Hey 5-Star Trader,
For this week’s deep-dive, I wanted to highlight my hedge in the S&P 500 (SPY)**.
Hedging is not normally something I do, but I consulted my Trendstrength Turbo Candles (pictured above). They effectively communicated to me (through their red coloration) that the indexes were below resistance. That, in combination with earnings reports coming up, gave me strong signals to get in and I was able to close out for a profit.
**For a full write-up of this trade, click HERE.
Entry: BUY +3 BUTTERFLY SPY 100 (Weeklys) 22 OCT 21 435/425/415 PUT @1.47 limit order (LMT).
Exit: SELL -3 BUTTERFLY SPY 100 (Weeklys) 22 OCT 21 435/425/415 PUT @.20 LMT.