Using $USO options to trade a 04 Sep 30P, 31C Strangle for about 1.50 a piece. Will exit otm position as well as 25% of itm position once this wedge breaks meaningfully. I do have a bearish bias as it is a rising wedge, but this market never seizes to amaze me, so I do want to remain somewhat neutral and let the price action determine my actions. Might be looking to sell 50% of call position if we retest the upper trend line based on setup of the $DXY as well as $SPX. Let me know what you think.
Trade active:
Got in strangle at 1.44.
0.68 04 Sep 31C
0.76 04 Sep 30P
0.68 04 Sep 31C
0.76 04 Sep 30P
Trade closed manually:
Failed to break soon enough, all rips were sold and all dips were bought, would've been better to trade the heavily defined range on the 4hr rather than looking for a significant break in hindsight. Learning.
Comment:
Had I been more patient, let wedge get tighter then take the strangle, could've had a nice profit. Right idea but wrong timing & you need both to make money in this market!