Yesterday I wrote: "One idea is to divide a UVXY call position in two, half in the Oct 21st $20C (0.25-0.26) and half Oct 21st $10C (1.55-1.60). More to come." After sleeping on it and in conjunction with all of my chart patterns, and timing considerations, anxiety projections, and some personal scheduling issues at the end of next week (I'm going on the road for a few days), this seems like the best bang for our bucks for a spike up in volatility expected in the next 2-4 weeks. I also like the simplicity of it all, a characteristic of trading that is sorely underestimated in the trader's ladder to success. September 16th PRO positions ripe for rollover to October 21st: QQQ* ----> Oct 21st $280P (6.97-7.00) UVXY----> Oct 21st $12C (1.50-1.55); $15C (0.50-0.55); $20C (0.24-0.25) MU ---> Oct 21st $50P (2.40-2.45) Since the above Sep options expire tomorrow, consider these Oct 21st option trades as maintaining bearish market positions for five more weeks into what should be heart of Wave 3 down. We should be getting additional new trades along the way. *For new subscribers: When rolling over a substantial gain like this (+312%) it is advisable to bank some of the gains as opposed to pyramiding all into the next trade. How much to bank versus rollover is a personal money management decision based upon individual tolerance for risk. Idea: Fibonacci 38.2%.
