Monthly Income Series IWM
Updated
Our IWM has been sideway for many months.
In view of market situation currently, we should have a last wave of uptrend and the heading south.
So for now, I will still stand my view for IWM as slight uptrend will stronger sideway for short term view.
From the chart, as usual i will most based on my Ta analysis, by drawing channel trend line, as well as Fib Retracement
which has proven it work for IWM for the past 4-5 months.
While i am waiting my previous monthly income series analysis on IWM, to expect IWM July options to expire OTM in 2 weeks time,
with next monthly options August options DTE in around 40 days time, i would like to enter my trade on IC on IWM on below:
STO Bear Call Spread 145/147
STO Bull Put Spread 135/133
forming IronCondor for Aug options @ $0.64, with BPE a contract of $141 with DTE 42 at the point enter,
it worked out a good ROI per day.
In view of market situation currently, we should have a last wave of uptrend and the heading south.
So for now, I will still stand my view for IWM as slight uptrend will stronger sideway for short term view.
From the chart, as usual i will most based on my Ta analysis, by drawing channel trend line, as well as Fib Retracement
which has proven it work for IWM for the past 4-5 months.
While i am waiting my previous monthly income series analysis on IWM, to expect IWM July options to expire OTM in 2 weeks time,
with next monthly options August options DTE in around 40 days time, i would like to enter my trade on IC on IWM on below:
STO Bear Call Spread 145/147
STO Bull Put Spread 135/133
forming IronCondor for Aug options @ $0.64, with BPE a contract of $141 with DTE 42 at the point enter,
it worked out a good ROI per day.
Trade active
The trade went well, although it do hit new high on 26 July,but it is now back tot he range that we predicted.
3 more weeks to go, and hopefully the trade expiry OTM.
Trade active
The trade went well, it continue its bearishness within the zone we are comfort with. With the current price of $139.96 at 03-08-17 12:24, our options risk graph has sit peacefully at the centre of "Goal Post", with 16 days left to expiry, i am very confidence the trade will collect max premium by expiry OTM.Current market outlook for IWM, expect sideway and bearish for this week, and reversal should happen next week. Just be cautious if Dow hit 22k, there might be a bearish sign to form after that.
Note
Using Fibonacci Retracement, Support at 137.23Using Sonics R Mastery method, Support at around 138 zone
Using Trend line: Support level by 18 Aug 3rd week of month 137.72
So in view on this i would say our sell leg $135 is pretty ok, for now.
Trade active
We are very close to our target, which is stay above $135,with 4 days to go.
Trade closed manually
I closed my Vertical Put Spread 135/133 by give up full premium and pay a little commission to avoid any unforseen although the options is about to expiry by tomorrow.I will leave my Vertical Call 145/147 expiry OTM.
overall this trade still profitable with 80% premium collected.
Important is to keep myself sleepless tonight and dont even bother to look at this old trade tomorrow. Better to focus to look for new trade opportunity.
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