Transports Trade Idea

I already started a position in IYT with Aug. $113 Puts, I'm tempted to add to it right here, but I have a strong feeling &75% chance) that there will be a brief, but better entry and I'll show you why. DJ-20 (transports) confirms all of the IYT charts so there's good confirmation as well. I wouldn't be surprised if transports broke first as a sort of leading indication.

 IYT 1 min overall trend is interesting, but so it the desperate action Friday and more so today like a lot of charts today, it's the character of the day.

 IYT 3 min, again such a sharp drop off, this is actually a position I'm really excited about.

IYT 10 min, this doesn't surprise me as we see a lot of this throughout the market in the 10-15 min area.

DJ-20 just as some confirmation on a 30 min chart leading negative, you see why I'm excited about this position?

DJ-20 now seeing the 60 min give it up as well, that 30 min should migrate very quickly through the 60 min chart.

This ascending triangle (and they have been everywhere today) lookds like a 75% chance of an upside breakout, but with all of those charts above I can already tell you there's a 95% chance it's a head fake, but also the best place to enter.

Since I already have a position started, I'll set an alert and only add to IYT Aug $113 Puts if that breakout comes.