The daily chart was looking toppy,so I switched to the 60 minute chart and waited for the stochastic to crossover above 80. I bought pust is a rising market,made them cheap. I don't care for options models since they are based on interest rates,which are basically zero. Black Scholes is useless in today's market.
If I did not have the insight to profit from a wicked bull market, then I have no business trying to call its top. My blind spot then becomes wrongway bias. For me, anyways.
How are you handling these puts as a strategy to limit loss now. Or are they smoked out?
I had a limit in for 20% plus $15.30 which took me to $2.47. I was stopped out at $2.48 for a profit of 20%