This is a rare weekly chart triangle formation. If the break continues bullish it could run to $54 price target based on the height of the back leg. I'll look at some July - Sep OTM calls and see what the IV and Delta's look like. If this runs it will run for a while. I'll start in small and add if/when the trend builds.
Watching 5/10/22
Watching 5/10/22
Trade active:
Entered on 5/10 with a June +45/-46 vertical call spread.
Added to the position with naked June $45 calls 5/16
Took some profits on 5/18 by closing the vertical spread. Leaving the naked calls until the momentum runs out.
Added to the position with naked June $45 calls 5/16
Took some profits on 5/18 by closing the vertical spread. Leaving the naked calls until the momentum runs out.
Trade active:
Still holding calls. up 45% today. Will take half off at 50% and ride the rest for a bit. Forming a nice Bull Flag on the daily and watching to see how continuation works out.
Trade closed manually:
Bull flag rolled over when I wasn't watching and I took a massive beating. Lesson for the myself and everyone is to take profits when they are there. GREED Kills your account. Naked calls/puts require real time monitoring or hard programmatic stops. Everyone will say what kind of person doesn't use stops.. This guy.... Trading requires good procedures and without a good teacher you need to learn hard lessons on your own. If my loss helps someone learn then I've given something. On to the next trade. A little smarter and poorer.