Shared by
GH0ST_0P
20 MAR 310C
These are my favorite type of plays. Sideways market vacillating in a channel. This one even has a BPB pattern or more like a double bottom.
Method
RSI Oversold (26)
Bollinger Band Pierced (1/30-1/31)
Double bottom reversal off strong support at $290
4.5Wk Expiry (should be 5)
Risk/ Reward = 3-4R
Money Management
Risked 5%
Exit Strategy
Looking to sell near the top of the channel somewhere around the $330 area.
UPDATE
Man I really liked this setup. A 70% probability trade for sure, even in hindsight. Markets dumped however and changed this dynamic overnight. I cut losses to avoid losing the entire lot.
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2020-02-19 12:27:11 | 20 MAR 20 310 CALL | buy | $5.200 | long |
| 2020-02-25 09:37:42 | 20 MAR 20 310 CALL | sell | $1.150 | 0 |
Comments
GH0ST_0P
240stockslive
good job cutting losses. I know it sucks. i like your format. I gotta figure out how to get tos charts on here
Thanks. My methodology does best during average volatility and sideways markets.
You can take a screen shot of your chart by clicking on the drop down in the top right hand corner. Once you pull it down it's the last option.
After you save, just drag and drop into tradervue.
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I like it a lot just be careful with the time on that.