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 print.
2) 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) is , but expecting the first negative tick next week.
6) 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 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.
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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.