GOCO peaking it's head above $13 for the second day in a row. Earnings are tomorrow.

MSFT released a statement on the XBOX connectivity issues.

CHNG nearing all time highs...time for some covered calls?

Watching AAPL today and the action the last two hours could it be shorts covering right now? Reminds me of some of the action from PINS about a month back of the sudden rises and drops
Anyone more experienced have a thought on this?

Was looking to put some cash to work this afternoon....I agree generally with OA looks like we are back testing previous wedge on SPY, so constructive and no harm until breaking down of that pattern invalidates the move.

BUT.....I dunno think I may wait another day for confirmation.

What's on your watchlist Ranger?

ES has been in a squeeze on 15/30/1h. Want to bet it breaks to the upside?

Are you seeing that unusual (MEANT REPEAT****) action on $XOM?

$30,000 Millionaire said:

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ES has been in a squeeze on 15/30/1h. Want to bet it breaks to the upside?

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If I choose no, is that a hedge?

gougler08 said:

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CHNG nearing all time highs...time for some covered calls?

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As of an hour ago, I've been trying to sell CHNG Jan 15 18C for $.85. (hasn't sold yet)

What strikes have you looked at?

I shorted AAPL this morning just based on the general downtick for Tech and the 8/21 day which has held up pretty well over the last month on identifying buy/sell points. Indicated a sell on 10/14, then some weirdness 10/27-29, and then a buy on 11/03 and they both had pretty decent runs. This morning the 8 crossed back over the 21 and it looked bearish to me.

That said, I saw all the $120C action here, second guessed myself ands old out for a slight loss...but figured I'd see if anyone else was expecting the same downtrend to continue. My play was a 117/113 vertical put spread.

Anyone have any insight on XPEV? New IPO that almost doubled last week, Chinese EV company.

I am shorting qqq today (similar chart). The Nasdaq put/call (pcqi) ratio went parabolic from 0.2 this morning to 0.8 when qqq failed to break the AM high at 12:10et. Hopefully I am right. I am going for at least the daily 50 ema as a target.

wanderer said:

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gougler08 said:

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CHNG nearing all time highs...time for some covered calls?

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As of an hour ago, I've been trying to sell CHNG Jan 15 18C for $.85. (hasn't sold yet)

What strikes have you looked at?

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I normally do short term, so looking at either the Nov 20 or Dec 18 18C

I'm showing the 50 SMA for the QQQ at 284.78 right now. What do you mean by going for the 50 day?

Hoping Rocket is on a Rocket !!!

ONTX running over .28. Holding this and RKT through today. Fingers crossed!

FJ43 said:

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SpeedyAg90 said:

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Hoping Rocket is on a Rocket !!!

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My hope on RKT is we don't have the 2020 curse of beating earnings, raising guidance then crash the next day.

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I agree. That's the worry. I'm averaged at 22.25 now so hoping for a nice boost but earnings are tricky these days...

Anybody looking at RKT, RXT or LYFT earnings?

100% expecting Lyft earnings to be terrible.

GOCO with a strong V bottom reversal on the daily

gougler08 said:

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GOCO with a strong V bottom reversal on the daily

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I want a Super V!

MaroonDynasty said:

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Anybody looking at RKT, RXT or LYFT earnings?

100% expecting Lyft earnings to be terrible.

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Watching RKT closely. Only in Calls. Tempted to take my 50% and my toys and go home but YOLO

jwhitlock3 said:

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I'm showing the 50 SMA for the QQQ at 284.78 right now. What do you mean by going for the 50 day?

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I am looking at Daily chart, 50 EMA (exponential), now at 278.11

FJ43 said:

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MaroonDynasty said:

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Anybody looking at RKT, RXT or LYFT earnings?

100% expecting Lyft earnings to be terrible.

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Watching RKT closely. Only in Calls. Tempted to take my 50% and my toys and go home but YOLO

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I took my paltry 28% off the table and walked away, I got beat down on PINS and couldn't take another L this week.

RKT earning after close today?

CrazyRichAggie said:

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RKT earning after close today?

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Yep, 3:30 central

jwhitlock3 said:

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FJ43 said:

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MaroonDynasty said:

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Anybody looking at RKT, RXT or LYFT earnings?

100% expecting Lyft earnings to be terrible.

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Watching RKT closely. Only in Calls. Tempted to take my 50% and my toys and go home but YOLO

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I took my paltry 28% off the table and walked away, I got beat down on PINS and couldn't take another L this week.

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McInnis shared his strategy with me that's worked for him so I adopted it the past few weeks to success. Legging out percentages to where what I sit on now if it goes to $0 I haven't lost any capital. Upside potentially but capital preservation approach.

The options trades I entered that have been losers were stopped out so I am good with that if it happens. I have also left $ on the table - HELLO JPM !!!

wanderer said:

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oldarmy1 said:

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Overlay the CX large cup over the GE chart and tell me it's not going to do the same. It will. $13+ eventually. Big money has positioned behind it now.

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oldarmy1 said:

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Check out the 2022 $7-$15 LEAP volumes on GE. That's how I would trade it. One nice limited risk size piece of several thousand or 10's of thousands of shares.

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So if I'm understanding that correct, you're mass accumulating (or already have) CX shares?

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He already has a large position in CX assuming he hasn't sold out of it once it finally broke the $2.5 range. From the above though, I interpreted that as him accumulation GE leaps if he were going to jump in.

FJ43 said:

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jwhitlock3 said:

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FJ43 said:

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MaroonDynasty said:

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Anybody looking at RKT, RXT or LYFT earnings?

100% expecting Lyft earnings to be terrible.

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Watching RKT closely. Only in Calls. Tempted to take my 50% and my toys and go home but YOLO

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I took my paltry 28% off the table and walked away, I got beat down on PINS and couldn't take another L this week.

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McInnis shared his strategy with me that's worked for him so I adopted it the past few weeks to success. Legging out percentages to where what I sit on now if it goes to $0 I haven't lost any capital. Upside potentially but capital preservation approach.

The options trades I entered that have been losers were stopped out so I am good with that if it happens. I have also left $ on the table - HELLO JPM !!!

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I'm okay with leaving money on the table, my problem is seeing a 70% gain turn into a 30% loss, which I did this week with PINS.

If you don't mind giving me a high level here, what does this approach look like for you guys? High level example I'm thinking with a 10k account, wanting to risk no more than 5% per trade you'd be limitd to $500 in play. If you're trading 10 $50 options, you take 3 off the table at 25%, 3 off the table at 50% and let the remaining 4 run? I know most in here are playing with substantially more than 10k, and I'm one that's playing with substantially less, but I'm trying to build a set of generals rules that will be scalable as I grow (Ex no more than 5%/trade, legging out starting with 25% or 50% etc.)

I bought back RKT sold puts and converted the profit to shares.

FJ43 said:

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SpeedyAg90 said:

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Hoping Rocket is on a Rocket !!!

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My hope on RKT is we don't have the 2020 curse of beating earnings, raising guidance then crash the next day.

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As is tradition....

jwhitlock3 said:

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FJ43 said:

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jwhitlock3 said:

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FJ43 said:

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MaroonDynasty said:

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Anybody looking at RKT, RXT or LYFT earnings?

100% expecting Lyft earnings to be terrible.

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Watching RKT closely. Only in Calls. Tempted to take my 50% and my toys and go home but YOLO

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I took my paltry 28% off the table and walked away, I got beat down on PINS and couldn't take another L this week.

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McInnis shared his strategy with me that's worked for him so I adopted it the past few weeks to success. Legging out percentages to where what I sit on now if it goes to $0 I haven't lost any capital. Upside potentially but capital preservation approach.

The options trades I entered that have been losers were stopped out so I am good with that if it happens. I have also left $ on the table - HELLO JPM !!!

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I'm okay with leaving money on the table, my problem is seeing a 70% gain turn into a 30% loss, which I did this week with PINS.

If you don't mind giving me a high level here, what does this approach look like for you guys? High level example I'm thinking with a 10k account, wanting to risk no more than 5% per trade you'd be limitd to $500 in play. If you're trading 10 $50 options, you take 3 off the table at 25%, 3 off the table at 50% and let the remaining 4 run? I know most in here are playing with substantially more than 10k, and I'm one that's playing with substantially less, but I'm trying to build a set of generals rules that will be scalable as I grow (Ex no more than 5%/trade, legging out starting with 25% or 50% etc.)

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Here is a section of the process McInnis expressed that I have tested for myself. All below is from him.

What I will say is I've had better success when doing ATM and OTM options by legging out at targeted percentile gains. Say I buy 8 contracts of something and it moves 33% in my favor, I'm selling 25% of what I have there. If it moves another percentage in my favor, let's say 33% again, I'll sell another 25% and then see what happens with the remainder. Or maybe I'll buy 4 contracts, it moves in my favor, sell 3 to take the risk off and then let 1 ride.

So much depends on your timeframe (weeklies vs monthlies vs leaps) and your strike (itm, atm, otm) that no one strategy I've found works everywhere with options.

I can tell you my bad habits though:

• Not being patient with them, selling them too early before the move I felt was coming came
• Buying strikes with not enough time
• Buying STUPID STUPID STUPID OTM naked options
• Taking risk off on hedges, if you're hedging, let it ride, it's there to protect you
• I'm sure there are more......

I neglected to mention on stops......you'll often hear "don't let a winner turn into a loser".....it's great advice, but if done incorrectly I think it cancels itself out.

Quick scenario:

Buy some $1.50 call, it quickly runs to $1.70.

What do you do? Cross fingers, let it run? Set stop at $1.50? Sell some, then set a stop?

A) Cross fingers - This often causes pain, it'll run to $1.75, then pull back to $1.30, then you're left wondering WTF. This is a common phenomenon with OTM calls.

B) Set stop at $1.50 - 20 minutes in you probably get stopped out for a break even on the ebbs and flows.

C) Sell a little at $1.70 - set a stop on what's left. Now you've made some profit, and worst case you get break even on what's left. This can let winners run a bit.

Again, this depends on strike and time. OTM weekly, you're likely going to see A or B happen quickly, C is likely best here. ATM or ITM monthly or leap, you could do any with some confidence......

Again, nothing seems to work all the time with these and that's why I think you have to find your niche and run it, or have a plan for each setup you're using.