BP - Neutral Iron Condor... BiPolar?
Stock has been experiencing some recent options activity and increased IV. Closer look at price action showed what I like to call a "mirror image" pattern. Over the past year, price stayed bullish-neutral-bullish before peaking initially in January. It then hit max peak in June & began mirror image formation from then. Meaning, now it has had the reverse of the bullish-neutral-bullish pattern to have a bearish-neutral -bearish pattern.
Clearly, we had the initial bearish move & are currently in the neutral part of the pattern. The expectation is to stay neutral for now, with readiness for bearish bias in the near future.
32/34/46/48 FEB19 IRON CONDOR @ 0.30 CREDIT
General plan:
Roll if necessary & if possible mainly to reduce risk.
Target maximum profit, unless significant profit appears early.
Comment or direct message for discussion, or on other interesting ideas!
Follow for updates.
Clearly, we had the initial bearish move & are currently in the neutral part of the pattern. The expectation is to stay neutral for now, with readiness for bearish bias in the near future.
32/34/46/48 FEB19 IRON CONDOR @ 0.30 CREDIT
General plan:
Roll if necessary & if possible mainly to reduce risk.
Target maximum profit, unless significant profit appears early.
Comment or direct message for discussion, or on other interesting ideas!
Follow for updates.
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