IWM trade ideas
Rolling: IWM January 7th 222C/232P to January 28th 219C/231P... for a 2.61 credit.
Comments: Rolling my January 7th 10-wide inverted short strangle out until after the holidays to a 12-wide, but improving the short put strike a smidge. Total credits collected of 16.48, so I'm functionally long the 231's with a cost basis of 231 - 16.48 = 214.52. Put another way, my share price break even is 214.52, so I'll need movement above that level to have it work out.
Closed: IWM December 31st 213/230 Short Strangle... for a 3.37 debit.
Comments: I received a total of 4.98 in credits for the original strangle plus adjustments. (See Posts Below). Closed it out today via order to take profit equal to what 50% max of my original short strangle was. 4.98 - 3.37 = 1.61 ($161) profit.
Closed: IWM December 23rd 222.5/224 Short Strangle... for a 6.39 debit.
Comments: Collected a total of 8.10 in credits for this for the original short strangle plus credits received with various adjustments. (See Posts Below). Closed it out today via good until cancelled order to take profit at what was originally my 50% maximum for the original short strangle. 8.10 - 6.39 = 1.71 ($171) profit.
IWM found the correction bottomIWM coming in with the h on the a trendline support. The h is a pattern that is bullish. IWM touched the .786 fib and took a breather intraday. It is likely to keep going higher, watch 224ish. The RSI is also in a good spot with the trendlines ready to breakout of the downtrend. Looking bullish
IWM support defendedToday IWM dipped once again into the support zone.
This zone has been defended for over a year now.
Every time we come down here, price rejects and run towards the upside of the channel.
For those who trade rangebound, this is a great R:R trade !
IWMFailure of that 210 range could start an ABC style correction down to the 195 range. Possible support at longer term AVWAP.
IWM IWM monthly candle study. Each red arrow marks a month where close was 10%> below high of the month. Not a pretty picture.
EW wave count on IWM Good luck counting waves on this mess .... anyway here is my take: looks like we are in wave 4 and expect more downside pressure until year end then on January wave 5 rally into the summer !
wishful thinking ??
$IWM target 201$IWM target 201
Still in the neutral zone, with technicals pointing down.
Let me know your thoughts and what you guys are doing.
Have fun!!
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I usually trade both ways, but lately I’ve been focusing more to the downside because of how high the market is. It makes more sense to sell puts right now, and I’m usually at Target 2.
——————
I am not your financial advisor, but I will happily answer questions and analyze to the best of my ability but ultimately the risk is on you. Check out my ideas, but also do your own due diligence.
I am not a bull. I am not a bear. I just see what I see in the charts and I don’t pay too much attention to the noise in the news.
Very often you have to look at my charts from the perspective of where I’m looking to sell puts. But I also do open positions still once in a while.
If you want me to analyze any stock or ETF just leave me a comment and I’ll do it if I can.
Have fun, y’all!!
(\_/)
( •_•)
/ >🚀
IWM Get Through and Possible Double TopIWM can create a lower high low with a move to hold 220 tomorrow. Has some work to do to get over $227, but if we do it can gap fill to 228.54. Lets see if they want to double top IWM.
IWM Dec 13thPossible BTD play to ride it back up towards top of weekly bull flag resistance & gap fill
Small Caps Have Fallen. Can They Get Up?The Russell 2000 small cap ETF attempted a breakout in early November. But momentum soon faded and IWM led the broader market to the downside. Now that it’s fallen, can it get back up again?
The first pattern on today’s chart is the 200-day simple moving average (SMA). Prices rallied from this line in October. This week, they stalled at the same area.
Next, you have a price line around $226.50. This was roughly the level where IWM broke the descending trendline in mid-October. It became more prominent starting on November 24 when the ETF gapped downward. It then remained resistance on Wednesday of this week.
Finally, IWM has consistently lagged the S&P 500 since its big rally a year ago. (See the weekly chart below.) That kind of poor relative strength could make small caps especially vulnerable should the broader market pull back in coming weeks.
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Triple Witching is on 12/17. SPY, QQQ & IWM patterns.Triple witching is the simultaneous expiration of stock options, stock index futures and stock index options contracts all on the same trading day. This happens four times a year: on the third Friday of March, June, September, and December. Because three options classes that could share the same underlying securities expiration all on the same day, it can cause increased trading volume and unusual price action in the underlying assets. Here's the past 4 Triple Witching dates price action patterns for SPY, QQQ & IWM.
SPY:
9/17 -$5.77
Friday to Friday -$9.64
Friday to Monday after -$10.88
6/18 -$7.05
Friday to Friday -$9.28
Friday to Monday after $3.77
3/19 -$2
Friday to Friday -$2.59
Friday to Monday after $2.71
12/18/20 -$3.06
Friday to Friday $4.28
Friday to Monday after -$3.11
QQQ:
9/17 -$4.48
Friday to Friday -$7.40
Friday to Monday after -$12.12
6/18 -$2.71
Friday to Friday $2.27
Friday to Monday after $3.77
3/19 $1.10
Friday to Friday -$.72
Friday to Monday after $6.74
12/18/20 -$.94
Friday to Friday $9.25
Friday to Monday after -$1.14
IWM:
9/17 $.29
Friday to Friday -$2.68
Friday to Monday after -$5.29
6/18 -$2.58
Friday to Friday -$4.39
Friday to Monday after -$5.16
3/19 $1.70
Friday to Friday -$5.05
Friday to Monday after -$1.61
12/18/20 -$.95
Friday to Friday $5.35
Friday to Monday after -$.10
Do your own due diligence, your risk is 100% your responsibility. This is for educational and entertainment purposes only. You win some or you learn some. Consider being charitable with some of your profit to help humankind. Good luck and happy trading friends...
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Volume average/direction
Trend, patterns, momentum
Newsworthy current events
Revenue
Earnings
Balance sheet
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+5% portfolio trades, capital risk management
Beware of analysts motives
Emotions & Opinions
FOMO : bad timing
Lack of planning & discipline
Forgetting restraint
Obdurate repetitive errors, no adaptation
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Accurate indicators & settings
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Big organized desk
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Sorted watch-list
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IWM 12/10 Looks to be headed back to that split channel which aligns with 216 Fibonacci level.. If we fall below there the next supports are 211 and then 204
$IWM target 201$IWM target 201
Target 1 was hit beautifully… so taking it out onto the 1W 5Y chart target 2 looks like a nice place to sell puts at this time. I would happily start a position there. Right now it’s kind of in the neutral zone, but technicals are pointing to down.
Let me know your thoughts and what you guys are doing.
Have fun!!
——————
I usually trade both ways, but lately I’ve been focusing more to the downside because of how high the market is. It makes more sense to sell puts right now, and I’m usually at Target 2.
——————
I am not your financial advisor, but I will happily answer questions and analyze to the best of my ability but ultimately the risk is on you. Check out my ideas, but also do your own due diligence.
I am not a bull. I am not a bear. I just see what I see in the charts and I don’t pay too much attention to the noise in the news.
Very often you have to look at my charts from the perspective of where I’m looking to sell puts. But I also do open positions still once in a while.
If you want me to analyze any stock or ETF just leave me a comment and I’ll do it if I can.
Have fun, y’all!!
(\_/)
( •_•)
/ >🚀
Opening (IRA): IWM January 21st 200 Short Put... for a 2.35 credit.
Comments: Premium is not as good as it was last week (current 30-day implied is at 29.6%), but the 16 delta strike's still paying better than 1% as a function of strike price. Will generally look to take profit at 50% via close or roll out.
$IWM weak this morning...We pointed it out as a short idea in the group on the live stream earlier...
Closing (IRA): IWM January 21st 188 Short Put... for a 1.37 debit.
Comments: Filled this for a 3.20 ($320) credit in Friday's weakness/high implied. (See Post Below). Out today for greater than 50% max with 44 days to go. 1.83 ($183) profit.
IWMIWM is about to run into resistance. The gap above could potentially act as resistance and the gap below will act as support. A break above or below will determine the direction. Since it is in a down trend and below the 50SMA I'm gonna remain bearish.
IWMWhite lines- broadening wedge
Yellow line -Split
Blue and gold wave- 100 and 200sma
Broke above split and is now heading back to resistance here at around 224.
also Both moving averages I mentioned are in that 224.50 area. If we break above our next target would be 227. if there is a rejection we could pull back and test that 219 area
IWM: Nasty Sell-Off Now Ready For Reversal IWM Looking to get back to 226.90 by Friday. Get over there and back to ATH after a few days of consolidation.
