Net Liq. Also, not sure if we picked the correct expiration with only 21 DTE, which probably has accelerated Theta compared with a contract further out. And we may be entering this trade a a couple of days too late.
|2022-05-27 14:24:03||JUN17 22 52.5 CALL||buy||$0.5400||long|
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