SPY pullback from $600
Updated
MODs have suggested that I provide more detail about the picks I make.
Sorry. I'm not as verbose as y'all, and I don't like things to be complicated.
My trading plan is very simple.
I buy or sell at top & bottom of parallel channels.
I confirm when price hits Fibonacci levels.
So...
Here's why I'm picking this symbol to do the thing.
Buying calls on SPXU
Buying Puts on SPY
Price at or approaching top of channels (period 100 52 39 & 26)
Stochastic Momentum Index (SMI) at overbought level
VBSM spiked positive
Price near 4.618 Fibonacci level
Buying SPXU or SPY puts when SPY tags $600
Target is $587 or channel bottom
NO STOP LOSS
Will hold to year end or until target reached
Sorry. I'm not as verbose as y'all, and I don't like things to be complicated.
My trading plan is very simple.
I buy or sell at top & bottom of parallel channels.
I confirm when price hits Fibonacci levels.
So...
Here's why I'm picking this symbol to do the thing.
Buying calls on SPXU
Buying Puts on SPY
Price at or approaching top of channels (period 100 52 39 & 26)
Stochastic Momentum Index (SMI) at overbought level
VBSM spiked positive
Price near 4.618 Fibonacci level
Buying SPXU or SPY puts when SPY tags $600
Target is $587 or channel bottom
NO STOP LOSS
Will hold to year end or until target reached
Trade closed: target reached
Closing position at .618 fib retrace. SUCCESS!
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