drawing a channel, we are currently at a supply line.
In the last hour, SPY has been hitting resistance at the supply line.
I decided this is a good position to go short.
The risk, there may be supply at 190.5 area, the most recent low.
VIX is high enough for me to take a strike 7 points away at 200 for 1.53
I could have went farther to a less risky strike for my usual .86 (204/209), however I think there will be resistance at 200-201 area.
And I am feeling greedy.
Trade went against me at first, gapping out of the channel, rallying to the previous gap at 195. Essentially filling the gap, then returned to the channel.
Currently teasing possible support at 187.4.
If there is no support, we will possibly see next support at 181.
1. How can I make more money from winners?
2. How can I lose less money from losers?
3. How can I get more trade ideas?