I bought puts Friday afternoon with stock around 198.30. The dashed line on chart connects closing points, and the yellow solid line connects lows. This line has not yet been touched yet, but I think it will. It could be next week if there is a final selloff before a bigger rally, or it could be a few weeks from now.
I will exit my puts before close if I don't like price action before close. Another option is to enter on Monday if setup looks good. If FB goes up to 210 first I will watch for an entry for price to reverse down to the yellow line.
I will exit my puts before close if I don't like price action before close. Another option is to enter on Monday if setup looks good. If FB goes up to 210 first I will watch for an entry for price to reverse down to the yellow line.