Wedge Formed

10 mars 2021

There is an important level at around 390 that forms the top of the Wedge along with the higher highs and higher lows forming the upward line.
I believe it might pop all the way to 395-398 and then take a steep drop from the people collecting profits and then the stops kicking in so you'll likely see a double legged drop. Demand Zone spotted at around 378 so I would think that would be the bottom but would be cautious. I do mostly Options Swing Trades within a day or two.

11 mars 2021

Trade fermée manuellement

I closed my position as I believe we'll see a big pullback and Theta was eating away my contracts. Made a quick little swing scalp for profit. This is a good opportunity for the bears to do a scalp as well but it might backfire since all the other bears might hit their stops and thus creating a short squeeze which will cause the market to climb higher and then correct itself. I'm waiting for it to drop so I can make another entry. Godspeed everyone!