Lyft Downside Wedge Break Weekly Options Play
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Description
Been watching this wedge in Lyft, and it caught my attention when it broke to the upside on 05NOV, trade here
The throwback into the pattern following the breakout increases my ease with this short position.
The trigger was a break and hold below 46, which occured yesterday.
Today LYFT went to retake the accumulation line but failed, leading to this starter short position.
I will look to add to this position on a decisive break away from the accumulation line of the wedge.
Using Long Puts
Long Put
Levels on Chart
SL is a daily close over 46.
Target price is the demand zone at 38 developed in NOV - DEC 20'.
*Stops based off underlying stock price, not mark to market loss
The Trade
BUY
12/23 40P
R/R & Breakevens vary on fill.
The placement of the long put is ~halfway between the current price and the target price for balance of chance of profit at expiration and R/R.
Manage Risk
Only invest what you are willing to lose
Been watching this wedge in Lyft, and it caught my attention when it broke to the upside on 05NOV, trade here
The throwback into the pattern following the breakout increases my ease with this short position.
The trigger was a break and hold below 46, which occured yesterday.
Today LYFT went to retake the accumulation line but failed, leading to this starter short position.
I will look to add to this position on a decisive break away from the accumulation line of the wedge.
Using Long Puts
Long Put
Levels on Chart
SL is a daily close over 46.
Target price is the demand zone at 38 developed in NOV - DEC 20'.
*Stops based off underlying stock price, not mark to market loss
The Trade
BUY
12/23 40P
R/R & Breakevens vary on fill.
The placement of the long put is ~halfway between the current price and the target price for balance of chance of profit at expiration and R/R.
Manage Risk
Only invest what you are willing to lose
Giao dịch đang hoạt động
Filled @ .65Giao dịch đang hoạt động
The trigger for a take profit and roll was @ 38.15.Closed original position @ 3.35, +415%.
Rolled 20% of profits down in 12/23 35Ps for 1.1.
Giao dịch đang hoạt động
Today was very tight, as my SL for the new position has been 42.Giao dịch đang hoạt động
Used descending volume and ascending price to open 12/10 42Ps @ .55 yesterday.Closed now @ 1.1, +100%.
Giao dịch đang hoạt động
Rolled remaining position in 12/23 35Ps forward to 1/7/22 series filled @ .7 with normal risk allocation.Giao dịch được đóng thủ công
Got even today before the FOMC, liquidated most shorts.Filled @ .98, +40%.
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