Echo Trade Entry – SPY
Buy $453 Oct-01-21 Calls $1.00 (plus or minus $0.10)
SPY has pulled back in an exact echo of the August pullback. We have resistance above us around $450. Support below us to 442. Target 1 – $457 and Target 2 $461. I decided to buy a lower amount of forward looking time because I expect this trade to get moving soon or fail, and I am going to be cautious on a lower low looking to salvage anything that might be left on these options. I feel that this is a little riskier entry, so you need to make your own choice, maybe putting less risk on the trade is a wise choice for you.
You are welcome to use different strikes, expiration, or even directly use stock.
Buy $453 Oct-01-21 Calls
$1.00 (plus or minus $0.10)
Target 1 $457
Target 2 $461
If this is your first echo trade I strongly suggest watching the masterclass for proper trade sizing in your account BEFORE taking the trade.
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