Practice Trade - Bristol Meyers Squibb (BMY)

Bristol Meyers Squibb (BMY) has been in a very narrow support/resistance channel for the last several days.  Recently, the stock broke downwards through the resistance, rose back up, bounced back downward off the resistance, and formed a Fat Pitch (possible Home Run Fat Pitch) to the downside.  On top of this the blue line is crossing the orange line on my chart, indicating the trend is now headed downward.

I'll be entering a practice put option trade on BMY using August puts that are one strike price in the money.  The stock is currently at $43.99 so I will be using the August $44 Put options with a Bid/Ask of $1.50/$1.53.  The options symbol is BMY_081713P44 for reference.

My current position size will be 7 contracts at the ask of $1.53 for a total position of $1,071.00.  I will immediately put in a GTC sell order shooting for a 30% Gross Profit on the trade, making my GTC target on the position a Bid price of $2.19 or a total position size of $1,533.00.

And the chart...