Coinbase $178 - Option Play
I don't like to go overboard and have a bunch of different optoin plays. If I invest in a lot of thigns, its because its not day trading positions. They are longer term holds.
For this reason, when I take out an option play it is few and far between, and I do so when things align for exactly what I'm looking for.
Several areas on confluence that makes Coinbase Long a high probability trade for me in this moment.
Look at the picture I included of Coinbase on a 1d chart.
Confluence:
- We have major level ov previous support at $163.
- We have a deviation at that low, went below this area, and got back above
- We have a trend line break out (see chart drawing)
- we have fixed range volume profile deviation and back in range with good reaction
- Crypto is starting to bottom (seems like an area where its catching momentum for now at least on a micro, not necessarily macro bottom)
Thats a lot to make me remove emotion and play what I would consider a high probability long on Coinbase.
Due to length of previous similar moves, I took out an option contract until Jan.
This is not financial advise, purely educational about what I look for AND the exact play I took. I didn't include the amount I invested as I don't think its relevant nor want to sway you into any decision.
Cheers
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Coinbase $178 - Option Play
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