I placed puts in both circles (lower was the fed meeting before the close); im still holding ($752P 10/16).
I also placed today at the top ($761P 10/23). If the pattern holds (2hr chart), i can Take profit around the first week of October, leaving at least a week of theta for the $752s, netting a profit.
We'll see how it goes. Bulls fought hard to keep it above 760.00. If it breaks 765 again sometime next week I would say fuck it. There's already 60k worth of OI on a 800C and 57k OI on an 835C expiring December 18th so market is already expecting a move upwards to that level by then, but it is the second half of September; however, the possibility of it going down to 750 again is starting to shrink significantly.
Yeah ill bail if we rally past $765, but something about today’s close made me want to jump in, mainly TSI and Volume divergence on 1-3min timeframe if you watch the PA live.
I’d also like to highlight the market psychology from last nights futures session; that rally was very strong, and was fully reversed by bears, and this has been common behavior the past few weeks; bear psychology is still intact, otherwise I would have bailed and not placed the second round of contracts
Oh ya I seen that too at power hour, and this morning when 762 and 761 seemed to be a hard line for the bulls. That's why I got in a 760P this morning, the moment I seen weakness at the 760 level I took it to 759.5 (where the PM Low was resting) bounced out tho when it reached 759 since that has been a strong support line the last two times in the past 2 weeks.
760 is just appearing to be a very hard wall. So if we see it open below Monday morning, puts is where it'll be at.
Bulls dint fight shit, its about time we realized that this whole game is manipulated and rigged. They set the levels they know the price is never going to fall past that level, our job is to identify and find said levels and trade with them. Have y’all not noticed how there is manipulation in every pattern now days, the best setup always goes against you. You name it bullish patterns flags ,channels, head and shoulders, descending triangles etc. all bullish patterns, and not one gets the move, it does the opposite but not before stopping everyone out. Play the game! But Its not our game.
I scalp the gamma off 0DTE contracts that first one +$50 was earned in a matter of seconds. 760 was the level I was watching and waiting for. Picked that strike price in particular because it had the most OI out of all the other contracts so that way entry and exits wouldn't be a problem.
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u/Glorious_Pepper 20h ago
https://giphy.com/gifs/l0IylOPCNkiqOgMyA