Trade Recap for Thursday 9/21/23

Trade: $QQQ 358p

• Reasoning: key support breakdown

• Entry on the contract: 1.65 and 1.15

• Exit on the contract: 1.21, and 1.18

• Profit in percent: -26% +2%

Today, QQQ started with a major breakdown and I was focusing on the 360 support. QQQ failed at the 360 support which is why I wanted to focus on puts considering the opening move just got sold off. When I took the entry, my mistake was not knowing where ES_F was trading at and this was right at the 4400 support. ES_F held 4400 which led to slight recovery in the market and QQQ ended up stopping me out of the first try. On the second trade, QQQ broke back under 359.80 but the momentum was too slow and choppy so I cut it near break even.

Trade: $CRWD 162.50p

• Reasoning: key support breakdown

• Entry on the contract: 1.71

• Exit on the contract: 2.05, 2.4, 1.98

• Profit in percent: +40%

Today, CRWD was starting with a gap up into 168 and this was a focus for calls if we saw any sort of market strength. CRWD has been in a range of 168-163 for the last week and when CRWD had a false breakout over 168 this ended up printing a bearish engulfing candle under 163. When it broke 163 I went short looking for a breakdown into 160. CRWD sold off with momentum under 163 and I was able to get 40% at the highs before getting stopped out on the rest. CRWD did end up hitting 160 but I wasn’t in the last partials.