We were already at MVC and Premarket range was very small. I didn’t believe the chances of us going past the premarket high were a lot. I opened 2 Call Credit Spreads at the 7065/7070 strikes for $0.65 and set a stop loss of price closing above the premarket high. Price played around for a few minutes but at 6:50 AM PST, it dropped way past the premarket low and I opened another contract when price did a pullback upwards and sold a ten wide 7065/7075 call credit spread for $0.55 in hopes of continuation downside. However I’ll set a stop on it if it reverses.
So price reversed and I closed my positions and swapped sides, the ten wide I took a $30 Loss and then 5 wides I took a $10 loss. I then sold 7000/7005 Put Credit Spreads in hopes that price stays above vwap(7028.6). Each one was worth $45 at the time. I have 4 contracts open. Will close if price goes below vwap and ill accept my loss for today.
Update: 8:57 AM PST. Price is slowly climbing up. Premiums are currently hovering at $0.25. Looking to close these at $0.05 if price stays above VWAP by 11:00 AM PST.
Update: 10:00 AM PST. Price Reversed back down to 7030 I Closed everything for Break Even. Today is scratch day. Honestly could have made money on both sides but I got greedy. Today is a -$40 because of fees. Will need to start collecting profit at 50%