As if i had written it myself...i think fj and foggy have made disciples of us!

J.P. 03 said:

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FJ43 said:

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How is your SPY scalping going? Any new tips or tricks?

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Nothing that I'd recommend emulating yet, but I'm learning a ton. I've been setting aside a small chunk of money every day for the past couple of weeks that's dedicated to scalping, and here's what I've been doing with it:

1) Not buying anything before 9:30, which has really sucked the last couple of sessions when everyone and his dog knew we were going to start the day with a selloff. The purpose, though, is to give me time to see how the trading day might unfold and let me make a plan to capitalize on moves that are already confirming vs trying to time the beginning of a move. Trying to time the top or bottom KILLED me when I first started doing this. Plus, I remember reading somewhere that 50% of the time, SPY hits its high or low for the day within the first hour. Not sure if that's accurate, but I'm trading as if it is.

2) Because the amounts I'm using are small by this board's standards, I have the freedom to take risks. For example, I'm only buying options that expire either that day or the day after, and I'm buying calls with strikes at the next dollar below current price/puts with strikes at the next dollar above current price so I don't waste much money on premium. This also gives me the volatility I need to really see how moves in the chart impact price, but obviously they move quick so you have to be able to babysit them.

3) I try to wait until a pivot is confirmed on the 10-minute candles before entering. This is frustrating at times, too, but it has saved me from having to enter and exit quickly when a trade immediately turns against me. Sometimes I'll enter if I feel good about what the 5-minute candles are showing instead, but I still don't have the confidence to rely solely on 3-minute or 1-minute candles yet and doubt I ever will.

4) Because of the huge volatility swings with expiring options, I've had to loosen my restrictions a little bit as far as when I pull the plug on losers. If I bailed every time they dropped by 10 or sometimes even 20 percent, I'd probably already be out of money. On the flip side, you can make 30, 40, or even 50+% within hours or sometimes minutes if you catch the right move and commit to exiting before it turns again....which it will. Soon.

If it would helpful to the board, I can post my entries each day for educational purposes, but to be honest my fear is that some people out there are blindly following everything that gets posted here, and I don't want to bankrupt anyone as my hit rate is just SLIIIIIGHTLY lower than OA's

I wasn't able to make the Zoom call, but I am planning to go back and watch the recording and will post any thoughts I have based on the information you presented.

And as far as how it's going, I'm up 450% with this method so far, but I promise you'd be a lot less impressed with that number if you saw the actual dollar amounts involved. I also don't think it's sustainable long-term, so I'll continue to revise as I learn more. I'm just gun-shy to load up on options for other stocks right now after getting torched on all the April and May calls I picked up before the mini-correction back in March. We'll see what happens after we get the anticipated pullback, but this has been a lot of fun in the meantime.

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Thanks for all the write up! Enjoy seeing someone else's process and what is working and not working for them. Helps us all get sharper.

Trading the levels is key. When it breaks stay with it which ever direction. Fails the level get out.

Cutting losers quick is still my largest weakness but getting better. Finally of the mindset these aren't my kids but just transactions. Can buy another quick if confirms.

SPY keeps failing trendline break so no trades for me in this range.

424.43 breaks/confirms and I will enter long for scalp.

TSLA - If breaks 589/590 I will probably go puts for a scalp.

Incoming inverted H&S on QQQs 1 min?

Looks like it lost it.

Ccutamu said:

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Incoming inverted H&S on QQQs 1 min?

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Needs 342.87 to confirm IMO

ORPH what the hell?

SOLID

Great trade idea that I'm taking.

Sold $ORPH July16 $5Puts
$ 0.60 Credit

Current price is $ 13.79. https://t.co/LZvEWrSl36

— TheLionAndTheLamb (@CrowningProfits) June 16, 2021

Lol. Atm 30 day put for $7.5?

RTY (IWM) going red to green and looking quite impressive last two days bouncing the 10day MA.

UWMC moving

McInnis 03 said:

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ORPH what the hell?

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They have a PDUFA decision from the FDA coming tomorrow.

This actually ran to $77/share last week on false report of approval.

Picked some up when it fell back down under $10, definite lotto.

Options just added this morning btw.

SoTXAg09 said:

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Goalposts on BBIG?

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Atlas talking about this now. Might see a spike and subsequent dump.

McInnis 03 said:

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RTY (IWM) going red to green and looking quite impressive last two days bouncing the 10day MA.

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RTY trend day....learned my lesson a couple days ago. Riding this up.

new PT on FRX listed as $14.50 - curious what happens later this month with the beach-body changeover.

agdaddy04 said:

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new PT on FRX listed as $14.50 - curious what happens later this month with the beach-body changeover.

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Usually get a pop on the vote confirmation. That's what's later this month, 24th I think?

McInnis 03 said:

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SOLID

Great trade idea that I'm taking.

Sold $ORPH July16 $5Puts
$ 0.60 Credit

Current price is $ 13.79. https://t.co/LZvEWrSl36

— TheLionAndTheLamb (@CrowningProfits) June 16, 2021

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I love this...I'm in at $0.55

FJ43 said:

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Haven't been posting my options scalps since Fed day and can go against me/us quick.

Post Fed I'll be ready to play up or down but everything now is pretty quick scalps for me.

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I've been on the sidelines all morning. Honestly I'm hoping for a pre-Fed bump to make the 425 P I'm eyeing cheaper. My plan for the meeting is to use 50% of today's scalping budget to buy Puts ahead of time in anticipation of a flash down regardless of what J-Pow says, because I've seen that happen even if he has "good" news. Saving the other half to jump in shortly afterwards to either buy Calls if the dip gets bought back quickly or just double up on Puts if it keeps dropping.


....All of which probably means we're heading straight to 430 as soon as the minutes are released.

J.P. 03 said:

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FJ43 said:

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Haven't been posting my options scalps since Fed day and can go against me/us quick.

Post Fed I'll be ready to play up or down but everything now is pretty quick scalps for me.

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I've been on the sidelines all morning. Honestly I'm hoping for a pre-Fed bump to make the 425 P I'm eyeing cheaper. My plan for the meeting is to use 50% of today's scalping budget to buy Puts ahead of time in anticipation of a flash down regardless of what J-Pow says, because I've seen that happen even if he has "good" news. Saving the other half to jump in shortly afterwards to either buy Calls if the dip gets bought back quickly or just double up on Puts if it keeps dropping.


....All of which probably means we're heading straight to 430 as soon as the minutes are released.

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Won't surprise me for a flash down post fed statement then rip. Although we still have OpEx this week.

Maybe the bulls will bury the shorts post fed.

Sold some ELOX July 2.5p for .7. I'd love a 1.8 entry

True. But OA even recently brought it up.

McInnis 03 said:

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McInnis 03 said:

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RTY (IWM) going red to green and looking quite impressive last two days bouncing the 10day MA.

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RTY trend day....learned my lesson a couple days ago. Riding this up.

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or not you bozo

Well, so much for my hope to pick up those SPY 425 P on sale before the Fed meeting.

SHBE (should have bought earlier)

Castor and Pollux McInnis

Any SPY/QQQ suggestions before the Fed announcement?

He's not wrong...

RBLX getting beat up over a slight decline in users

I think I made a rookie mistake......

About 2wks ago I bought some 6/16 $18 VIX calls. I'm not able to sell or roll them today. Apparently they settle in the AM?

CrazyRichAggie said:

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agdaddy04 said:

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RBLX getting beat up over a slight decline in users

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Oops. I just took my son's IPad away for a week

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haha, give it back asap. Actually they're saying that total usage time is up, even though users decline. Still fairly significant drop. Maybe a stock like this could become seasonal? Or covid had propped up the amount of users some?

wanderer said:

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I think I made a rookie mistake......

About 2wks ago I bought some 6/16 $18 VIX calls. I'm not able to sell or roll them today. Apparently they settle in the AM?

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Yesterday was the last day to trade that, settled this morning.

StrawberryFields said:

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Any SPY/QQQ suggestions before the Fed announcement?

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The only thing I would do it lotto type play before Fed.

Seems like, but just a guess, there is some flash down then reversal recently.