TSLA Daily Bullish Gartley - Exit

First I sent this Tweet:

Then this one:

Then price dropped some more and I bailed. The whole equity market was/is due for a significant correction, and the routine incursions of China's military planes into Taiwan's airspace was being used as an excuse. But who knows, it could be a serious issue that the big boys have inside information about. Either way, there's no telling how bad this sell off might be. Selling on a new low was the right call.

By the end of the day the chart looked like this:

By the market close, price had reversed back up to a much more advantageous level from which to exit. Very frustrating. But had we waited until the end of the day, price could have dropped so far down as to become worthless until expiration. 

Holding until the end of the day is often a good move, and I've done it many times. I'm sure there are blog posts here where I did just that. But today was different in that there was a worry about war breaking out when the equity markets are in a huge bubble. The prudent thing to do was give the position a chance to recover but exit on any weakness, while we still could. Which is exactly what we did.

Anyway, here's the damage:

TSLA May 7th 720/725 Call Spread: .47 - 2.00 = -$153.

TSLA May 7th 730/735 Call Spread: .31 - 1.68 = -$137.

Net loss -$290.