I identified my first Libra pattern on
MA
. Unfortunately, this is almost two months after the move occurred. Still, I am happy to be able to recognize and hope to be able to identify it many more times in the future.
Just last week was a good opportunity to short again with another very bearish pinbar. At this point it is probably best to wait for at least some kind of bounce. A short from ~$95.50 with stop loss above $98 could be in play, but this is probably still chasing price too much. Still I mention it here to keep track of ideas and so I can look back and see if these wind up being good ideas over time or not.
I also want to log the cost of two different put options which could work for the trade I have shown in the chart:
July 15 87.5 Put Option closed at $.55 yesterday (the day of the most recent bearish pinbar)
July 15 90 Put closed at $1 that same day
If the target ~$79-80 hits, these options would yield a risk/reward of approximately:
(A) 1 : 13.5
(B) 1 : 9.5
Just last week was a good opportunity to short again with another very bearish pinbar. At this point it is probably best to wait for at least some kind of bounce. A short from ~$95.50 with stop loss above $98 could be in play, but this is probably still chasing price too much. Still I mention it here to keep track of ideas and so I can look back and see if these wind up being good ideas over time or not.
I also want to log the cost of two different put options which could work for the trade I have shown in the chart:
July 15 87.5 Put Option closed at $.55 yesterday (the day of the most recent bearish pinbar)
July 15 90 Put closed at $1 that same day
If the target ~$79-80 hits, these options would yield a risk/reward of approximately:
(A) 1 : 13.5
(B) 1 : 9.5
For reference, here are the same put options with updated pricing:
July 15 87.5 Put Option closed at $.34 today (down nearly 20% from original post -- timing is crucial with options!)
July 15 90 Put closed at $.61 today (down nearly 40%!)
Watch for opportunity to buy 90 Put @ .50 ....this will yield about 1:20 risk/reward if 79.50 hits by July 15!