Trade Recap for Monday 10/2/23🎃

Trade: $NVDA 450c

• Reasoning: relative strength

• Entry on the contract: 5.15

• Exit on the contract: 7.2

• Profit in percent: 59%

Today, NVDA was gapping up with a strong Upgrade from GS and was breaking out over the 440 level. I wanted to see NVDA digest near the open then get the premarket high breakout. When NVDA broke premarket high, this was my entry risking 440 and we ended up seeing 445 and the 450 targets quickly after the entry. Relative strength with a catalyst are the only positions I would look near the open and we got one today.

Trade: $QQQ 363c

• Reasoning: 362 reclaim

• Entry on the contract: 1.49

• Exit on the contract: 1.11

• Profit in percent: 25%

Today, QQQ and SPY spent the morning consolidating waiting for Powell to speak at 11am pst. When QQQ was able to get the reclaim of 362 it ended up seeing a quick pop higher before reversing lower and stopping me out of the position. After I stopped out it ended up breaking down 360 so it was a good risk management situation. I liked QQQ over 362 because the tech sector was showing more strength today but we couldn’t find follow through above friday’s high of 363.