Tags:
Daily Setup:
Low base break down occurred a few day prior to entry when price broke the $42 level. Price has tested 41.25 & 40.80 several times and buyers have been noted to step in at those levels.
Game Plan
The plan is to have a short term trade that is slowly drifting lower. IV is currently high on HLF. I entered a diagonal put spread and set it up to be profitable if it stayed below 42.15. Therefore it had some wiggle room to the upside if it was to bounce a little bit. The plan is to close the position at the end of the week due to the expiration of the long put.
Stop:
$43 level - the chart shows strong resistance at that level.
Target:
$40 - but mainly, stay where it is or drift lower.
Reason to exit:
Closed the entire position due Short strike being ITM & the long put expiring next week.
Mistakes &/Or Concerns
None
Execution detail:
Date/time | Symbol | Qty | Price | Position |
---|---|---|---|---|
2019-07-12 12:29:10 | JUL19 19 41.5 PUT | -10 | $0.8590 | -10 |
2019-07-12 12:29:10 | JUL26 19 43 PUT | 10 | $2.130 | 10 |
2019-07-19 15:10:57 | JUL19 19 41.5 PUT | 10 | $0.4220 | 0 |
2019-07-19 15:10:57 | JUL26 19 43 PUT | -10 | $2.042 | 0 |
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