Update: I'm just slow but hey it worked
So I called out a potential UVXY trade and I missed the one indicator that every trader relies on
Resistance
However I mentioned that I was wanting to sell premium, and this retraction was actually beneficial to my theta gang strategy on my paper trading account
5pt iron condor at strike 85/90 call strike 45/40 puts strike
It gained $50.00 P&L today bringing me to p&l open of (22.50)
Theta: 9$ per day
$2500 bp effect
profit zone= 20-25% of max p&l
P&L % (-%1.44)
Re iterating my ridiculous price target yesterday Id want UVXY to stay between $55-65 until market close on friday.
Resistance
However I mentioned that I was wanting to sell premium, and this retraction was actually beneficial to my theta gang strategy on my paper trading account
5pt iron condor at strike 85/90 call strike 45/40 puts strike
It gained $50.00 P&L today bringing me to p&l open of (22.50)
Theta: 9$ per day
$2500 bp effect
profit zone= 20-25% of max p&l
P&L % (-%1.44)
Re iterating my ridiculous price target yesterday Id want UVXY to stay between $55-65 until market close on friday.