Our timing couldn’t have been worse on iShares MSCI Brazil ETF (NYSE: EWZ).
Shortly after entry yesterday, shares reversed and spiked higher after news that Brazil will finally buy Pfizer, Johnson & Johnson vaccines.
Today, shares gapped higher and hit our stop loss.
Unfortunately, we’re on the wrong side of this trade and it's time to cut bait and move onto the next trade.
Sell-To-Close the iShares MSCI Brazil ETF (NYSE: EWZ) March 12, 2021, $30.50 put (EWZ210312P00030500) at the market.
This just hit the tape and we’re going to follow the Hot Money.
Here's what we're doing...
Buy-To-Open the Schlumberger Limited (NYSE: SLB) May 21, 2021, $35 call (SLB210521C00035000) up to $0.90 per contract or better, for the day.
Now, we’re going to manage our risk by setting our profit target at $1.11 and our stop-out price at $0.54 per contract.
Now, let’s manage our risk before entry and I’ll be keeping you updated every step of the way.
To your wealth, freedom & options!
Joshua M. Belanger