Unless price opens below $113.03, WM is ready. Put Credit Spread
on Weekly view with price breakout.
Pattern is repeating in WM , flat bottom ( ). I like this sign.
Cross on Daily view.
Cross on Weekly view is guaranteed IMO .
Price is already above 10WeekMA with buy signals on Daily and Weekly.
Only cons :
- 2 gaps below current pattern. We aren’t keeping anything long. :)
-Monthly options only, no weeklies. Plan accordingly.
Looking at 1/17 Expiry. Put Credit Spread. 110/115 strikes. POP 66%. Risk $345. Reward $155.
Not the best risk/reward. But I like the pattern and Cross/10Week price cross on Weekly - this is money in the bank 9 out 10 times.
Stop loss at $112.50
Must exit before expiry. Hold maybe a week. Exit at 50% profit, gap fills, or your risk tolerance.
Debit Spread vs Credit Spread –Bullish Call Debit Spread everything the same would have risk $365, reward $135. This is the reason credit spreads beat debit spreads almost always. You risk less and make more with higher POP (probability of profit).
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I am not a financial advisor. My comments and reviews are based on what I do with my personal accounts.
I am transitioning to my new website https://www.moneypatterns.com and have updated my name previously jbird7839. Same guy - new name. :)
Website will be ready for launch mid-January 2020. Thank you for your patience while I try to juggle everything and maintain the same standards.
Disclosure - I am long BTCUSD , GBTC . Short term GDX , SMH , SPXS
Good news - Bullish trend still next on Weekly. Everything still in play, just on hold.