Selling Crude Oil September Futures

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Sold the 49c/38p strangle at $170 per strangle.  45p@ $70 for a shorter term trade too.

Basis:

  • the 38p part of the strangle was put behind regions of price reversal. the 49c however was mostly based on selling low delta/far out of the money.
  • 45p trade was a very short term trade betting that prices would be up for the next few days as price had breached previous support levels. I cant remember if there was positive news fuelling the rally too.
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