Mid May Fractal - Showing Legitimate Breakout

Two weeks ago I was a bit unsure of the direction. But as last week went on, I saw that the price action was similar to the May 22 consolidation above the breakout leading into continuation to much higher. Price was at around 312 and I looked for that 310 entry point to land some 7/13 320s and 7/17 325s which I was able to get on Wednesday. Unfortunately we pushed sideways for two days before the end of day rally, which should not have been a surprise considering May 22 was a Friday as well.

The similarity is unreal. The fractal looks spot on. The target from the fractal would be 340, likely by 7/24. I added some 340s but 8/21, just to give myself some extra time. Likely too much time and unnecessary.

Looking for a 323-325 top tomorrow before a strong pullback to retest 318-320. That will be the best possible buy point for the extended run towards higher highs here with possible target of 340.

تم فتح الصفقة:

تم فتح الصفقة:

Purchased
Spy 7/13 $320 strikes - price of purchase $0.38 each
Spy 7/17 $325 strikes - price of purchase $0.45 each

As of Friday

7/13 $320 strikes - now $0.55 each
7/17 $325 strikes - now at $0.74 each

Added 8/21 $340 strikes - price of purchase $1.17 each, now $1.39 each.
These probably should have been 7/24. But I wanted more room to breathe.

تعليق:

See related idea for my thought process leading into this play last week.

تعليق:

Closed the 7/13 $320 strikes for $1.30 a pop.


Still holding
7/17 $325 currently at 1.34 each
8/21 $340 currently at 1.96 each

تم إغلاق الصفقة يدويًا:

Things didn't play out as planned with timing. Still have a shot at reaching the $340 by 8/21 but decay is really brutal these days. 8/21s are now only 1.79 each.

All that price movement, but taking too long and flattening causing a loss of profit.
Will post new chart shortly.