About meI am an Option trader , using momentum to determine entry and exit points , usually I stay in a trade for 2 weeks sometimes 3
Beiing an Option trader I like to buy OTM Calls/Puts with at least 8 weeks to exp.
Highly prbabable a Top is made @ 274.81 thus ,making a lower High
Upside momentum runining out of steam , Stochasticas in Overbought territory There is a high probabability IBB will be testing May lows @ 240.30
Sept 265 Puts little OTM @ $9.30 I.V 24.72% , ( @ 12 percentile of its rank ) are cheap ...
]On Daily , Oil violated 23.6% Fib retr.@ 45.58 .Negative momentum makes highly probable that will go down to 41.85
that's 38.2 % Fib Retr.
Hekin Ashi candles with small bodies with wicks and tails makes probable correction to the mean line (Blue ) @ 47 which Stochatisc Osc.is in correlation being Oversold
On a short term basis . Oil is correcting ,
Fib most probable stops @ 47.20 38 %
@ 47.62 50 %
@ 48.02 61.8%
Then it will continue its downward move mos likely breaking the Low @ 45.91
I will be short when OIL shows negative ...