this is ironic because I have a shopify account ( ecommerce) but i've never traded shopify! Unable to know what to expect as I don't get a 'feel' for the stock yet, is this a good time to short and if yes, what's a good price ? thanks
HeavyQuant
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SHOP rallied from about $300 to $1147, then played out 2 month long Bearish Rising Wedge on little volume. The increased volume is from the volatility explosion. The long tail in the daily candle today means nothing after a 3 day down move. If the Nasdaq continues to sell, SHOP will be trading $850 and down to $760 very quickly.
I posted this short signal when SHOP was $1135. SHOP dropped to $896 and rallied to $980, which is reasonable for a fast intraday rally, and expected before a larger move down. Our options positions were $$$$$$