Trade recap for Wednesday 10/11/23

Trade: $QQQ 372c

• Reasoning: key support bounce

• Entry on the contract: 1.5

• Exit on the contract: 1.8

• Profit in percent: 20%

QQQ was a focus today for calls following the solid move from monday and the fact that it was holding over the key level of 370. The setup I focused on with this one is the false breakdown/reversal pattern we see when a name quickly breaks support but immediatly reclaims it. This was the focus when QQQ broke down LOD then bounced. Calls paid 20% fairly quickly before us seeing a quick breakdown intraday.

Trade: $NVDA 470c

• Reasoning: relative strength

• Entry on the contract: 3.6

• Exit on the contract: 3.15

• Profit in percent: 12%

Today, NVDA was able to hold up relatively well following the opening push and NVDA was consolidating well while the market was developing a base. When NVDA broke over HOD we saw the market bounced and were already positioned in calls with QQQ. When we entered NVDA it had a hard time finding momentum but was able to few a few points but the premiums really didnt move much so I raised stops on it to limit the false breakout risk.