How are those MARA calls working out?

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Picture this: it’s early on a Monday morning and you’re staring down the barrel of SPY closing in on what might be its 3rd losing month in a row, which would be the longest monthly losing stretch since early 2016, and you have no idea what to trade.

Every stock you either want to buy or have been trying to buy just keeps getting more oversold, and any stock you would consider going short on is too oversold for such a trade to offer a favorable risk/reward setup.

Sound familiar?

It should…because that’s exactly the situation so many unprepared retail traders were faced with coming into yesterday’s trading session.

But “Uncle Jeff” here was in a different state of mind because I used one VERY simple, but hugely misused, indicator to find my best idea of the week, which is ON FIRE right now!🔥

Let’s take a closer look at how I did it.

When the market was gapping to new 4-month lows in Monday’s pre-market trading, I was watching Marathon Digital (MARA) defy the selling pressure as it was coming to the end of a massive wedge pattern.

This was the actual chart I presented to my Bullseye Trades members:

But this was not THE factor that made me choose the MARA Nov 10, 2023 $9 calls as my best idea of the week (this was JUST yesterday, folks!).

Nope, it was an indicator that almost all of you probably use, but don’t fully understand yet.

The Relative Strength Index (RSI) is a valuable tool for traders and investors to gauge the momentum of a financial asset, such as a stock or a cryptocurrency.

It's used to identify potential overbought or oversold conditions and provides insights into when an asset might be due for a price correction.

But this is where the trouble starts for many, because they have probably learned how to use this indicator from someone who has been using it incorrectly themselves.

Yes, it is true that a stock is technically oversold at 30 and overbought at 70, but I promise you that to simply buy or sell a stock because this indicator has touched those levels is flat WRONG.

After 20+ years of trading and educating folks on how to trade, I know that to use this indicator correctly you must use it in conjunction with other analysis and risk management techniques.

I’ll save those many lessons for my LIVE training sessions, but for today I want to show you what gave me the confidence that MARA was ready to move like it is now.

When I pulled up my BLACKBOX* chart of MARA, I noticed that downside momentum had been slowing for the past several days.

You can tell this by the improving (positively diverging) RSI indicator.

BUT, what confirmed it for me was the fact that RSI was starting to build a floor above the critical 40 level.

Folks, if you read deep enough into how RSI works so well as a trend indicator, you find that 40 marks the low-end of the bull range (60 marks the high-end of the bear range).

In other words, if you are trying to gauge if a stock is starting to develop a bullish trend after several ugly weeks like MARA has had, you look to see if RSI is starting to hold above that critical 40 level.

Now, the MARA Nov 10, 2023 $9 calls I chose as my Bullseye Trade of the Week are ripping right now.🚀

Like every trade idea, there was no guarantee that this one was going to work so well.

That’s why in my Premium Alpha Hunter service, I also brought MARA to the attention of members, but with a much higher probability strategy than simply buying call options.

Look, the market still has a very weak trend about it and there is no guarantee that the recent bounce is going to hold up.

Because of this, and until the market proves itself, selling options should be the foundation of trading.

If you are not using this high probability strategy right now, you’re at risk of seeing a lot of trades misfire right now.

In my Alpha Hunter service, where I only sell options, I have been continuing to rack up profits every single month since I launched that service.

While my goal is to hit $10,000 in profits each month, I just surpassed $17,000 in realized profits for October (you can see my full tracking spreadsheet here).

Hope is not a strategy in trading, and I know you know what I am talking about.

I think it is no-brainer that every trader learns this strategy, so you can have options with your trading outside of “hoping” your losing trade simply breaks even.

I have slashed the price of entry so anyone can get started right now.

Get started by securing your upgrade to Alpha Hunter right now.

Find higher probability trades with my Alpha Hunter service!

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