I invested in $GME and Initially when I first heard it trended massively, My instant thought was to short the stock because of the obvious overvalue of the company. I went into the situation oblivious to what was actually the WSB's community moving in on the stock. After a lot of research I learned what was going on and gained a complete understanding of the situation at hand and decided to move in. I believe the stock will end its shine by the end of this week, with that thought I came up with my strategy to purchase 2 put option's. I've been day trading for about 4 to 5 months now, and what I have noticed some of the time in the market, is that; Say when the price of a stock is increasing rapidly, there's spots of selling pressure that occur in between Long Bullish sticks. The opening/ Closing price for these moments of selling pressure in a underlying Bullish trend, are points in price where the stock reacts differently around these resistance lines. I am planning on placing my puts strike price $37. The yellow lines represent the range I believe it will be traded in based on selling pressure points and movement around the resistance line off of the first initial Pump.
Off Topic: My first time uploading a post here. Let me know what you think of it! Thanks for reading!
Off Topic: My first time uploading a post here. Let me know what you think of it! Thanks for reading!