Look at VIX. Where is it now. indicating the crazy movement will continue. Any news can drive the market's movement. stepping into the last week of the month with caution. Monday opened with a gap down and then started a recovery, then fell again. Today it opened with a huge 300 point gap. Think about it. Carrying over night positions is risky. As a trader, we have to look for good premiums everywhere. Make use of it and make sure you won't get stuck in volatility. Looking at the price action, it is good to see that 16850 took support and bounced back. When it comes below 17000, there is buying happening. A good sign. Also, keep an eye on that. If it breaks with strength, we can see a larger move. Above, there is a trend line. I will keep an eye on these levels. Below 16850 and above 17350.
Coming to my option selling, I am already sitting on top of nearly 1.5% profit, having booked 0.8% profit. I started selling calls on Friday and I expected negativity. I took 17850 CE at a good premium at the closing time. Monday gap down opening and the CE almost melted. I held on to it, and today I booked profit. I entered into the PE side at 15850 too far with a really good premium VIX spike to help get that and the CE side at 17550. The current position is good now, one point CE side give me bit worry. My plan for the week's PE side almost melted if Tmro gapped down. I will hold my PE and adjust only the expiry day and worry about my CE side because of the VIX spike. If my SL did not meet the price, then my plan was to hold the CE till 17450–17470 and roll up the PE to 16850. Otherwise, just make adjustments. expiry day only.Let's hope we can end this week on a high.
Coming to my option selling, I am already sitting on top of nearly 1.5% profit, having booked 0.8% profit. I started selling calls on Friday and I expected negativity. I took 17850 CE at a good premium at the closing time. Monday gap down opening and the CE almost melted. I held on to it, and today I booked profit. I entered into the PE side at 15850 too far with a really good premium VIX spike to help get that and the CE side at 17550. The current position is good now, one point CE side give me bit worry. My plan for the week's PE side almost melted if Tmro gapped down. I will hold my PE and adjust only the expiry day and worry about my CE side because of the VIX spike. If my SL did not meet the price, then my plan was to hold the CE till 17450–17470 and roll up the PE to 16850. Otherwise, just make adjustments. expiry day only.Let's hope we can end this week on a high.
