Welcome to the board! Anyone that is lurking, if you have questions, please ask. This board is welcoming and helpful and any advice is genuine and without ulterior motives. We just want everyone to prosper in here. This isn't an echo chamber and you'll receive opinions on both sides of the equation, do with it what you will.jet99 said:
I'm a long time lurker who has learned a ton following this thread. I really appreciate the welcoming spirit the regular posters have for newbies. OA, you nailed this trade so perfectly I have to help you track followers. I was in such a hurry to follow you I even mistakenly bought the default 10 contracts on the put instead of my original smaller plan of 4. I noticed shortly afterwards and decided to let it ride, luckily for even bigger success.
Bought 4 283C at 2.40
Bought 10 280P at 2.21
Sold 10 280P at 4.8
Sold 4 283C at 2.42
I was a bit behind on the call. Unfortunately, I do have a real job.
Thanks for the lessons.
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Last: 1 day ago by vbl
Don't have texags set up on auto-refresh, but might need to.oldarmy1 said:
Some of you smaller traders who had the $283 Call and $281 Put mind posting your entry price for each side, the sell price for the outs and the sell price of the calls?
Like to check what any lag from posting to execution looks like.
Buys
$280P - $2.13
$283C - $2.20
Sells:
P - $4.78 (should have been $5, but fell like a rock as I was watching it)
50% of Calls - $2.45
Still holding other half of calls as I had to step out near market close and missed the sell / rebuy post.
So that auto pivot point study for ToS I posted the other day has helped me see some things really easily if you mess around with the time frame you are looking at.
Here is what it shows on SPX on the 65m chart looking back 90 days. I wish it was easier to make my ma and price levels temporarily inactive so the chart wasn't so cluttered.
Here is what it shows on SPX on the 65m chart looking back 90 days. I wish it was easier to make my ma and price levels temporarily inactive so the chart wasn't so cluttered.
jet99 said:
I'm a long time lurker who has learned a ton following this thread. I really appreciate the welcoming spirit the regular posters have for newbies. OA, you nailed this trade so perfectly I have to help you track followers. I was in such a hurry to follow you I even mistakenly bought the default 10 contracts on the put instead of my original smaller plan of 4. I noticed shortly afterwards and decided to let it ride, luckily for even bigger success.
Bought 4 283C at 2.40
Bought 10 280P at 2.21
Sold 10 280P at 4.8
Sold 4 283C at 2.42
I was a bit behind on the call. Unfortunately, I do have a real job.
Thanks for the lessons.
So your "mistake" made $2600 profit on the Put side and then a wash on the call side. Total trade profit just over $2600. Not a bad 24 hour trade.
Prognightmare said:Welcome to the board! Anyone that is lurking, if you have questions, please ask. This board is welcoming and helpful and any advice is genuine and without ulterior motives. We just want everyone to prosper in here. This isn't an echo chamber and you'll receive opinions on both sides of the equation, do with it what you will.jet99 said:
I'm a long time lurker who has learned a ton following this thread. I really appreciate the welcoming spirit the regular posters have for newbies. OA, you nailed this trade so perfectly I have to help you track followers. I was in such a hurry to follow you I even mistakenly bought the default 10 contracts on the put instead of my original smaller plan of 4. I noticed shortly afterwards and decided to let it ride, luckily for even bigger success.
Bought 4 283C at 2.40
Bought 10 280P at 2.21
Sold 10 280P at 4.8
Sold 4 283C at 2.42
I was a bit behind on the call. Unfortunately, I do have a real job.
Thanks for the lessons.
But do NOT listen to me
***If this post is on Business and Investing, take it with a grain of salt. I am wrong way more than I am right (but I am less wrong than I used to be) and if you follow me you will be too.***
B&I Key:
ETH - Extended Trading Hours --- RTH - Regular Trading Hours
ORH - Opening Range (1st 30min) High --- ORL - Opening Range Low
R1, R2, R3 - Resistance 1, 2, or 3 --- S1, S2, S3 - Support 1, 2 or 3
B&I Key:
ETH - Extended Trading Hours --- RTH - Regular Trading Hours
ORH - Opening Range (1st 30min) High --- ORL - Opening Range Low
R1, R2, R3 - Resistance 1, 2, or 3 --- S1, S2, S3 - Support 1, 2 or 3
Not a bad "mistake". I actually noticed it almost immediately but when SPY started to fall after hours I decided to let it ride. I've been spooked to early before and regretted it. I followed you on your DIS 110 "guarantee" but got spooked during an early pull back and sold for nominal gain. Hopefully, I'm learning that if your taking a risk on short term option you have to give it a chance to pay out.
Every knee shall bow and every tongue shall confess
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Trust you knocked it out of the park today!
Just a tip here. A professional trader, with discipline as their main advantage, would never stay in a position that was the result of a mistake. I am glad you made money as a result but in my career, I have made plenty of mistakes such as yours but I have always immediately reverted to the trade plan. The worst trade for a professional is the wrong trade, because to remain in the trade Is just gambling.
valuable lesson and one I need to read every morning at 8:29amAgsnFly said:
Just a tip here. A professional trader, with discipline as their main advantage, would never stay in a position that was the result of a mistake. I am glad you made money as a result but in my career, I have made plenty of mistakes such as yours but I have always immediately reverted to the trade plan. The worst trade for a professional is the wrong trade, because to remain in the trade Is just gambling.
You can sleep with yourself a lot better on a mistake you corrected as well. Losses have never really upset me, but losses in which I could have prevented/corrected the mistake but chose not to would keep me up at night.
This has been one of the best changes I have made this year. I still need to work on being more disciplined on entries, I'm getting there, but on my exits I cut bait if the setup fails or stop-loss is hit, etc. I have missed out on some big gains by getting shaken out but have preserved my capital and the knowledge on when to stay in will continue to come with time.Ragoo said:valuable lesson and one I need to read every morning at 8:29amAgsnFly said:
Just a tip here. A professional trader, with discipline as their main advantage, would never stay in a position that was the result of a mistake. I am glad you made money as a result but in my career, I have made plenty of mistakes such as yours but I have always immediately reverted to the trade plan. The worst trade for a professional is the wrong trade, because to remain in the trade Is just gambling.
Interesting. I'm the opposite. I've gotten pretty good at nailing entires. It's the exits that I struggle with. I'm guessing my issues are way more common.
JD beat on earnings and revenue, over $50, just like OA said it would.
McInnis 03 said:
I just watched MU come through the flow like a waterfall, sheesh.
Head fake?
***If this post is on Business and Investing, take it with a grain of salt. I am wrong way more than I am right (but I am less wrong than I used to be) and if you follow me you will be too.***
B&I Key:
ETH - Extended Trading Hours --- RTH - Regular Trading Hours
ORH - Opening Range (1st 30min) High --- ORL - Opening Range Low
R1, R2, R3 - Resistance 1, 2, or 3 --- S1, S2, S3 - Support 1, 2 or 3
B&I Key:
ETH - Extended Trading Hours --- RTH - Regular Trading Hours
ORH - Opening Range (1st 30min) High --- ORL - Opening Range Low
R1, R2, R3 - Resistance 1, 2, or 3 --- S1, S2, S3 - Support 1, 2 or 3
#1). JD = Another guarantee filled. Only one left currently is MOMO to hit $25. China stocks battered you say? I sold all but 20% of shares, just as planned at $51.50. Follow your plan regardless of potential. This is where I had super high confidence in achieving, so will be interesting to see if the earnings big day becomes a top by big money using it to exit as well. I'll be buying cheap $40 out to July with .05% of profits to cover remaining 20% plus up to 20% more for any risk free re-entry, should that occur.
#2). Aren't you glad you got out of $281 call premium? Never hold a call ITM on a weekly. Reposition just above current price of staying in at much lower premium. The Put side went in the money early by over $2 and I bought 50% shares against it to lock Profits and be in position for a potential head fake continuation rally. This sell off early is manufactured, so if you see bulls bring it back $290+ SPY would be ALMOST a guarantee.
#2). Aren't you glad you got out of $281 call premium? Never hold a call ITM on a weekly. Reposition just above current price of staying in at much lower premium. The Put side went in the money early by over $2 and I bought 50% shares against it to lock Profits and be in position for a potential head fake continuation rally. This sell off early is manufactured, so if you see bulls bring it back $290+ SPY would be ALMOST a guarantee.
So sell puts on the early downtrend, watch for the beginning of a move higher and then jump into the 5/18 $290 calls?
Every knee shall bow and every tongue shall confess
7:30 everyone knows what's coming already. We just don't know how big money has planned to use it.
When I logged on to IB this morning, I got an alert that LK is trading again. Anyone have any news there?
VBIV has seen a strong push up the past few days and is now up 10 percent pre market. Up 100% since May 1st.
What did y'all do?? I woke up at 4AM, futures nice and green...comeback to look at 7 and bam!
Out today so will occasionally check in. Will give early take after open.
oldarmy1 said:
Out today so will occasionally check in. Will give early take after open.
Ready to learn
So far buying at $281.50's and selling at $282.30 has worked twice. Selling 75% each time playing against $283 Puts.
At the golf course, is sure to be a wicked day
IrishTxAggie said:
What did y'all do?? I woke up at 4AM, futures nice and green...comeback to look at 7 and bam!
No joke...has there been some bad news drop I haven't seen?
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