Quote:
Originally Posted by ajlaxmn
6/27/24 – Got into 547 Puts as a result of the big move up from SPX and both SPX and SPY being overbought, with SPX rejecting .14 points from Blazes 547. Waited for SPX to break below ATR AND RETEST THE ATR ON THE 1M, which it did, so I entered. So many times in the past I don’t wait for retest as I don’t want to miss the trade, then I get the retest, which cuts into my premium because I filled at a higher premium, then this impacts me taking profits sooner because of the drawdown from my bad entry. Held when SPX was breaking above ATR and rejecting earlier HOD of 5489.89. Cut two contracts at 5480, when it bounced prior 5480 bounce, should not have cut, should have just waited for previous close. Did not cut at previous close as SPX blew past it, cut two contract when SPX and SPY bounced middle BB. Cut last two contract when SPX closed above and bounced last close. $230 profit.
EDIT: Just realized the bounce where I made my second cut was opening print. Idiot. That would have been good to notice.
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Very nice scale out on this trade and having patience for the retest. My favorite play is the retest of a level for this exact reason.
Another stress free trade, as a plan was in place and followed. Awesome to see it.