NFLX low risk trade - Weekly resistance line - 2/21/20, 350 puts
NFLX is trying to push over the weekly resistance line (red). On the daily, today's candle is pushing out of the channel (yellow lines on chart) and filling gap from July. If stock is to fail at resistance then price should fall over next two weeks. I will exit trade before 2/15. On weekly, 10sma is at 333 and 20sma is at 310, so I like reward to risk
TRADE: bought 2/21/20 350 puts at $4.50 - not sure how high stock might push up, so closing half position today with $3.50 stop limit in place.
TRADE: bought 2/21/20 350 puts at $4.50 - not sure how high stock might push up, so closing half position today with $3.50 stop limit in place.
Trade active:
Removed today's stop limit. Will update exit plan based on Wednesday's price action. Need price to close back below weekly resistance line to keep trade open.
Trade active:
I added more puts this morning. On 30m chart, stochastic %K has moved down sharply and I am looking for a move down to 20sma. Ultimately I want to see the daily candle back below the upper channel line (in yellow) today or tomorrow.