The set-up: Pattern Alteration Long, GS had formed resistance at about 335 for a week plus. It broke through with confidence on CPI data coming in better than expected, also cleared 345 level for the first time in almost 6-months.
What I did Right: Followed my rules, found patterns in smaller time frames, and watched closely as trade developed.
What I did Wrong: I probably should have waited for a true follow-through day here, but jumped the gun a little bit as this trade has room to run.
Where I could improve: Patience. Not jumping into trades head first quite so much. Should have let this trade run, bounced back in hours after I exited it.
Trade grade: B, entry was very poor...but managed to get a decent return from it by properly managing the trade from start to finish.
Big-picture: CPI data came in 8.5% vs 8.7%, which led to a big jump for stocks and NYSE across the board. Markets picked up some more bullish sentiment following data.
Trade parameters: Put Conditional Stop Order at 335, waiting to see what happens in the coming days.
Entry: Buy 1 GS Oct 21 '22 $340 Call Executed @ $20.75
Trade Management: Once 22% Profit was hit, switched to a 7.5% trailing stop to lock in the winning trade regardless of how things shake out.
Exit Price was starting to backtrack pretty strongly, decided to exit trade to take 12.5%+ Profit manually.
Closed $281 Profit.
Execution detail:
Date/time | Symbol | Side | Price | Position |
---|---|---|---|---|
2022-08-10 11:17:00 | OCT21 22 340 CALL | buy | $20.750 | long |
2022-08-11 11:26:00 | OCT21 22 340 CALL | sell | $23.560 | 0 |
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