Dippy Dip!
Updated
So as you can see on the Daily Chart of the SPY we're nearing a Monthly Demand Zone which should be pretty powerful.
I'm using the MACD Indicator on this particular move because you can visibly see the downward movement so there should be a very Bullish counteraction.
This should provide a nice setup for Credit Spreads. When it dips into Demand Zone we should see a nice rally. But remember, the market does everything in two legged moves so trade accordingly. Feel free to ask me any questions. I'm an Options Trader Only so my strategies involve nothing but Options.
Godspeed Traders!
I'm using the MACD Indicator on this particular move because you can visibly see the downward movement so there should be a very Bullish counteraction.
This should provide a nice setup for Credit Spreads. When it dips into Demand Zone we should see a nice rally. But remember, the market does everything in two legged moves so trade accordingly. Feel free to ask me any questions. I'm an Options Trader Only so my strategies involve nothing but Options.
Godspeed Traders!
Trade active
So Yesterday I had sold Put Spreads and today when I saw the little rally I went ahead and placed Credit Spreads on the Call side to make an Iron Condor since I was thinking it might be ping ponging between 440 and 430 for a while. I always play it safe and do around .10 delta on both sides so I have around 90% chance of profit.Around 50% gains I'll close positions.
Godspeed, Traders!
Trade closed manually
Closed the Call side of Iron Condors. It looks like it will rally so I'll just collect Put Spreads.
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