ant187
Short

QCOM - Great RR setup, 20% zipper in coming month

NASDAQ:QCOM   QUALCOMM INC
Morning traders,

On mondays open I plan on opening a middle June to end of June put spread on this asset. Let's dive in.

1) Weekly shows signs of clear exhaustion and indecision, we have a doji print.
2) RSI is exhausted and printing downwards
3) Slowstoch is at the peak and is bearishly crossing
4) VFI has flattened out, likely the high of this move with downside coming next week.
5) MACD is bullish , but expecting the first negative tick next week.
6) Stoch RSI shows it's about to correct.

With a RR of 3.76 and a 19.53% potential return, this is a juicy short. Last week QCOM had the highest amount of shorts opened, and I expect that to continue once it gets going.


I'm targeting the major support zone which also coincides with the 0.618 @ 69.03

China news can propel this thing at any moment, so it should be an interesting, and profitable week.


As always, if you enjoy my content hit that like / follow button, and I always post @ www. twitter .com/cryptocrewnews
Trade active
Trade closed: target reached: Took profits early, not sure on future direction
Nice Call! Depending on on the width of your put spread, you would have made a lot more based on the news as of today. Down 12% in early trading. Nice thesis though! I unfortunately took the other side of this trade into July. What do you do when you get a stock that all the sudden gets bad news and you have options open, do you panic and take the loss or try to take some profits. I have had this happen before then close my options to at least lock in profit or not take more of a loss. Then the next couple days the stock goes right back up or higher. It drive me nuts. Do you have any suggestions on how to deal with traders panic selling on "potential" bad news?
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ant187 In33muney
@In33muney, I use a cash account and I'm in and out of trades alot, I hardly ever hold to expiration, I find the 20-30% I can make on a couple g's I put in to be more consistent than the 'biggies' like this, this would indeed have netted me over 30k profit, but who could have predicted such a fast outcome.

My only advice is to obviously use a broker that settles t+1 and to be fluid with the market, I often only hold trades the day-of, if I can make 20-30% on a 2k play I take it.

Obviously, if your insuring yourself the strategy is different.
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