Trade Recap for Thursday 8-24-23

Trade 1: $AMD 105p

• Reasoning: relative weakness, key level break

• Entry: 105p at 1.60 under 105

• Exits: 1.92, 2.23, 2.55, 3.2

• Highest Gain/Loss: 100%

Today, AMD gapped up above the key 109 level following NVDA earnings but we started with a major sell off under this level. The failure to hold 109 and 107 told me $AMD was setting up for more downside. We also had market support with these so when $AMD broke 105 and failed to hold the support of the last few days, puts were the focus for a breakdown. AMD was a good candidate for a short since it has been showing weakness ahead of NVDA earnings and the amount of sellers in the first 15-20 minutes was significant. We were able to get 100% at the highs on this trade.