There seems to be a little more risk to the downside at this point as price tests the upper limit of the rising wedge as well as overhead horizontal resistance.
There is currently no price action signal's yet to take a short term direction trade (such as a pinbar, 2 bar reversal, evening star, etc.), but I have continued to reduced my long delta's as a little bit of downside protect in the event that price does drop from this level. If price were to drop the first support level would be the bottom area of the wedge.
There is currently no price action signal's yet to take a short term direction trade (such as a pinbar, 2 bar reversal, evening star, etc.), but I have continued to reduced my long delta's as a little bit of downside protect in the event that price does drop from this level. If price were to drop the first support level would be the bottom area of the wedge.
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I am short this through a short strangle with an extra naked call at 161. Price looked to be trying to break out of the top of this wedge but has since pulled back in. Next thing to do is wait and see.
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Maybe we see a nice little 1-2-3 reversal on the intraday?
