Staying shrt IWM @ 233.61Lets look at daily stoch red is where I shorted the daily heading down that why. Know lets look daily stoch today and look at bottom green arrow. Look at the bottom BB line on bottomed and sideways, Know looking possibly a bounce back to 200 day 225 Will watch may try get it.
the daily broke the the 100 day 200 day 2 x . Look at vol more red selling then buying.
2nd reason shrt is the weekly heading china trend is down.
233.61 to 212 nice shrt only few shares left.
Comments welcomed.
IWM trade ideas
IWMLooks to me that MM has been running a distribution campaign for nearly 6-7 months now and I expect this to fall to $209. It also failed to hold the Daily channel. I expect this quarter to be an outside quarter...I am very bearish on this ticker. $197 is my target but I will take $209 this December.
Rolling: IWM January 7th 222C/232P to January 28th 219C/231P... for a 2.61 credit.
Comments: Rolling my January 7th 10-wide inverted short strangle out until after the holidays to a 12-wide, but improving the short put strike a smidge. Total credits collected of 16.48, so I'm functionally long the 231's with a cost basis of 231 - 16.48 = 214.52. Put another way, my share price break even is 214.52, so I'll need movement above that level to have it work out.
Closed: IWM December 31st 213/230 Short Strangle... for a 3.37 debit.
Comments: I received a total of 4.98 in credits for the original strangle plus adjustments. (See Posts Below). Closed it out today via order to take profit equal to what 50% max of my original short strangle was. 4.98 - 3.37 = 1.61 ($161) profit.
Closed: IWM December 23rd 222.5/224 Short Strangle... for a 6.39 debit.
Comments: Collected a total of 8.10 in credits for this for the original short strangle plus credits received with various adjustments. (See Posts Below). Closed it out today via good until cancelled order to take profit at what was originally my 50% maximum for the original short strangle. 8.10 - 6.39 = 1.71 ($171) profit.
IWM found the correction bottomIWM coming in with the h on the a trendline support. The h is a pattern that is bullish. IWM touched the .786 fib and took a breather intraday. It is likely to keep going higher, watch 224ish. The RSI is also in a good spot with the trendlines ready to breakout of the downtrend. Looking bullish
$IWM target 201$IWM target 201
Still in the neutral zone, with technicals pointing down.
Let me know your thoughts and what you guys are doing.
Have fun!!
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I usually trade both ways, but lately I’ve been focusing more to the downside because of how high the market is. It makes more sense to sell puts right now, and I’m usually at Target 2.
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I am not your financial advisor, but I will happily answer questions and analyze to the best of my ability but ultimately the risk is on you. Check out my ideas, but also do your own due diligence.
I am not a bull. I am not a bear. I just see what I see in the charts and I don’t pay too much attention to the noise in the news.
Very often you have to look at my charts from the perspective of where I’m looking to sell puts. But I also do open positions still once in a while.
If you want me to analyze any stock or ETF just leave me a comment and I’ll do it if I can.
Have fun, y’all!!
(\_/)
( •_•)
/ >🚀
Small Caps Have Fallen. Can They Get Up?The Russell 2000 small cap ETF attempted a breakout in early November. But momentum soon faded and IWM led the broader market to the downside. Now that it’s fallen, can it get back up again?
The first pattern on today’s chart is the 200-day simple moving average (SMA). Prices rallied from this line in October. This week, they stalled at the same area.
Next, you have a price line around $226.50. This was roughly the level where IWM broke the descending trendline in mid-October. It became more prominent starting on November 24 when the ETF gapped downward. It then remained resistance on Wednesday of this week.
Finally, IWM has consistently lagged the S&P 500 since its big rally a year ago. (See the weekly chart below.) That kind of poor relative strength could make small caps especially vulnerable should the broader market pull back in coming weeks.
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Triple Witching is on 12/17. SPY, QQQ & IWM patterns.Triple witching is the simultaneous expiration of stock options, stock index futures and stock index options contracts all on the same trading day. This happens four times a year: on the third Friday of March, June, September, and December. Because three options classes that could share the same underlying securities expiration all on the same day, it can cause increased trading volume and unusual price action in the underlying assets. Here's the past 4 Triple Witching dates price action patterns for SPY, QQQ & IWM.
SPY:
9/17 -$5.77
Friday to Friday -$9.64
Friday to Monday after -$10.88
6/18 -$7.05
Friday to Friday -$9.28
Friday to Monday after $3.77
3/19 -$2
Friday to Friday -$2.59
Friday to Monday after $2.71
12/18/20 -$3.06
Friday to Friday $4.28
Friday to Monday after -$3.11
QQQ:
9/17 -$4.48
Friday to Friday -$7.40
Friday to Monday after -$12.12
6/18 -$2.71
Friday to Friday $2.27
Friday to Monday after $3.77
3/19 $1.10
Friday to Friday -$.72
Friday to Monday after $6.74
12/18/20 -$.94
Friday to Friday $9.25
Friday to Monday after -$1.14
IWM:
9/17 $.29
Friday to Friday -$2.68
Friday to Monday after -$5.29
6/18 -$2.58
Friday to Friday -$4.39
Friday to Monday after -$5.16
3/19 $1.70
Friday to Friday -$5.05
Friday to Monday after -$1.61
12/18/20 -$.95
Friday to Friday $5.35
Friday to Monday after -$.10
Do your own due diligence, your risk is 100% your responsibility. This is for educational and entertainment purposes only. You win some or you learn some. Consider being charitable with some of your profit to help humankind. Good luck and happy trading friends...
*3x lucky 7s of trading*
7pt Trading compass:
Price action, entry/exit
Volume average/direction
Trend, patterns, momentum
Newsworthy current events
Revenue
Earnings
Balance sheet
7 Common mistakes:
+5% portfolio trades, capital risk management
Beware of analysts motives
Emotions & Opinions
FOMO : bad timing
Lack of planning & discipline
Forgetting restraint
Obdurate repetitive errors, no adaptation
7 Important tools:
Trading View app!, Brokerage UI
Accurate indicators & settings
Wide screen monitor/s
Trading log (pencil & graph paper)
Big organized desk
Reading books, playing chess
Sorted watch-list
Checkout my indicators:
Fibonacci VIP - volume
Fibonacci MA7 - price
pi RSI - trend momentum
TTC - trend channel
AlertiT - notification
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