Good trade but unfortunate result. Bought a call option after patiently waiting for $SPY to pull back off its gap up at the open to fill the gap. It did to the previous day close. Entered trade at previous day h.o.d. so when it came further down making new lows, got out; not a fake out. $SPY then went up for a .20 profit in option. If identified previous day close, may have held longer or been more patient on entry. Cut losses quickly. Thought process was correct.