nice green day....GMVD (out now) made solid money. only need CEI to pop.

Brian Earl Spilner said:

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Feeling a red open to a slow climb to green close today.

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Good call B

SVRA.....nice

Just got a couple sava 80/85 spreads for Friday filled at .2 each

Someone buy a few shares to kick TSLA above HOD.

Thanks

mazag08 said:

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NRD09 said:

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That thought just occurred to me earlier today...with so many small cap/spec stonks that seem to be gearing up lately, i wonder if the spy pullback is gong to coincide with a russel rip

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IWM is a wave count ahead of SPX since March 2020 lows. So it seems to have bottomed and started its next wave up. SPX still needs a 200-400 point correction. I think you are more likely to see the large SPX correction line up with a small degree IWM correction, and then both take off at the same time with IWM leading the charge.

But there is still the smaller possibility that we have a deeper low yet to be seen in IWM that would take it near 200. I charted that possibility a while back but it seems (for now) to have invalidated. But it still technically exists as a possibility. That would mean that we have Russell and SPX both potentially dipping hard at the same time. Would not be fun.

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Agree here - I like the $230 level but beyond that (save a major impetus) agree we'll need a little correction and then the following rotation can have IWM leading the way

McInnis 03 said:

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Y'ALL SEE WHAT I JUST DID?!?!

$SQ Trader writes the ITM 280P buys the OTM 280C and collects $1.2M pic.twitter.com/nZTZ8n1xTs

— Theta Warrior (@ThetaWarrior) August 31, 2021

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WHAAAAALE.gif

Tomas Hermensa said:

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I took 1/4 of my TSLA profits from today and bought 725/730/735 and 735/740/745 flies for this Friday. My name's Tomas and I'm an addict.

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So we're pinning 735?

PROG with a volume spike

CrazyRichAggie said:

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PROG with a volume spike

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I'm so glad I sold $1 puts to lower my basis from my original stupid decision to buy.

If AMC can stay above 46, I think it's going to run after hours.

AMZN.....that was a strong close.

It's always good to show when I mess up.

I entered $PYPL 295C on break of 290, assumption of continuation. I got absolutely blown up.

OutlawAG04 said:

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$30,000 Millionaire said:

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It's always good to show when I mess up.

I entered $PYPL 295C on break of 290, assumption of continuation. I got absolutely blown up.

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Sorry to hear that. I actually entered the same ones when it broke $290.44 which was an area I was monitoring. It kept hovering around the lower end of the 15 min ORB so I average down a few times throughout the day. Stirring at $1.05 average now and decided to hold these overnight. At least I had my eyes on the same calls as 30k I will consider that a win.

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• Took the same trade on open.
• Sold 50% at the top.
• Held through support break then went slightly red on 50% held..
• Added on 2nd candle reversal shown.
• Held through until broken reversal SR support.
• Cut trade at long red candle close - very red.

And you know the rest of the story how it reclaimed some of it intraday.

Lesson I was reminded of:

I should have sold 100% on the push at open. I know better. Buy back when it retests intraday support and holds. If I leave some on the table so be it. In the end I took a nicely profitable trade and turned it into a day killer.

$30,000 Millionaire said:

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I overcame a major loss today to turn a profitable day. Was not easy.

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You're the pro here 30k... (especially on these)

why wouldn't I do a put credit spread on WWR? aren't we all expecting big things by November?

Nov. 5 / 10P, credit of $477 (max risk only $23)

a call vertical idea too:

5 / 7.50C for $18, max profit $232, net free in September at 4.70+

and if I want to be a true degnerate, just straight up buy the Nov. 10C's, trading at just .10.

I think PROG will power through $1.

BREwmaster said:

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$30,000 Millionaire said:

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I overcame a major loss today to turn a profitable day. Was not easy.

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You're the pro here 30k... (especially on these)

why wouldn't I do a put credit spread on WWR? aren't we all expecting big things by November?

Nov. 5 / 10P, credit of $477 (max risk only $23)

a call vertical idea too:

5 / 7.50C for $18, max profit $232, net free in September at 4.70+

and if I want to be a true degnerate, just straight up buy the Nov. 10C's, trading at just .10.

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I hadn't even considered the Nov 5/10 bull put. That is an amazing idea, but remember, the R/R is that way for a reason. That said, if you committed to risking $5K, that could be a f'ing bonanza of a trade.

I did something kinda similar a few weeks back, but not near the R/R. Sold the 11/19 $5p/2.5p for $1.65

A potential issue with the Nov 5/10 bull put is actually getting it filled. Not much action on the $10p

You played it better than I did because I should have trimmed but i stepped away from my computer when it made that quick pop. Always appreciate your input and breaking down your thought process

Today seems more like digestion day. Will see how it opens

$30,000 Millionaire said:

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BREwmaster said:

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$30,000 Millionaire said:

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I overcame a major loss today to turn a profitable day. Was not easy.

---

You're the pro here 30k... (especially on these)

why wouldn't I do a put credit spread on WWR? aren't we all expecting big things by November?

Nov. 5 / 10P, credit of $477 (max risk only $23)

a call vertical idea too:

5 / 7.50C for $18, max profit $232, net free in September at 4.70+

and if I want to be a true degnerate, just straight up buy the Nov. 10C's, trading at just .10.

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I hadn't even considered the Nov 5/10 bull put. That is an amazing idea, but remember, the R/R is that way for a reason. That said, if you committed to risking $5K, that could be a f'ing bonanza of a trade.

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Brew- can you clarify the thought process on the November $477 credit with a $23 risk?

$30,000 Millionaire said:

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BREwmaster said:

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$30,000 Millionaire said:

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I overcame a major loss today to turn a profitable day. Was not easy.

---

You're the pro here 30k... (especially on these)

why wouldn't I do a put credit spread on WWR? aren't we all expecting big things by November?

Nov. 5 / 10P, credit of $477 (max risk only $23)

a call vertical idea too:

5 / 7.50C for $18, max profit $232, net free in September at 4.70+

and if I want to be a true degnerate, just straight up buy the Nov. 10C's, trading at just .10.

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I hadn't even considered the Nov 5/10 bull put. That is an amazing idea, but remember, the R/R is that way for a reason. That said, if you committed to risking $5K, that could be a f'ing bonanza of a trade.

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Where does the $5k risk come from? Seems like max pain would be $23 for the Nov P5/P10 spread.


http://opcalc.com/AaN

yes, you would risk $5K or 200 contracts.

Your maximum gain would be $95,000. All of that said, it is priced the way it is because that is very unlikely to happen and has a 95% chance of not working out. I think risking 0.5% of your account on that type of trade and just planning to either hold until the bitter end or flip it on any strength is a decent lotto trade.

I want to say again that based on the price action, this is extremely unlikely. However, if there is any type of catalyst, there probably isn't a better lotto trade.

Yea, I agree with your notes. I think I just always worry about the risk side of being assigned on the sell side. Can't those be assigned at any point even through the spread?

$30,000 Millionaire said:

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yes, you would risk $5K or 200 contracts.

Your maximum gain would be $95,000. All of that said, it is priced the way it is because that is very unlikely to happen and has a 95% chance of not working out. I think risking 0.5% of your account on that type of trade and just planning to either hold until the bitter end or flip it on any strength is a decent lotto trade.

I want to say again that based on the price action, this is extremely unlikely. However, if there is any type of catalyst, there probably isn't a better lotto trade.

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Thank you both for clarifying. I like this strategy and I'm going to model it with some other tickers I like. Might be a profitable lotto play for OPEX or the 5-10% correction we're all anticipating (ie enter one of these bull put spreads after the dip at strikes we were near before the dip occurred).