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PuppersGoneWild OP t1_iyf6sji wrote

Reply to comment by Beautiful_Cookie_639 in I’m a SPY puts guy and no I won’t pivot by PuppersGoneWild

I set up a short dated put and the market moved down but not enough, I waited and the put expired worthless. Next two puts I set up correctly and they hit for about 200% but I didn’t take profits on them because I was greedy. Then puts I setup after got eaten by this rally. I stayed away from the market recently but setup new puts yesterday and then of course SPY spiked today

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Beautiful_Cookie_639 t1_iyf82ok wrote

What do you look for when setting up puts? I typically do 2 or 3 DTE and use RSI (7) value

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PuppersGoneWild OP t1_iyf8zye wrote

I am very new to this but I’ll tell you my current doctrine - I don’t believe in Fibonacci and I believe most of technical analysis is bullshit - I mainly try to pick psych resistance levels and watch macro economic events - I sometimes look at RSI for divergence. At first I was setting up puts with short exploration dates but know I feel more comfortable with 1 or 2 month dated options. Also I don’t setup puts when the PCR ratio is spiking. Any suggestions appreciated

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