Monday, July 28, 2014

Fold: partial Close

Fold came back near my entry so I took my second /13 and exited.
FOLD got a very nice bounce after that point and made up much of its ground.  I still have 1/3 of my original position left.

Perhaps this was more of a psychology saving exit for me.  It didn't come close to my stop But I didn't want to let a gain turn to a loss.  Given the option IV, the market is pricing the likelihood of a large move.  Although I believe it will be to the upside given the smart money buying, that's not a risk I want to go big on.

I have retained my last 1/3 against the Aug 5 calls.

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