Prestigetraders
SPY SWING TRADE $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 +$55,000
- When you use this strategy your MAX LOSS is capped, so even if SPY jump 100% the MAX LOSS is the SPREAD that I already PAID, so all we can do is HOLD and see if SPY during this 36 days can pull back to test the lows or just stay under $378.50 by Expiration Day for BE.
TRADE PLAN 01/06/2023 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 3830,
we can visit 3826 > 3800 > 3787 > 3766.
>To the downside, the level I'm looking is 3826 (RANGE VAL), as we are already trading below 3960 12 days POC, so once we confirm below 3824, we have to break lower to find strong sellers to push below 3800, where BEARS are losing the battle.
* We are trading in this 100 points RANGE from 3800 to 3900 levels for the last 13 days or about 2 weeks,
I would say that the market structure are balanced, looking for stronger BUYERS or SELLERS around the VALUE AREAS.
Below is my previous comment from yesterday:.
For now no direction in the markets, just range trades, we should break anytime soon out of this BOX, and I was hoping that today with FOMC minutes we could go search some new levels, out of balance, but...
Mr Market had other plans, so for now lets trade the levels and see how it goes by Friday NFP.
>As we didnt break the RANGE, now its a matter of one single REPORT, NFP by tomorrow 8:30am, there's only one way to make money tomorrow, and the way is to be IN ALREADY !! The movement will be soon, and the TRADE will make it or break it bt 8:30am and will set the tone for the following weeks for a BEARISH or BULLISH continuation.
>I'm using $IWM PUT DEBIT SPREAD with 43DTE for my BEARISH BET, this is kind of a LOTTO PLAY, because the TRADE will be moving a lot in one direction, the advantage here is that if its a fake out UP, I have 43 days to manage and decide what to do with it... If you want to take a trade now, you would have to go with FUTURES, or FUTURES OPTIONS using GLOBEX .
#tradesafe #sizekills #justonemoretrade
Trade Plan 12/27/2022TP1> 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).
