Short positions on PE side once the market settles after initial upmove. Expect R2 to be tested later in the day.. 2nd half would be more appropriate to take advantage of theta..
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The upmove has now stalled and correction is more sideways than really a proper solid move down. Expect a retest of the day high and that will dictate move up or move down back to the gap. Volumes are still +ve inline with the trend
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Gets ready to retest day high.. Breakout of day high can trigger move to R2. If Retest fails it will be a sideways till mid day before next move breaking down/breakout gets triggered.
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1st retest of day high.
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Retest failed.. Forming a Cup and held. Have created a Bullish strangle (Bias towards higher PE premium) to play Theta and any delta move in line with trend for the later part of the day. Exit if SL hits or adjust PE if market moves to fill gap down.
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Broke one High, now a nice VCP has formed. Expect further move up. My CE position hit SL. Moved PE to Cost. Theta hasnt really kicked in so far. Its been more in line with the delta.
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Personal opinion.. sellers are losing steam..However I have been wrong before :) Stick to my trend earlier.
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So first target for the day is 40700.. Hoping 40800 is hit by EoD. 39700PE has decayed from 89 to 75.. Lets see where this heads
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Decay now at 71.. Moved SL to 75..
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Big Red Candle :) hit my Trailing SL and out of the trade. Still tracking to see where this heads.. Volume on the reversal is key.. Check 15 mins candle..
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Reentered 39700PE at 73.5 and it has decayed. Inching to 40700.. above 40600 now.
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Touched 40691.. See some exits.. I think 40700 should be taken out.. Trailed SL to 65
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SL hit.. Done for the day. 25 points since the afternoon. 10 points from Target. Not a bad day..
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Before i close..Expect another Trending day on Monday.. This time on the PE side unless offcourse something crops up over the weekend.