Trade Recap for Thursday 8/17/23

Trade 1: $AAPL 175p

• Reasoning: 177 breakdown

• Entry on the contract: .55

• Exit on the contract: .66, .80, .93, 1.36, 1.66

• Profit in percent: 200%

Explanation:

AAPL was gapping up back into the 177 resistance level following the close under this level yesterday. I wanted to see AAL test the 177 level and fail then go short off of this level. The downside targets for me were 176.20 and 175. Both of these targets were met today on this breakdown. AAPL was a top candidate for me today because of the close under the key 177 level yesterday. AAPL was also consolidating for 7-8 days right at this level so when it finally broke, the move would be violent.

Trade 2 & 3: $SPY 440p / $SPY 438p

• Reasoning: 440 breakdown and SPX 4400 breakdown

• Entry on the contract: 1.07 | .46

• Exit on the contract: 1.34, .94 | .60

• Profit in percent: 25% | 30%

Explanation:

SPY was breaking down the key 440 support level today following a weak move off of FOMC minutes the day prior. 440 was the main level to hold today or else puts were in play. When AAPL broke down 440 I went short looking for a move into the overnight low where we took profit on the first breakdown. At the overnight low we were up 25% so I took some profit here. Following the initial breakdown, SPY bounced and stopped me out of the other ½. Later in the day, I was watching SPX at 4400 and if SPX broke 4400 then I wanted to roll-up on SPY 438p using a small portion of today’s profits. It took SPY a while to work well but we eventually got 30% on the position.