I was way late to the party buying puts today because I thought it'd bounce when my futures indicators hit oversold, but I did catch part of the initial drop, and then re-entered the trade when SPX broke support and financials lagged a bit.
Figured XLF had to also make a new low, and the "h" pattern gave me a target around $49 - $49.05 so I flipped my puts there.
If indicators don't work, you gotta go with chart formation. That's the best you can do....
Figured XLF had to also make a new low, and the "h" pattern gave me a target around $49 - $49.05 so I flipped my puts there.
If indicators don't work, you gotta go with chart formation. That's the best you can do....
Note
I also said it would back test the previous support, and it did. I did not go long though.
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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.