C has been getting beat down like all the other banks have over the last week or two and I think its time they bounce. Chart shows a decent support around $67.67 and we have Fed Bank Stress Test Results coming up on JUNE 24th which would allow for banks to increase / reintroduce dividends and also start stock buybacks again if they are cleared. I think this could be a big bullish move for banks and the R/R for me is looking nice. RSI also beat down heavily on the daily timeframe and C doesn't stay oversold for long without a bounce. I ENTERED 9/17/2021 $82.5 Calls today for 0.45 to be transparent with everyone. I want to see this thing back up towards $80 but I will be scaling out profits on the way up and my stops are tight under $67.67 until I make my contracts free then I will let them run.
FEEL FREE TO ENTER CLOSER TO THE MONEY AND SET UP YOUR OWN TRADE PLAN FOR THIS IF YOU LIKE IT.
SL: Under $67.67
REMEMBER NEVER ALL IN YOLO ON TRADES AND NEVER JUST HOLD AND HOPE SOMETHING WORKS OUT! HAVE A PLAN, TRADE YOUR PLAN, AND IF IT DOESN'T WORK MOVE TO THE NEXT TRADE AND FIND WHAT YOU CAN DO BETTER. TRADING IS A LONG GAME AND NOT JUST A GET RICH QUICK SCHEME.
THIS IS NOT FINANCIAL ADVICE AND I AM ONLY SHARING WHAT I AM DOING AND MY IDEAS!
Note
Amazing play called here. C bounced a pretty big amount already and gave nice profits on all option contracts. Personally scaled most out and left a few runners to see where it can go but this was a great bounce trade. REMEMBER TO NEVER LET A GREEN PLAY TURN RED. MOVE STOP LOSSES UP AND MOVE TO THE NEXT TRADE.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.