RBOB peaked in mid Feb and seems ready for a reversal. If the 20MA acts as resistance the price is poised to fall to 2.92-2.90 area quite quickly. 3.09 sell seems a good entry point. 2.00 Gain/risk ratio.
When they will possibly close off the QE valve. People are worried because of the last 4 US jobs reports. Reports were very positive and beat estimates. Last two fed meeting have had sell offs. So people might sell off before meeting and come back to play later in the week.
If price does not rise too much Monday.... Looking at Put options, not a whole lot of open interest on UGA 57's for April. That's deep! So price target would have to be met within next 7 to 10 trading days in order to make some bags.
I see. I think option ETF's might be your best bet. Need to learn how to use your methods and make max profit. That Yen trade netted me a big with FXE calls a few weeks back. Although, that one had higher IV