I took profits early on this trade. I got out around 16.81ish and was looking for about 70 more cents of a move.
However, there's a few reasons why I got out today:
1. It popped up above it's recent little resistance area with a small candle - to me it just feels like it's backside is sitting out in the open ready to get hit hard by the sellers tomorrow or the next day. If so, it will probably have a much larger pullback - and time is a tickin'.
2. The market has been pulling back/sideways lately and even though it had a nice pop up today, I can't help thinking that it may now go sideways until the end of the year. Hand in hand with this, I feel that there are most likely better setups giving me a better percentage return at this point in which to best utilize my trading moolah.
3. A bird in the hand...
I sold my long January 14 Call Option that I originally purchase for $2.15 for $3.25. A profit of $1.10 and more importantly an ROI of 51% in approx 4 weeks.
Not too shabby. Now I will use this trading capital and look for a pretty setup.
Thank you LORD!
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