The following is the first, second, third, and fourth premium selling trades for August 12th expiration: The goal is to try to get around 3 premium selling ideas per week targeting 10-20% in gains. Given the nature of the trade all of the trades will have stops set in place given the exponential loss potential. Premium selling is a great way to bring in cash flow as well as put on a trade playing for a range in a stock.
1st Trade: CMG 380/385/420/425 iron condor at $.65. CMG has shown a tendency to hover around pin areas, which is what 400 represents. Additionally it has held 390 over the last month. Should it retrace to 420 I think it fails as it would hit Fibonacci resistance at the 50% retracement line. A fair stop on this trade would be $2.
2nd Trade: GOOGL 780/785/820/825 iron condor at $.71. GOOGL has been tight ever since the ER release and I do not see it moving more than a couple dollars a day this week. It should stay within the bounds of last weeks range.
3rd Trade: TSLA 215/220/235/240 iron condor at $1.37. TSLA has been stuck for a couple weeks and given that we are receiving 1/3 of the distance between the strikes I think the r/r is quite attractive on this trade. I am playing for the range to continue through this week.
4th Trade: PCLN 1355/1360/1455/1460 iron condor at $.83. Gap support at 1365, last weeks high is 1430, I dont think it gets past either level