There was plenty of panic this morning after the CPI number came in worse than expected. But you know what? I told my subscribers to prepare for this on Monday morning.
I was bearish on the market this week, and the capitulation I was expecting happened on the release of the CPI number in today’s pre-market. Here was my trade idea from Monday:
My Trade Details:
- QQQ Oct 21 2022 265 Put near $4.50
- Stop: Close above $278
- Target 1: $260
- Target 2: $255
Here’s how it looked in my subscriber’s inbox:
Well, Target 2 was hit this morning, before we got a major bounce! Here’s what happened to those options:
They were up over 100% from the open price on Monday.
Unfortunately, I was a bit too patient and didn’t get my fill at $4.50, those put options only traded as low as $5.24. My job is to plan my trade and trade my plan. The idea was correct, but I never got the pullback I wanted. The main thing is that the reasoning was correct and I stayed disciplined!
One trade that did work was my trade in MARA last week, here’s what happened:
I noticed relative strength in Bitcoin. Given the fear in the QQQ’s, this was really unusual and led me to believe that the market would bounce, and Bitcoin would outperform. I chose to express this idea by making MARA my Bullseye Trade of the week!
The options I mentioned went up OVER 200% and I was able to capture over 144% being the piker that I am!
Like I said, not all trades work but the point is to think like a Professional over and over again!
I’m a nimble trader, I go long (stock goes up) and go short (stock goes down), that’s the flexibility trader’s need to have in this volatile and difficult market! I’ve been doing this for 20 years, and this knowledge is something I love sharing with newer traders to help them speed up their learning curve and avoid some of the pitfalls I see newbies make time and time again.
Here’s what my subscribers are saying:
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