Hey Traders,
Another weekly SPY update!
--Weekly Trading Update--
Prior week consisted of only two trades - each one was a put vertical spread favoring the long side, one in SPY the other QQQ. All trades ended profitable with 9% avg gains.
Trading Changes
--TA Update--
Currently hugging the upper Bollinger just under 2 standard deviations out.
High probability this will want to touch the 20day MA again before hitting ATH next.
Z-score confirms how many standard deviations it is out. - Bullish
Vortex - JUST appeared Bearish, weekly likely just began to appear bearish
ICH - Neutral/Bullish (Positive that the short term moving average remained constant)
Oscillators - overbought, but can remain at these levels a long time
Moving Averages - Bullish
Volume - Weak (Can continue to drip up to ATHs)
Vix continues to coil down - I am currently having theta work for me! This high probability of profit is what has lead to the 3-week hot-streak, not a single negative trade!
--Current Trading--
Long in another put vertical spread on QQQ - Fibonacci speed fan makes evident the melt up is slowing down.
Another weekly SPY update!
--Weekly Trading Update--
Prior week consisted of only two trades - each one was a put vertical spread favoring the long side, one in SPY the other QQQ. All trades ended profitable with 9% avg gains.
Trading Changes
- Only trading off indices/es indices (Not focusing on any individual equities or commodities)
- Only trading options - Switched to a broker that specializes in options/futures (No more spreadsheets!!)
- Only entering ONE trade at a time
- Never entering a position with greater than 5% of my entire account size
- Risk mitigation with smaller trading positions has enabled me to focus less on the market and stomach volatility as I wait for a winner & premium selling gains.
- Not entering trades with a probability of profit of less than 65% - I am in the speculation business, not the gambling business.
--TA Update--
Currently hugging the upper Bollinger just under 2 standard deviations out.
High probability this will want to touch the 20day MA again before hitting ATH next.
Z-score confirms how many standard deviations it is out. - Bullish
Vortex - JUST appeared Bearish, weekly likely just began to appear bearish
ICH - Neutral/Bullish (Positive that the short term moving average remained constant)
Oscillators - overbought, but can remain at these levels a long time
Moving Averages - Bullish
Volume - Weak (Can continue to drip up to ATHs)
Vix continues to coil down - I am currently having theta work for me! This high probability of profit is what has lead to the 3-week hot-streak, not a single negative trade!
--Current Trading--
Long in another put vertical spread on QQQ - Fibonacci speed fan makes evident the melt up is slowing down.
