As I type the Q's are currently down over 1% and are sitting near the lows of the day. All of my indicators are telling me they are oversold and I want to get long at the close in anticipation of a good rally day on Monday. We may get a gap down reversal on the open on Monday but the short term direction is up from here.
For this trade I'm in 40 contracts of the QQQQ Aug 46 calls (QQQHT) with a cost basis of $0.48.
I'm trying out a new strategy for how I enter my positions. I'm finding my indicators flash the overbought (buy puts) or oversold (buy calls) a little early and I frequently have the chance to get a better entry either later in the trading day or the next day. So for this trade I'm buying about half a position and will either let it ride for the trade up or I will buy more if I can get a better price later on Monday.
For this trade I'm in 40 contracts of the QQQQ Aug 46 calls (QQQHT) with a cost basis of $0.48.
I'm trying out a new strategy for how I enter my positions. I'm finding my indicators flash the overbought (buy puts) or oversold (buy calls) a little early and I frequently have the chance to get a better entry either later in the trading day or the next day. So for this trade I'm buying about half a position and will either let it ride for the trade up or I will buy more if I can get a better price later on Monday.
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