whiteknightmoving
Long

SPY - Banked $21,250!

AMEX:SPY   SPDR S&P 500 ETF TRUST
I sold the (50) Jan 269 puts for $11.01 (bought at $6.76 on 12/12). Price hit wave 3 target as shown. This is also where wave A=C. I now have calls. I bought (50) Jan 260 calls for $6.65. I am playing the 4th wave up. Either blue trail or red trail. looking for a quick call option bounce. Then continue with wave 5 down to buy zone. Surprisingly, the buy zone is still very close to the last posts for the projected target. If you still have puts and you read this as wave 4 up is happening, I'd hold on to them a bit longer.
I will quickly sell these short term calls and join you for the wave 5 down to the 260 zone! I am very, very short term bullish hence the TV strategy says long.... but I am still bearish on the market until price gets near the buy zone. And as always, these charts are not time projections, but are in fact price projections only :)

Comments

LOL WK, always did love the difference in context between your trades and mine. You banked $20k, while I pocketed around $800 on a similar trade and was thrilled. :-)

And yes, I also flipped to calls at the low about 15-20 minutes ago.
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@nj_guy72, You are a better trader than me bro!
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thanks!
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