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BarnardR
Oct 28, 2021 3:47 PM

AXP Weekly Options Play Short

American Express CompanyNYSE

Description

Description
A close < 176 triggers a short position.
Using expiration two weeks out for a little additional time on this slow mover.

Put Debit Spread
Levels on Chart
SL > 176
*Stops based off underlying stock price, not mark to market loss

The Trade
BUY
11/12 172.5P
SELL
11/12 157.5

R/R & Breakevens will vary when filled.
The long put is placed ATM for higher chance of profit,
Short put is placed at the support established in August - September.

Always implement proper risk management
Only invest what you are willing to lose

Trade active

Filled at 1.82.

Trade active

If AXP does not make a meaningful move below the breakeven, I will end up cutting losses closing out.
3 more DTE

Trade active

I was looking at cutting this one if it didn't close below yesterday's close, but it held.
I am willing to lose a little more TVP for the potential to move lower.
Otherwise, this would be a close out.

Trade closed manually

Just moving too slow with not enough time left to expiration.
Closed out at .71, -61%.
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