If you have been following our morning reports over the previous two days, we have given our opinion of what we are currently seeing the charts for BTC, and have laid out a potential trade idea called “Turtle Soup”. If you followed the rules of this trade, you would have entered a sell-stop order at $4,037 after this morning’s rally in BTC. Upon coming back off, your order would have executed and filled making you sell/short BTC.
The next step to this trade is to place a PROTECTIVE buy-stop order just above the highs made from the small rally this morning. Therefore, you would place a buy-stop order just above $4,055 to minimize losses if BTC were to make a significant rally over the course of the trading day. If a reversal to the downside does indeed take course, you would convert that buy-stop order a TRAILING buy-stop order at a gap you are comfortable with to lock in profits.
The market is certainly quiet this morning. If this lack of movement persists for the next 24 hours and if the reversal does not take place, this trade should be exited. One would move to the sidelines to wait for the next opportunity.
Yesterday we continued to work this GRIN options market that has been quoted over the last 2 weeks or so. The market got pretty tight yesterday but did not trade. We are working hard to close it today. If you want to participate please let us know.
GRIN J (4.26.19) 4.00 calls .13/.15 live 75,000 Contracts up
Ref GRIN $2.45