PG long swing idea
The XLP continues to support the uptrend despite majority market conditions, and I like the largest holding of PG based on that.
My strategy is more comfortable with ITM options with time, so I'll be looking at the Sept 20th 160c personally (11.90 mid at time of writing), but the idea could support other options and/or spreads.
All levels are mapped out on the chart, including 3 different entry triggers based on comfort and risk level. At each Roll/TP, I will look to roll to the next strike ($5 distance between in the Sept chain) IF:
The credit is around 80% (~3.90 to 4.10 per con taken off the table)
The roll strike price would be a delta of at least high 70's (.80's preferred)
And we are still in the week of 8/12 to 8/16. <<I will aim to roll OUT to Oct cons prior to EOW
If the roll criteria is not met at a TP zone, I will instead trim my position. As each TP is reached and confirmed , I will move my stop loss up to the prior level
This trade could take 1-3 weeks to play out.
Stay safe and Happy Trading!
