As we discussed in the Monday Options class I am posting up the chart for INFA. I have not yet triggered this trade as on Tuesday we had a decline with the overall market and I prefer to buy on an up day.
The options strategy I decided to use on this is to simply buy calls, I have decided against the spread as I couldn't find a good pairing to give me a reward risk worth taking. My current plan is to place a contingent order to buy the Dec 50.00 Calls when INFA reaches 50.50. This would represent a move slightly higher than the current weekly bar high and provides a little more confidence that the trade is moving in my direction.
I also added some Gann Levels to the chart which helps me make profit taking decisions. While the ultimate goal is for this to reach the MOB I need to plan for the fact that it may not. I have a 2X1 Gann Level at the Blue Line and a 4X1 at the Green, if the market reaches these levels I will sell a some of my contracts off at those levels.
I'll keep you updated as the trade continues.
Ron Wheeler
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