UBER Weekly Options Play
Updated
Description
UBER began its bear market after the break in the major trendline July. It has now broken through major support established from the ascending triangle that was built in MAR - NOV timeframe of 20' and was also tested in SEP of 21'.
The break through 38 is the signal for the entry, and also the stop loss for the position.
Using long puts to leave the downside open.
The level of the VIX right now is my primary concern in opening long option positions. I consider all of my positions risky, and manage risk accordingly.
Long Put
Levels on Chart
SL > 38
PT : 33*
*Stops based off underlying stock price, not mark to market loss
The Trade
BUY
12/17 34P
R/R & Breakevens vary on fill.
*At 33 I will take profits, and roll to OTM puts.
The Long put is placed OTM for higher profit percentage, but before the target price for max chance of success by expiration.
Manage Risk
Only invest what you are willing to lose
UBER began its bear market after the break in the major trendline July. It has now broken through major support established from the ascending triangle that was built in MAR - NOV timeframe of 20' and was also tested in SEP of 21'.
The break through 38 is the signal for the entry, and also the stop loss for the position.
Using long puts to leave the downside open.
The level of the VIX right now is my primary concern in opening long option positions. I consider all of my positions risky, and manage risk accordingly.
Long Put
Levels on Chart
SL > 38
PT : 33*
*Stops based off underlying stock price, not mark to market loss
The Trade
BUY
12/17 34P
R/R & Breakevens vary on fill.
*At 33 I will take profits, and roll to OTM puts.
The Long put is placed OTM for higher profit percentage, but before the target price for max chance of success by expiration.
Manage Risk
Only invest what you are willing to lose
Trade active
Filled @ .92Trade closed: stop reached
Filled @ .45, -51%.Trade active
Re-entered w/ 12/31 35Ps @ .75.Trade closed manually
Got even today before the FOMC, liquidated most shorts.Filled @ .53, -29%.
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