Looking to buy puts to what looks like a lowered block sell limit.
Previous 413.7 fewer points look to be filled and the block is being lowered to 412.85 fills.
Looking for 413 puts at 412.85-413.7 level for rejection.
We are currently in a sort of price discovery since we are below yesterday's close and yesterday had an extremely low bottom that could be searching grounds for real bottom. I don't want to get into the short too low in worry it will come and test 412.85 block sellers.
Will watch premium activity and order flow.
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Could've played open straight puts and got away with a 100% return but we weren't at the sell zone block so I decided to wait. Due to waiting, we came down to the buy zone and I went long with calls @ 410.6 area.
Could have averaged into the position better around 410 but that was below buy zone so I used up my liquidity