Mostly Foggy Recollection said:
Timing more than anything. FJ43 can vouch, but I'm setting my sell as I'm placing my buy. For the scalps, it's based on the 1 minute at key support/resistance levels. I'm typically doing ATM strikes as well.
For swings, I'm playing zones.
Yeah, I'm probably leaving money on the table every day, but it also is a higher hit rate than my swings, and certainly my other options plays.
I think I had 4 losing trades this week on SPY. The success rate ~90%
McInnis sorry but a little long here. Msg me if I can help clarify what I will surely miss.
This is addicting, fun and profitable. Doesn't hurt it passes the time from watching things not move.
My approach all week has been similar. I set up a single monitor (via Mosaic Panel) where I have 3 charts. 1 Min 5 Minute. and 10 Minute. The 10 Min is linked to the option chain so when I click the option I am buying the chart displays the options price candles/action for the time span matching my predetermined support/resistance levels. The 1 & 5 charts stay constant. I buy, generally not more 2 OTM but mostly ATM, then set my sell immediately based on the next support or resistance level matched to the option price at that level. Helps to have those two charts side by side to see the exact levels/times of day. I usually pick a few cents lower than option was at the next resistance/support level.
I have also then set some alerts in the wrong direction just in case so I can go about other things. However this usually happens relatively quickly. Days like today with narrow channels it happened faster. But easily managed when focused on one single thing. Buying/Selling calls and puts on the same thing back and forth.
The other items on the screen are an Order Entry Panel window, Option Chain window Live Orders window and Portfolio Overview window. I never have to click away if I don't want to to fully trade this system.
Wealth gained hastily will dwindle. but whoever gathers little by little will increase it.
Proverbs 13:11