Rationale:
-slightly bullish on the market today
-ES stayed above VWAP and thought it was a good time to sell a credit spread
Recap:
-in hindsight, I would like to be closer to a hourly/daily level to lean into ( next closest is 2939)
-ES is a bit extended (over 8dma and extended over monthly VWAP) and the market looks like it is primed for a pullback (SPY at upper Bollinger band and VIX is in squeeze)
Trade Planning
-structure: put credit spread
-major support: 2938-2940
-add point: NA
-stop loss: 2934-2935 (if it fails this area I am wrong)
-take profit price / risk-reduction plan: 30-50% of max profit
2019-05-02 20:12:23
-closed for a loss; I had one opportunity to close out at 30% profit target, but I missed it since I didn't have GTC order set (happened during overnight/pre-market session)
Execution detail:
Date/time | Symbol | Side | Price | Position |
---|---|---|---|---|
2019-04-29 10:39:46 | MAY10 19 2935 PUT | buy | $16.50 | long |
2019-04-29 10:39:46 | MAY10 19 2940 PUT | sell | $18.25 | short |
2019-05-02 11:49:30 | MAY10 19 2935 PUT | sell | $39.45 | 0 |
2019-05-02 11:49:30 | MAY10 19 2940 PUT | buy | $42.80 | 0 |
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