CRWD Looking Bearish - Exit

At 12:05 ET today I Tweeted:

"Added Stop Loss order to sell at break even in case the FOMC Minutes at 14:00 ET drive our CRWD  position up."

At 15:12 ET I Tweeted:

"Exited our CRWD 240/235 Put spread. Details later."

Top chart is the Daily, bottom chart is the 3 minute. We were getting a slow creep upward soon after the open, then an acceleration upward in response the FOMC Minutes Release. Price got up into the 240/235 spread range. That eats into our profits if it doesn't drop back down under the 235 level. If we close over 238.67 (5-1.33 not counting commissions and slippage) at expiration , there will be no profits.

Since our Aug 20th 240/235 Put spread expires day after tomorrow, we have very little time to recover from a brief retest of the 8ema, which would be normal. 

Stochastics are now slightly oversold and we're clearly losing momentum on this down leg. I don't think we've gotten our full benefit from the BB/KC yet, but on this trade we may have.

Given all this, it seemed like the best idea would be to capture and lock in our profits while we can. So, I sold it at 15:11 ET for 2.87.

Summary:

Entry: 1.33

Exit: 2.87

Profit: 287 - 133 = $154. 154/133 is a 16% return in 8/18/21 - 8/13/21 = 5 days. Annualized, that's (365/5)*16=1,168%. Gotta call it a win.