Friday, August 20, 2021

Fly United to Gartleyville - Update 12




Well, our UAL Aug 50 Call expired today. We bought it for $1.97 on 7/26/21. The chart looks weak, with a break below the triangle and a BB/KC breakout to the downside.

However, the Gartley pattern X point hasn't been violated, so its still a valid pattern. In fact, we haven't even violated the D point. So, I might trade this again to the long side, if we get a reversal.

On 7/26/21 this looked like a very Bullish chart. I don't regret going long. You have to accept not all trades will work. Again, this trade hasn't actually failed yet. It's just taking longer to reach a conclusion than I expected.

Bottom line, the loss is $197.

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