Time to put aside the greedy side of me. Trimmed my position in ACB and closed my option contracts in CGC. Both stocks have seen huge moves over the past week and as much as I would love to see this be the beginning of another
I initialized my ACB position at $7 when the bollinger range appeared to be getting quite tight. Because of how tight the range was getting, my stop was actually quite close and it allowed me to justify going into a reasonably sized position with the understanding that odds of being stopped is also higher.
Worked out in my favor though, got the breakout as ACB rode the wave behind CGC’s news releases.
Today, ACB ran as high as 10% but my trigger to sell was at the VWAP so sold a decent amount off the high.
Going forward I’m going to be watching to see if it can form a bullish flag or at least find support at $8.00 if it ends up pulling back a lot. With the amount I have trimmed, I will still break even if it reaches my long term trade stop of $6.00.
CGC / WEED.TO
Today I’ve finally closed off all my CGC Feb 30 Calls. With such a fast move up in the last week and me being in options, I am content with exiting all my calls. I started with 4, and sold over the last 3 days with some very healthy gains. Reason for selling, basically the same reason as ACB. Stock price has been floating outside of the 2-Std Dev Bollingers and I think it might go sideways for a bit. Instead of losing option value in the sideways movement, I decided to just capitalize on the the momentum and sell on its move up. Definitely left some on the table, and if it keeps going, potentially a lot more, but pretty happy with what I locked in.
$SPY getting hammered and it seems oversold… but it might not be done.
Time to put aside the greedy side of me. Trimmed my position in ACB and closed my...