GME Short Idea
Updated
GME finally broke below critical support around 23.50 and has been consolidating since. It did have a downtrend breakout, but it didn't move up much, just kind of broke out sideways, which is a bearish sign IMO. I think shorts are good anywhere under 23.50, but it would be nice to get a retest of the 23.50 area for an entry. However, it has already retested once and just broke this ascending wedge to the downside, so this may be the best entry, somewhere in this area. Even if it did rally some if you bought time you could hold as long as it stays under 23.50.
Trade closed: target reached
So this ended up being pretty great. To recap, I lost money last week on weekly puts, about 
1K or so. The 21.50 weeklies I had for this Friday's expiration spiked up over 450%, so I took the majority of it off. I have some runners and also some other strikes for this Friday, but mostly just have September expirations now.
My first target was 20.50, which I believe price came within 16 cents of it today and I nearly had a 5 bagger so I sold 20 of 25 of my $21.50 puts. Still have some more aggressive $20 strikes for this week that are down, but overall doing quite well.
Final target for this trade is around 18 unless it really starts knifing I may hold some runners, but I consider the target to be hit. You can't expect it to hit your levels on the tick every time, 16 cents is good enough for me. I still expect 18 relatively soon, but the trade is pretty much done. If it bounces too much I can just close, it is now a matter of how much I will make on the trade. I already know I'm in profit no matter what at this point, which is a good feeling also allows me to make easier decisions.
Note
Ok last update on GME, probably forever. Getting a nice spike down here, if it can close below low of day I'll take some more contracts off. I like GME, I trade it fairly often and I don't care if I'm long or short. I just do what the charts say, there's not other motives or emotions involved.
It's a big mover and I usually read it pretty well even though I didn't do great during the squeeze earlier this year. Still, I like the stock as much as anyone. I had a great day today and booked solid profit on it. Meanwhile the super stonkers are gathering in support threads where they ask each other to send them more ramen noodles because they put everything they had in GME and can't afford food. It's a poison and I'd feel bad for them if they weren't such vicious people. So much hatred, you guys should see my DMs sometimes.
Anyway, no more public GME ideas. I already told myself that once earlier in the year. Even when I was posting bullish ideas, the comments and messages were still frustrating. I should have just stopped there, but I thought this was a pretty great setup. I don't think it's worth posting about again.
AP Academy Beta Registration Open:
ko-fi.com/advancedplays/tiers
Short Thesis:
advancedplays.com/short-thesis.pdf
Disclaimer:
The ideas I post do not always represent my positions and they are intended for educational purposes.
ko-fi.com/advancedplays/tiers
Short Thesis:
advancedplays.com/short-thesis.pdf
Disclaimer:
The ideas I post do not always represent my positions and they are intended for educational purposes.
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Disclaimer
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