Trading Edge 2020 Portfolio -Trade #10- SPY - Another Leg Down?
Ticker: SPY
Position:
~ May 15th expiry
~ $275 Strike Put (looking to book an order for $10-$11.00, since the futures are looking to be up)
~ Delta = 0.50
~ Run 1x contract
Exit/ Profit targets:
~ Close above the swing high $287.50 = exit the trade
~ Initial target = $261.23 (38.2% fib)
~ Secondary target = $253.04 (50% fib)
Rationale:
~ Bearish MACD cross on the daily
~ Price appears to be stalling within the moving average bands (particularly the 55 and 89)
~ Potential RSI rejection at the 60 mark (typically acts as a line between bullish and bearish)
~ Overall market condition is still weak, this appears to be the relief rally that i considered in my prior analysis (although i am open to a melt up scenario)
P.S. I will also be watching WES for a potential inverse H+S pattern
-TradingEdge
Position:
~ May 15th expiry
~ $275 Strike Put (looking to book an order for $10-$11.00, since the futures are looking to be up)
~ Delta = 0.50
~ Run 1x contract
Exit/ Profit targets:
~ Close above the swing high $287.50 = exit the trade
~ Initial target = $261.23 (38.2% fib)
~ Secondary target = $253.04 (50% fib)
Rationale:
~ Bearish MACD cross on the daily
~ Price appears to be stalling within the moving average bands (particularly the 55 and 89)
~ Potential RSI rejection at the 60 mark (typically acts as a line between bullish and bearish)
~ Overall market condition is still weak, this appears to be the relief rally that i considered in my prior analysis (although i am open to a melt up scenario)
P.S. I will also be watching WES for a potential inverse H+S pattern
-TradingEdge
Dagangan ditutup: hentian tercapai
Exit SPY Put for $2.13/ contract
Penerbitan berkaitan
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penerbitan berkaitan
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.