GM hivers,
The market has been falling lately, but switched direction overnight and is rising fast now!
Take a look at the hourly chart of SPX (S&P 500)..
Things are clearly BULL on the 15m..
As I zoom into price, here on the 5m, it looks like the bull run is slowing down, but I am thinking it will continue rising all day..
I get in without hesitation. The only thing to do is to find an option that I like. Ahhhhh, here's one..
I even get enough premium at the delta position I like best..
stop is just below recent support, if it breaks that, price might just tank till end, so no sense trying to risk a higher stop,
All went well.. a nice little trade. This one was only paper money, but it's still good practice for trying to understand how the market moves.
*see how the bears were winning at the end and price DID fall some, but it still ended ABOVE my stop, so the option expired worthless.. that means I get to keep all that profit! :)