Im opening a call position here and will close if the channel breaks.
I'm closing half my position here, which garanty me a break even at worst.
We already closed half the position for 100% profit. The 260 breakout occurred this morning. This is what we are looking at for the remaining.
Something to watch carefully; I talked about money moving from bonds to stocks and vice-versa. So, we had a breakdown in #TLT this morning but now the gap filled and the support is being tested. If it was to hold and bull, SPY would likely fall.
SPY is in a wedge; could be a flat day. Still early, but the last 15 minutes could tell us the direction for tomorrow.
I'm opening a small put position with today expiration (very risky). I just wanna play the wedge, i remain long for the end of the week unless channel is broken.
Stop loss. I closed my day trade (puts) on SPY. -25%
Trade closed manually:
I closed the remaining of the position.
Half @ +100%
Other half @ +117%
Return on trade: +108.5%
@tipere445, I think we gonna close the gap from Monday with another gap up on Tuesday- an Exhaustion Gap. I been waiting for this since last week. Good chance for you to close for a tidy trade. I'll add to my position and wait for it to backfill. Most of these gaps been getting filled same day, but we got a big one 8 Jan still begging to fill. Notice the futures prices are trading up to last week's high, same prices we had a few days back- churning, no real advance. It will pullback. It is a bear flag.
@DaddySawbucks, yes i see that. I'm taking a shot here. Being on the channel, worst case scenario is big gap down open, but it's always like that with options! I like the idea because it is a no brainer; channel breaks i close, otherwise i hold.