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- Trade Recap for 7/31/23
Trade Recap for 7/31/23
As July wraps up we cover the last few trades to close out an excellent month!
Trade with Dan
July 31, 2023
Trade 1: $INTC 8/4 67c over 67
Reasoning: key level reclaim of 67
Entry on the contract: .66
Exit on the contract: .40
Profit in percent: -39%
Explanation
Today, INTC was setting up for the breakout over the key 37 resistance level following earnings. This was a day two continuation play following earnings over a key level. When INTC opened up, I wanted to see a pullback and then a push through 37 on increased buyer volume. This exact scenario happened but when INTC broke over 37 it only moved $.20 before quickly reversing lower and stopping me out. On the move lower, the premiums on the 37c quickly decreased in value leading to the sell.
Chart
Trade 2: $ROKU 100c off of 94
Reasoning: relative strength / higher low
Entry on the contract: 1.90 avg
Exit on the contract: 2.88
Profit in percent: +52%
Explanation
Today, ROKU was one of the top watches ( like INTC ) and I was looking for a bounce off of the 90 level targeting the 95/97.80 resistance range. When the market opened, ROKU broke out through 92 and never got the backtest of 90. I wanted to see ROKU print a higher low intraday and we saw exactly that. When ROKU made a HOD at 96.5, we pulled back into 94 where we saw price action leading towards a bounce and aggressive buyers at $94. I went long off of 94 and progressively sold as it made its way back into HOD.
