Bearish candle, volume picking up.
Debit put spread as IV rank was low.
Hit resistance and came down. Eyeing it to hit $340 support.
Long 345/350 mar 14 debit put spread @ 2.36
Hit almost max loss and 1 DTE
P&L : ($234) + ($5) commission
- halfway through there's tiny profit of $20-$30 didn't take, end up it became a loser and never look back again.
- break above resistance but didn't want to cut.
- Could have close off and short after breakout as it may test the support.
- Debit spread time is not on my side. short term, get out quick with profit.
- Even if the direction was right, still losing as theta effect kicks in, delta move not strong enough to offset theta lost
- IV rank went lower
- Look to long at support around 365, upcoming bullish weeks