ibdm98 said:
LatinAggie1997 said:
BobaFettsClone said:
oldarmy1 said:
ClutchCityAg said:
BobaFettsClone said:
trip98 said:
SPY put advice...
per OA1 reco the other day I bought SPY March $335 Put at $3.50. It's now $610.
Long time out till March and as we've seen plenty of craziness. Do I:
1) let it ride
2) sell it, capture profit and the invest proceeds in another Put
3) if I sell and re-buy new Put, which one should I target? Same expiry date but around $315 strike and keep it around my initial $350 cost or go with the $300 which uses all profit?
Very new here, just started watching thread yesterday and brand new to trading. Where are you following OA1? His (?) name keeps popping up and it sounds like he's doing y'all some serious good.
here and twitter @oldarmy1
They closed prints after hours at $7.25
The gap down start to the day shows intent to sell. I closed out the last buy of those at the open, along with the $383 expiring Put and then when we pressed above 3800 we hit a double top. I screen shot that for the seminar because I went back in off seeing that and added an expiring $374 on that and closed it after hours. I did think about converting it to a short but with AAPL and FB expected to beat I sold it and resold the re-entry buys on the March $335's for $6.65. Between two trades on the March $335's and the kicker $383 put from after hours yesterday and the $374 I am now beyond net free on the remaining March $335's. I'll wait to see what happens in the morning. If we start green I'd probably buy a Friday expiring Put $2 below market price.
As far as selling out the $335's and repositioning. Since we have a selloff in action you can wait to see if continuation and buy a closer to the money cheaper put, closing out the $335's and using a fraction of the profit to hedge in case this becomes a multi-day rip event.
May as well be speaking Greek.
I said the same thing about a different post and he and others were kind enough to explain it again to me in Mandarin ....I just don't have the acumen especially in options (calls, shorts, puts, etc.).
I'm in the same boat. I'd love to start a new thread where we took these types of trades from OA and really broke them down elementary style for us beginners complete with charts to help bring up the collective knowledge of the board. I thought about joining OA's seminar but I don't think I have the knowledge to fully comprehend and appreciate what he's gonna teach tomorrow.
okay listen...first word of warning....I'm still a newb here. Been on thread since August/September and learned a lot from OA1 and several others. Made okay money but I'm a small fish. Also, I had at least a basic understanding of options. Absolutely NO knowledge of technical trading. Hope to improve upon that in the seminar tomorrow. Obviously googled some stuff here and there as well.
Keep in mind, he's got work going on, juggling trading, while sharing his message with others....very busy so when he gets typing he's going fast. We've all done it trying to get word out albeit not in a manner everyone can understand. I'm not saying he typed anything wrong here but there's a chance.
With those disclaimers, this is my STAB at what OA1 is saying jus thinking it thru and trying to apply what I've learned here. More educated folks might tell you I'm wrong. Here goes:
-closed prints AH at 7.25 means the particular option I was talking about was now going for much higher than my initial message
-to summarize his next paragraph...movement of the market at open showed folks were wanting to sell. He wrapped up a couple of moves he wanted to make buying puts (the right to sell stock)). Then using technical analysis he noticed that we hit the top, came back down a little, then hit the top again and back down a little (double top). Another signal markets weren't going to move higher and likely to head lower. Like we pushed our head against the ceiling. Seeing this he bought ANOTHER put feeling more confident in move down. He considered exercising the put(s) instead of selling them but with 2 earnings that were being released after hours that were rumored to beat expectations he decided not to exercise. Instead he sold them. Pocketed profit. In fact pocketed enough profit to cover his cost of previous Puts that he had bought (aka net free). Now his plan is to see where it opens tomorrow and if it indications suggest going up he'll buy another put but closer to what the current share price is.
-his response to my particular ideas for the position I have is I can either wait and see if market continues down and just watch. Or I can sell it now, lock in profit, and use that profit for other hedges. Admittedly I didn't follow when he said buy a "closer to the money cheaper put" as the way I see things closer to the money would be more expensive.
again, that's my interpretation....could EASILY be wrong!!!
