Trade Recap
On Friday, October 21st 2022, I focused on finding the perfect trade for the day. I was looking at charts for AMD, the S&P 500 (SPY), and Tesla. I noticed that there was a bit of choppiness in the market in the morning, but no real direction. Despite this, I decided to take a single trade on AMD.
When looking at the chart for AMD, I noticed the formation of a reverse Head and Shoulders pattern. I decided to enter the trade by purchasing call options on AMD.
As the trade progressed, I saw that AMD was struggling to break through a resistance level marked by the purple line, which represented the pre-market low. Despite this, I decided to hold onto my position and let the trade play out.
Eventually, AMD was able to push through the resistance and I sold all of my contracts for a profit of 61 cents per contract. In total, the trade resulted in a profit of $96.77.
Overall, it was a successful and quick trade, but there were other potential setups that could have been taken advantage of for a potentially larger profit. In the end, I opted for a one and done approach, as I didn’t want to risk ruining a good morning with a bad trade.
Here are the trades from the previous day of trading.
Thank you for joining me and watching my video. If you enjoyed it, be sure to give it a like and consider subscribing to my channel and turning on notifications so you don’t miss my future videos. Have a great day!
