ZIM Trade on Sep 15, 2022 11:09 from bockr25: Tradervue User Stock Trades.

What I Entered:

1. Trade Pattern: Pattern Alteration Short
2. I bought 1 Nov 18 '22 $40 Put Contract @ $10.15 at 10:09am CST

Why I Entered It:

1. ZIM had a pattern alteration with higher than normal selling volume through the $32 support level
2. All of the broad markets were dropping well into the trading day steadily At the time of the trade, both the NYSE & ZIM individual charts were dropping strongly/showing weakness at key support levels/or, in ZIM's case, was confirming a break through a key support level of $32. Open interest met trade plan requirements, and the bid-ask spread was very reasonable.
3. NYSE, at the time of the trade, had lost the key 14,800 support level

Initial Exit Strategy:

1. I placed Conditional Stop @ a price greater than or equal to $32 as I wanted to give the trade a little room to move if the price tried to cling or bounce back up towards the $32 support level a little bit.
2. I wanted to have a tighter stop as cheaper stocks have gotten me into trouble in the past. In ZIM's case, even a .75 cent move would equate to an almost 2-2.5% move in total stock price. So I didn't want to give it too much room to do much damage.

Room for Improvement:

1. I'm kicking myself a bit, as I think I should have let this trade play out a little more in hindsight, as I only gave it two-thirds of a trading day to work. I could have adjusted with tighter stops and seen if it could break through this $30 support level in the coming days. It broke through, but with broad markets bouncing back a bit into the close, I got a little twitchy and decided just to exit and not risk holding it over the weekend.

The Results: $82/8% Profit

1. Manually exited several other profitable positions I was holding, along with this one. I just didn't like the way the broad markets were closing hard to try to regain former support levels, and I don't love holding trades over the weekend as a lot can change in only a few short days time.
2. I definitely wish I stayed in this trade a bit with tighter stops, but I would prefer myself to be a little more conservative as my over-aggressiveness has gotten me into trouble a bit trading in the past. I think there will be more opportunities and slightly better entries to come.