Understanding The trade: As an options trader my goal is to identify trend change and utilize a breakout strategy to leverage profit off of major trend changes with minimal risk. Even though this contract does not expire till 7/19 I will be looking to take profit by early July as the rate of decay factor starts to come into play as the contract approaches expiry. This should correlate nicely with the Fib Retracement lvl 5. If you have any questions, please feel free to comment below and follow. Thank you and trade safe.
Reasons For Trade: • Rejection off the May 19th high of 37~38 lvl • Broken upward channel (1D chart May 23rd -June 21st) • RSI Rejection of 2 previous highs