Using 
USO options to trade a 04 Sep 30P, 31C Strangle for about 1.50 a piece. Will exit otm position as well as 25% of itm position once this wedge breaks meaningfully. I do have a bearish bias as it is a rising wedge, but this market never seizes to amaze me, so I do want to remain somewhat neutral and let the price action determine my actions. Might be looking to sell 50% of call position if we retest the upper trend line based on setup of the 
DXY as well as $SPX. Let me know what you think.
USO options to trade a 04 Sep 30P, 31C Strangle for about 1.50 a piece. Will exit otm position as well as 25% of itm position once this wedge breaks meaningfully. I do have a bearish bias as it is a rising wedge, but this market never seizes to amaze me, so I do want to remain somewhat neutral and let the price action determine my actions. Might be looking to sell 50% of call position if we retest the upper trend line based on setup of the DXY as well as $SPX. Let me know what you think.Trade active
Got in strangle at 1.44. 0.68 04 Sep 31C
0.76 04 Sep 30P
Trade closed manually
Failed to break soon enough, all rips were sold and all dips were bought, would've been better to trade the heavily defined range on the 4hr rather than looking for a significant break in hindsight. Learning.Note
Had I been more patient, let wedge get tighter then take the strangle, could've had a nice profit. Right idea but wrong timing & you need both to make money in this market!
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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.