Description
WMT double rejection off 152 along with converging MACD looking bearish.
This is a re-entry from a related idea.
Using A put debit spread, because profits are always limited by time.
Put Debit Spread
Levels on Chart
SL > 152
*Stops based off underlying stock price, not mark to market loss
The Trade
BUY
11/26 149P
SELL
11/26 135P
R/R & Breakevens vary on fill.
The long call is placed ATM for higher chance of profit,
The short call is placed at the 135 support level .
Earnings on 16NOV are a risk factor
Manage Risk
Only invest what you are willing to lose
WMT double rejection off 152 along with converging MACD looking bearish.
This is a re-entry from a related idea.
Using A put debit spread, because profits are always limited by time.
Put Debit Spread
Levels on Chart
SL > 152
*Stops based off underlying stock price, not mark to market loss
The Trade
BUY
11/26 149P
SELL
11/26 135P
R/R & Breakevens vary on fill.
The long call is placed ATM for higher chance of profit,
The short call is placed at the 135 support level .
Earnings on 16NOV are a risk factor
Manage Risk
Only invest what you are willing to lose
Trade active
Filled @ 2.73.Trade closed manually
closed @ 1.7, -37%. Crazy volume spooked me out of the position.Note
Picked up 11/12 149P's @ .82 to catch the momentum shift on the MACD. 2 DTETrade active
Filled 148/135Ps @ 2.64.Note
Filled the 11/12 149P's @ .89, +8.5%. not a swift enough reaction to keep the capital in this position at risk.Trade active
The candle today is okay, I am just concerned about this being a holiday week. Generally, for tomorrow:
A bullish candle tomorrow will mean a close out.
A bearish candle will mean a roll.
I may just close this out anyways, as our position has a price target of 135, and we'll now be trading the middle of the range, where it could chop for 1 to 3 weeks for sure.
Trade closed manually
Closed @ 3.29, +25%.I opted to just close out and not wait around for the market to pick a direction while WMT sits in the middle of the range.
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Disclaimer
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.
Related publications
Disclaimer
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.