What to do when a random new competitor enters the market
Well today was an eventful day where trump announced yesterday that his new spac NASDAQ:DWAC would be trading live and raising funds for his new social media platform TRUTH
Now, I had been trading
META
since it bottomed out. I purchased FB 1/21/2022 $355c when
META
was trading around $333. Everything had been going good up until today Oct 21, I was +52.28% in profit on my call as
META
closed at $341.88.
Technicals on this chart were great, daily bullish divergence on MACD & RSI, Weekly showed a reversal bullish engulfing candle with only one day to go. Then AH hit. And BAM. -6.5% drop on
META
as show on chart.
Now im writing this AH while i watch
META
continue to bleed. Because this was an option, i have no way to trade it after hours. I just get to watch my unrealized gains fade into the abyss of market open like Rose watching Jack's handsome frozen body sink into the depth of the ocean.
The only reason I am writing this is to remember and learn two key lessons
1. The market is unpredictable AS FUCK, anything can happen at any moment, and you could be trapped without even knowing it
2. When a large competitor enters the space, and it has momentum behind it, as in, it's a formidable challenger. Watch the fuck out, cause people are pussys and will get scared and sell off their stock thinking the contender will steal market share (which it very well could). Especially if the incumbent was already recovering from a large punch and already weak. This could be the KO punch to send it to shadowlands.
Now i'm gonna get a very well deserved whiskey and cigar and fuck off for the rest of the day
Now, I had been trading
META
since it bottomed out. I purchased FB 1/21/2022 $355c when
META
was trading around $333. Everything had been going good up until today Oct 21, I was +52.28% in profit on my call as
META
closed at $341.88. Technicals on this chart were great, daily bullish divergence on MACD & RSI, Weekly showed a reversal bullish engulfing candle with only one day to go. Then AH hit. And BAM. -6.5% drop on
META
as show on chart. Now im writing this AH while i watch
META
continue to bleed. Because this was an option, i have no way to trade it after hours. I just get to watch my unrealized gains fade into the abyss of market open like Rose watching Jack's handsome frozen body sink into the depth of the ocean. The only reason I am writing this is to remember and learn two key lessons
1. The market is unpredictable AS FUCK, anything can happen at any moment, and you could be trapped without even knowing it
2. When a large competitor enters the space, and it has momentum behind it, as in, it's a formidable challenger. Watch the fuck out, cause people are pussys and will get scared and sell off their stock thinking the contender will steal market share (which it very well could). Especially if the incumbent was already recovering from a large punch and already weak. This could be the KO punch to send it to shadowlands.
Now i'm gonna get a very well deserved whiskey and cigar and fuck off for the rest of the day