Direxion Daily CSI China Internet Index Bull 2X SharesArca
Description
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Description CWEB has been working it down from its ATH since FEB of this year, and has gotten stopped up in the congestion pattern. I have been watching it to pick a direction to enter a position and it looks like it finally has broken to the downside.
I have been using Long Puts in all my short positions because I do not want to cap my downside potential to leave it open for fat tail scenarios in the current market environment.
Call Debit Spread Levels on Chart SL > 17.5 This level marks an all-time low in the security. *Stops based off underlying stock price, not mark to market loss
The Trade BUY 12/17 16P
R/R & Breakevens vary on fill. The long call is placed ATM for highest chance of profit at expiration. 12/17 is all I'm willing to go with for expiration because I do not want to pay the extra premium to push it out to January.
Manage Risk Only invest what you are willing to lose
Trade active
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Filled @ 1.01
Trade closed manually
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1 DTE tomorrow, went ahead and closed out. Filled @ 2.85, +182%.