Description Been tracking the descending triangle that DIS was working since early MAR, with a short alert set and triggered on the lower boundary. It was a massive gap though (an indication of a strong break-out), so I have been waiting on a retracement before entry.
Today marks a solid rejection of the resistance set in NOV19 and retested before the gap into the pattern on 9DEC20' @ 154.5, conveniently located at the .382 retracement following the start of this decline, thus triggering the short entry. The implied move from the Descending Triangle takes DIS down to 136.
I am not a perma-bear by many means, but I am seeing the same things in almost every chart I look at. The rebound to near ATHs in the indexes earlier this week were only textbook retracements in a lot of the names that have made major bearish breaks in the last 3 months. The VIX is also finding support at 20.
Long Put Levels on Chart SL > 154.5 PT : 136 *Stops based off underlying stock price, not mark to market loss
The Trade BUY 12/31 145P
R/R & Breakevens vary on fill.
Tight Stops and Risk Management Only invest what you are willing to lose
Trade active
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Filled @ 1.42
Trade closed manually
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Got even today before the FOMC, liquidated most shorts. Filled @ 2.15, +51%.