Options Trade: Google

I got spanked by GOOG today for slaggin' Blogger.....

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1. Why did I take this trade?
Google (NASDAQ: GOOG) showed signs of recovering from the opening pullback. I bought GOOG Mar07 550 calls (GOPCY) when it broke above the close of the second candle.

2. What was the initial stop?
The initial stop was the low of the 2nd candle.

3. Why did you exit where you did?
I got the alert when GOOG dropped below 481.50, and I got filled @1.55.


4. Is there anything you would do differently?
Yes, the position size was too big and this was not a high probability trade. I should have waited for more confirmation that GOOG would go back up (since it had just sold off hard yesterday). But more importantly, I should have taken a smaller position size on this higher risk play. The loss on this option trade accounted for over half of today's losses.