Description UBER began its bear market after the break in the major trendline July. It has now broken through major support established from the ascending triangle that was built in MAR - NOV timeframe of 20' and was also tested in SEP of 21'.
The break through 38 is the signal for the entry, and also the stop loss for the position. Using long puts to leave the downside open. The level of the VIX right now is my primary concern in opening long option positions. I consider all of my positions risky, and manage risk accordingly.
Long Put Levels on Chart SL > 38 PT : 33* *Stops based off underlying stock price, not mark to market loss
The Trade BUY 12/17 34P
R/R & Breakevens vary on fill. *At 33 I will take profits, and roll to OTM puts. The Long put is placed OTM for higher profit percentage, but before the target price for max chance of success by expiration.
Manage Risk Only invest what you are willing to lose
Trade active
⋅
Filled @ .92
Trade closed: stop reached
⋅
Filled @ .45, -51%.
Trade active
⋅
Re-entered w/ 12/31 35Ps @ .75.
Trade closed manually
⋅
Got even today before the FOMC, liquidated most shorts. Filled @ .53, -29%.
Careful... its coming down a little more then I expect a bounce for a lower high for the "Christmas Rally".
BarnardR
⋅
@CJS04, Thanks for heads up! UBER actually triggered my stop loss today, so I'll be risk off in this name, pending re-entry.
CJS04
⋅
@BarnardR, I saw your targets and was like man.. I think he stopped out. There were a bunch of calls that came in for tomorrow for 38 but I think then it will drop and follow the market down for the next leg down. 33/ 34ish just like you said.. then I think we get that little bounce for the lower high.