ACN Trade on Sep 14, 2022 10:35 from bockr25: Tradervue User Stock Trades.

What I Entered:

1. Trade Pattern: Trend Continuation Trade Put
2. I bought 1 Nov 18 '22 $290 Put Contract @ $19.79 at 9:35am CST
3. William's %R Overbought Trigger was perfect and had a strong candle breakdown through 7-Day SMA's on higher selling volume the day before entry
4. ACN was in a very strong downtrend that respected the 7-Day SMA

Why I Entered It:

1. ACN broke through the key 280 resistance level and seemed to be heading strongly in the bearish direction an hour after the market open
2. All of the broad markets were dropping well into the trading day steadily
3. At the time of the trade, both the NYSE & ACN individual charts were dropping strongly/showing weakness at key support levels/or, in ACN's case, just broke through a key support level. Open interest met trade plan requirements, and the bid-ask spread was very reasonable.
4. NYSE, at time of trade, had lost the key 14,800 support level

Initial Exit Strategy:

1. I placed Conditional Stop @ a price greater than or equal to $282 as I wanted to give the trade a little room to move if the price tried to cling or bounce back up to the $280 support level a little bit.

Room for Improvement:

1. I was not expecting prices to rebound into the close so strongly on the entry day, both on the broad markets & individual charts. I need to take into account the extreme volatility going on in the current market environment better. Things can really change on a dime more than normal, need to be extra vigilant.
2. I should have probably waited to enter until the following day to let a full confirmation day take place first. It worked out for me as I believed in overall market weakness, but the same thinking could get me into trouble in the future.

The Results: $357/18% Profit

1. After initially switching over to a 10% trailing stop once 20% Profit levels were hit, I manually exited before market close Friday as broad markets and individual ACN charts had a very strong price bounce back heading into the close. I also didn't like the more bullish hammer Doji pattern that was forming on both NYSE & ACN daily charts either.
2. Ended up with an 18% profit on a trade with a bit of a pre-mature entry. So I will take the win and live to fight another day.
3. I think I made the right call getting out when I did as ACN continued to bounce back into the close (along with most of the market) and added another $2 back in post-market trading, which would have eaten into my profits.
4. With a November expiration & overall negative macro conditions still existing, one could argue that I should have ridden out the bounce and been more patient. But I have recently given away great trades too many times in this weird back & fourth market environment and didn't want to get too greedy as that has typically led to losses for me.