NOVEMBER 1, 2021 – NOVEMBER 5, 2021

NOVEMBER 1, 2021 – NOVEMBER 5, 2021

5.50 to 6.80 = 23%
The risk was $550.00 profit was $130.00

Spot had resistance (sellers at $305.00 level) as you can see from both pictures one is daily(A) and one is 5 min chart(B). Spot was unable to go higher and with volume. It is important to take profits fast as the market can reverse and options premiums will get burnt.

I would have liked to see spot reject 305 level and volume (buyers) to come in aggressively and I would be able to re-enter the trade for a larger position. The reason I was looking for a push from buyers is if the move is meaningful buying pressure will not decrease. However, buying pressure did not pick up so my reason for staying in the trade also faded . . .

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