A new spread trade has been made in Japanese Yen. The symbol for the ETF is FXY. KDK Options purchased a Nov 16 $84.50 put and a Nov 16 $85.50 call. The cost of the trade was $0.85 before fees and commissions. The expectation for the trade is $3.00. As regularly, conviction on the actual direction is not strong. But conviction on the market picking a direction soon is strong. A 3 month daily chart with 20 and 50 day simple moving average lines has been attached. Stop loss pricing has been implemented. Some reasons for the trade are below.
- Forming triangle
- Possible Bull Flag with minor W formation
- trend lines converging
- volatile stock market
- dollar strength
- election on Nov 9
- RSI at 50
**
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used as a recommendation to buy or sell any security. Do your own due
diligence before trading or investing. If you would like up to the
moment communication on KDK Options trades, email at
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