This is a very simple trade based on a well established Support level of $190ish (you can always argue that support is at $188 or $193 but it is an imaginary line so it is always approximate). See my video about support/resistance here: https://tradingextremes.com/technical-analysis-3-support-resistance-post-earnings-trades/ This video will be useful for you since we are entering earnings season and you will soon see me posting post-earnings trades. My support/resistance trades don't use any fancy indicators as explained in the video. The drop today was due to the small pullback in the market. In fact ULTA recently had an analyst upgrade from Barclays, so that bolsters my confidence that the stock should bounce back up as time marches on.

After taking this trade, ULTA shot up almost immediately into the $200s. However, it came back down and kept trading near our strikes. I was forced to close the trade today for a measly $30 profit because expiration is only 3 days away.