I’m going to copy and paste my SOFI analysis from this morning:
First thing this morning, I got a notification in TradingView that SOFI reached a level where I wanted to look to short it. It’s hovering around a support level, has been pushing down for a long time now, and the support level is one of a small rally. I’m looking to take this in the direction it’s already moving, but not until a breakout. I set an entry order to get me into a 4/22 9.50 Put if/when SOFI reaches 9.24, one penny below the lows of the base
Looking this morning, price pushed through the level that I was looking at yesterday, so I looked again for options today. I found one expiring relatively soon that was in my price range, so I pulled the trigger. Didn’t wait for any breakout levels because it already had broken out.
Entry – 3/24 @ $0.80
Exit – 3/31 @ $0.34
I got into this short on a breakout of support to the downside after a rally, in an overall downward trending security. The morning of the 29th, though, price rallied, took out the upper areas of the range that I shorted the break of, and pushed through yet another resistance area. It was definitely enough upward movement for me (actually, had I gotten to the computer earlier, I might’ve gotten out of this earlier) so I exited. Price: $0.34 $46 loss. Not upset in the least, this particular trade just happened to not work out.