CWEB Weekly Options Play
Updated
Description
CWEB has been working it down from its ATH since FEB of this year, and has gotten stopped up in the congestion pattern.
I have been watching it to pick a direction to enter a position and it looks like it finally has broken to the downside.
I have been using Long Puts in all my short positions because I do not want to cap my downside potential to leave it open for fat tail scenarios in the current market environment.
Call Debit Spread
Levels on Chart
SL > 17.5
This level marks an all-time low in the security.
*Stops based off underlying stock price, not mark to market loss
The Trade
BUY
12/17 16P
R/R & Breakevens vary on fill.
The long call is placed ATM for highest chance of profit at expiration.
12/17 is all I'm willing to go with for expiration because I do not want to pay the extra premium to push it out to January.
Manage Risk
Only invest what you are willing to lose
CWEB has been working it down from its ATH since FEB of this year, and has gotten stopped up in the congestion pattern.
I have been watching it to pick a direction to enter a position and it looks like it finally has broken to the downside.
I have been using Long Puts in all my short positions because I do not want to cap my downside potential to leave it open for fat tail scenarios in the current market environment.
Call Debit Spread
Levels on Chart
SL > 17.5
This level marks an all-time low in the security.
*Stops based off underlying stock price, not mark to market loss
The Trade
BUY
12/17 16P
R/R & Breakevens vary on fill.
The long call is placed ATM for highest chance of profit at expiration.
12/17 is all I'm willing to go with for expiration because I do not want to pay the extra premium to push it out to January.
Manage Risk
Only invest what you are willing to lose
Trade active
Filled @ 1.01Trade closed manually
1 DTE tomorrow, went ahead and closed out.Filled @ 2.85, +182%.
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