+2 CRM 20 DEC 19 160 PUT @4. 40 ; Trading with 0.75 of extrinsic value, well in the money.
STRATEGIES: Using CRM day chart:
- The 20/50 Mean started a crossing downward pattern, and we can look for a new red cloud to form for a short.
- The bounce signal has failed and is now showing a continuation short near a critical support price.
TACTICS: The plan in terms of stock price:
- STOP is price > 160
- TGT1 153 scale; TGT2 148.75 to exit
- Trail option price to Break Even once stock price < 154; OR consider scaling as red cloud becomes large
- You may let the and 20/50 mean together take you out technically for whatever you get win or lose.
Will update in comments,
The stop has not been reached for stock price, however, lower to high of today.
Stop = price >159 now which is super tight.