Canopy short as ACB steals participants from CANOPY GROWTH, the stock is starting to slow down.
If the SPY becomes bearish over the next 2 weeks and retraces or even without this motivation it may start to become more bearish as more investors move to ACB because it's rallying. On the flip side Canopy may also rally as ACB drives the market higher but the move will be weaker. Analysts are pushing this to stay up as people are buying up the stock over $60.
Well, it seems like I've been too indecisive. My plan was great. I ended up closing my trades because I lacked confidence. I spent too much money moving between contracts of puts and calls and ended up taking more losses due to lack of objectivity and fear of losing. After reviewing my trades. I understand that I have good TA but I get emotional. It's my biggest weakness. I lose confidence and end up self-sabotaging my trade.
Synaptic724
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I plan to take another position in canopy I have weak hands when it comes to using direct puts or calls I feel like they are too much of a gamble now. I'm going to take a shot at using spreads.
Synaptic724
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Sold my calls for a nice gain of 175. I also do not have a position in canopy as I closed my trades. Puts I broke even.
Synaptic724
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@Synaptic724, this was on the more recent false breakout
Synaptic724
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Instead of taking a loss for $300 I decided to buy 2 calls at 1.90 for 62 strike 2 weeks out. I'm bearish on canopy within the long term.