Trade Recap for Wednesday 8-16-23

Trade 1: $SPY 444c LOTTO

• Reasoning: 444 break

• Entry on the contract: .90

• Exit on the contract: .59

• Profit in percent: 33%

Explanation:

The key level for SPY today was the backtest of 444. SPY was holding fairly well on the gap down. It was holding higher lows above the daily gap fill level of 442.97 and kept printing higher lows which shows signs of a potential pop higher. Over 444 I went long with the 444c but kept it very light with FOMC and the fact it was a lotto. I risked 30% on it but ended up getting filled a bit over that. Small loss, liked the setup

Trade 1: $META 295p

• Reasoning: relative weakness

• Entry on the contract: 2.15

• Exit on the contract: 2.58, 2.70

• Profit in percent: 26%

Explanation:

Today, META was making a move under the 300 support level and was showing relative weakness for most of the trading session. When META broke down under LOD at 298 this was our entry/confirmation of another move lower. When META broke down the 298 support we were up 20% pretty quickly and we booked some profit there and more at 25%. META did hit 40% but I was looking for 295 on the last ¼ of the position but ended up getting stopped out breakeven on the auto fill.