Description: Price is meeting that broken-down upward sloping trendline established through July and August, as well as the daily supply zone @ 150. Looking for swift reaction to close this position early next week.
Put Debit Spread Levels on Chart Entry on close < 150 SL >150 TGT - 143 *Stops based off underlying stock price, not mark to market loss
The Trade BUY 10/29 148P SELL 10/29 143P
Earnings next week is a risk factor. Long put is ATM for max success rate. Short put is at the target price for max profit potential.
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These were filled @ 1.45.
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Down 24% right now. That is a long wick over 150 here, meaning plenty of supply. Waiting to see if the close will be over 150 to trigger the stop. This might be a close one.
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Good close below 150, in the red.
Comment
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If AAPL closes above 150, I will be reversing position.
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Mark to Market is positive for the day, but I went ahead and closed out 2/3 of my position to manage risk going into earnings.
Trade closed: stop reached
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Went ahead and closed the portion out at a loss. I will be running 10/29 lotto OTM long calls with the remainder of the credit received for closing. I will also be putting on Long Call Calendar Spreads for a normal position.