Today my limit order on TAP was filled.
I don't have any directional bias and honestly don't really think the desired range will hold until expiration, but the risk/reward ratio is good enough to hop in and just wait till it finally chooses a direction, at the very same moment I'll get out. Sounds like a plan, eh? Let's see how the story unfolds.
Aug 22, 2016
Sep 9, 2016
Looks like the underlying tries to move up, but the strategy is neutral or even slightly bearish, so I'm considering an exit plan. However, after a recent sharp decline the IV rose significantly so it's clearly not the best time to do it right now, that's why I'm going to wait till the dust settles and (likely) get out of this trade.
Time in position: 4 weeks