Ati tool stands3/29/2024 ![]() ![]() However, AMD still had more than two weeks before expiration so I held on to see what more I could squeeze out of this trade.Īfter another week, the market decided to shape up. These 50 SMAs were key lines in the sand and if price proved it could hold and bounce here, I knew I was in good shape. The following week I was checking on my trade and saw that AMD was bouncing at the 50 simple moving averages (SMA). Pictured below is my AMD setup with an oversold VZO setup, daily squeeze, and targets. ![]() My stop was set to 50% and I risked 2.2% overall. It was my hope to ride the market chop and use it to my advantage. Likewise, when the market picks back up, semiconductors tend to rally hard. I chose to do this because typically when the market falls, semiconductors fall hard too. The thought behind this trade was to target a return to previous highs with a target of 165. With that information in hand, I decided to buy a butterfly - BUY +1 BUTTERFLY AMD 100 (Weeklys) 31 DEC 21 140/165/190 CALL limit order (LMT). December was a bit of an odd month, with the first few weeks experiencing a fair amount of chop. Next, I took a look at market sentiment as a whole. This is always a signal to me that there could be a viable setup. When I checked on AMD near the beginning of last December, I saw that it was in a squeeze.
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