$SPY
Earnings Season Kick Off !!
The trade I'm in its a bearish trade using a Debit Put Spread to keep THETA under control and hold the spikes if any.
$SPY
-100 X FEB 17 / 36 DTE / 370 PUT (SELL LEG)
+100 X FEB 17 / 36 DTE / 380 PUT (BUY LEG)
MAX LOSS = -$14,900
MAX PROFIT = +$85,100
*The goal / target is to collect at least 65%-70% of max profit around...
TP1> If we manage to Trade/Bid above MAIN POC 3863,
we can go for 3830 > 3841 > 3862 (Range POC) > 3878 > 3913.
>To the upside, the level I'm looking it right now is the 3860, that's the POC of those last 13 days, we need to trade/bid above so we can try to break the LIS 3913/3915, where BULLS are losing the battle.
TP2> If we manage to Trade below MAIN POC...
TP1> If we manage to Trade/Bid above Main POC 3860,
we can test 3874 > 3886 > 3905 > 3914 (LIS) > 3934 > 3960
TP2> If we open/bid below Main POC 3860,
we can dive back to 3850 > 3833 > 3800.
*We are gapping up already above 3874 and 3886, heading towards 3905 > 3914 (LIS).
