FIZZ is fizzling. High probability short set-up

Lanmar Premium Updated   
NASDAQ:FIZZ   National Beverage Corp
Major structure here:

Long Feb 19 $75 puts
Trade closed: stop reached:
Apologies for the late update. I tend not to update stops because once I get stopped the trade is simple. I move on to the next trade and I no longer care about the trade I lost in. When looking for targets it's a lot more challenging to find exit points and the position needs management (if investing for the long term it's different story because your time horizon is much greater, but still applies when you're exiting a position - just a different time frame).

For the future ... there is a simple rule to get stopped out. Knowing when you're wrong is a lot easier than determining when/where to take profit.

A few simple rules on cutting losses:
1) when short, if price goes above the previous session high that could be a valid stop signal.
2) If you have a situation like the above where you drew a neckline that's been respected by several touch points, the trade becomes invalid once price closes back above the neckline.

I got stopped on this trade at 82.40. I go by the rule that the best trade (ESPECIALLY SHORT TRADES) work out immediately and never look back. I learned this from Peter Brandt. It is incredibly effective. Why especially shorts? Because markets *tend* to take the stairs up and the elevator down... The best trade also run away from you and never look back. So that is the basic premise behind tight stops. You could always get back in.

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