Trade setup using a protective put on the TZA
3x Bear ETF
Risking about 8% if the trade turns sour.
We had 2 important cross ups today:
- RSI over 45
- Williams %R over -80
Observed bullish divergence
- 100x shares TZA
- 1x July 19th $10 P
May look to collar (sell an OTM call) the position if we reach target.