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- Trade Recap for Thursday 8-3-23
Trade 1: $SBUX 8/11 103c
Reasoning: key level reclaim
Entry: 1.05
Exits: .96
Size: small
Profit in percent: -8.5%
Explanation:
Today, SBUX was setting up for a day two continuation play off of the move from earnings the day before. SBUX needed over 102.50 with market support to go long on this trade. There wasn’t any catalyst this morning on it but it was able to show relative strength intraday. When SBUX broke over 102.50, I went long looking for a push into 103. This ended up grinding higher all morning but the premiums on the 103c didn’t move with the underlying stock price. This made me raise stops on this and sold for a small loss. Only trade for today because I want to wait for AAPL and AMZN earnings (as well as the market).
