Found a repeating pattern starting to form. 2/21 bull flag to full form on 2/29 and bounced off the $504.50 support and continued to run for a couple weeks. A few key things to look out for to confirm a buy for me: - PA hits $519.50 and holds - Wait for squeeze meter bar to engage (Black plus sign) - Holds trend line
Just a reminder, we are hitting ATH on AMEX:SPY weeks in a row and could be a medium to high risk play depending on the value on your options that you buy. IF my checklist hits the I am looking for at least 2 weeks EXP.
Trade active
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It does look like price hit support in pre-market and bounced. Waited all day to see if it would revisit but looks to be holding up. One of my key indicators still has not activated (BLACK PLUS on meter) but decided to get a small position for small risk. May load more if that last indicator decides to show. $535 C 04/05 exp
Trade closed: stop reached
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Starting to smell like Bullsh!t haha. Crazy dump in the afternoon. Broke the $519.39 support and triggered my stop. Had a feeling since my last indicator didn't hit (Still no black plus). Will continue to watch and see if bounces back into trend line. Could be a set up for shorting.
@Luck264, I wouldve just followed the fibs, however, it looks like somethings changed in premarket that is making me aim to buy calls. Only concerning thing is that the PA fell out of trendline. Going to wait to see where the PA bounces around to today.