If you have been following this blog you will notice we don't get alot of sell signals as of late or at least any trade-able sell signals. Well we got one today and it was a decent trade.
Again we got the sell signal after the first two 15 min bars of the day - a common occurrence. The pattern turned out to be a double top right at resistance at 211.03 and headed back to and broke support at 210.28.
I was interested in only playing the 75 cent space between the support and resistance lines. Ideally I should have sold half and waited to see what happens but since the drop below support happened in the a final 3 mins of the trading day I'm okay with it.
Here was today's trade.
BOUGHT 6 SPY Mar27'15 210.5 PUT @AMEX @ 0.84
SOLD 6 SPY Mar27'15 210.5 PUT @AMEX @ 1.05