Last hour edit: DJI intraday (hourly) chart Unfolding into the close - first five waves down of a much larger leg to come. --------------------- This is an update to our Dec 1st Standing Orders post in which new trades were discussed, two of which are updated below. Notes: Trading portfolios can range from a single well positioned index put, or expanded to multiple positions in a more diversified mix of ETF's with different expirations. In other words, choices based on individual risk:reward profiles. If this is indeed a Wave 3 down at multiple degrees of trend, do something....don't just sit it out. IWM Daily - Key Level = Close <180 IWM Mid-Day Tuesday IWM Sell on a close below $180.00 IWM Jan 20th $175P (3.95- 4.00) Initial Target: IWM < $150. $175P > $25 Stop -50% Trailing Stop (Anytime option drops 50% from high print after purchase, exit) New Trade on a SPY close below 395.00: Buy SPY Jan 20th $380P (6.20-6.25) Targets: SPY @ $330-300: $380P @ $50-80 Stop -50% Trailing (Exit on 50% decline from highest print after entry) Next Breakout - Looking For Signs of Spike-in-the-making
