FSLR P/L & Update

The FSLR Aug. $65 put was entered this Tuesday, Trade Idea (Short Term-leveraged) FSLR and initially meant to be a short term trade along the lines of a gap fill, we just had very strong leading negative signals that were hard to ignore. I almost always use about 3x more time on a contract than I expect to need, this has saved my butt so many times it's unreal. I view options as a tool when you have a strong signal and trade, but the profit potential isn't there otherwise to take advantage of it without leverage. I DO NOT view options as a way to boost a small portfolio overnight like a lotto ticket so I'm not looking for triple digit gains, I'm looking for a tool that allows me to take advantage of a strong trade set up that may not be workable with more standard tools.

Along those lines, I want to spend the least amount of time possible in an option position, I want to be out before momentum fades and starts seeing profits dissipate.

Earlier today FSLR looked great, but the market is dynamic and this chart convinced me that maybe (as well as the other market signals), it was time to take the gain and thus far I haven't left anything on the table.

 The 1 min chart was perfectly in line with the downtrend earlier, this leading positive intraday divegrence popped up quickly and it looks quite strong, it's just starting to migrate to longer timeframes so I suspect that's probably about it for this leg of the move before a correction at which time I may decide to re-enter the FSLR put.

2 min chart is now moving to a positive divergence and price is starting to move laterally.

The cost basis for FSLR puts was $3.13 and the fill was $4.26 for a gain 2-day gain of +36%.