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BOT QQQ May 17 87 puts @ 1.43
Sold QQQ and SPY from last week at a loss. Sold at the high this morning. Hopefully I can make up for the loss by redeploying assets, without the threat of Theta rot over my head.
QQQ -.43
SPY -.40
I bought too high last week, then the market crashed.
Held over the weekend hoping for a recovery. It recovered some, but not enough to break even.
Lessons:
- Buy low
- Get out faster when the trade turns against me.
- Don't hold over the weekend.
Also incurred a 90-day trading penalty in my Roth account for buying and selling before the last trade settled. Still have two other accounts to trade.
Win some, lose some...
I'm in the same boat with SPY and QQQs. Will bail if it gets too ominous, but secretly hoping for a short bounce.
All of my early morning reading predicts that we need to retrace a bit more before there will be a bounce. For the SPY, analysts say we could go to 1850-1840s before seeing a bounce. THe big boys will be locking in their profits from the last few weeks.
We also have FOMC and Ukrainian nastiness making markets unsettled. As long as it's moving one direction or another, that's what counts.
Good luck shred - watch the trend lines and don't go against the trend!
Another thought for Roy... If you ever have the energy or inclination, would you consider compiling some trading tips for those of us who are learning from you. Here's what I would love to learn from you:
- Your preferred chart settings
- How you decide which option to trade
- Your most reliable reversal signals
- Why you trade the closest week, vs further out.
The last is my biggest question right now, since I'm trying to figure out how to minimize trading expenses. If you can trade roughly the same Delta this week, vs a couple of weeks out, and if it makes sense to buy fewer but larger options with good deltas.
Perhaps we could create a sticky note of your collected tips. (I'll help edit if you need it).
Thanks and take good care of yourself. We have so much to learn from you, so stay as healthy as possible.
Regards,
Jane
Roy - hang in there. This does feel like family, and your presence is always missed when you're gone. Will look for you next week. GLTY
Congratulations Smart! I have watched you learn to trade over the past couple of years. You are really getting this down pat. Don't know if anyone can touch Roy yet, but you have been a quick study.
I am inspired by your progress. I am at the point now where I am starting to make small gains instead of losing persistently. I learn a lot from watching you. Thanks for sharing your progress each day!
Out PG May 9 $81 call @1.04 from .79 +.25 but it was a hard-fought battle today. Got in too early.
Bot PG May 9 $81c @ .79
"Blue light specials" on all aisles.
BOT SPY May 9 187c @ 2.38
BOT QQQ May 17 $86.63 calls @ 1.93
SLD QQQ April $86.5C @1.30 from .91 +.39
SOLD Brk.B June $130 @ 1.59 from 1.30 (partial sell.
Bot QQQ Ap 86.5 call @.91
Sold IWM $114.50 Put @1.42 from 1.52 yesterday. -.10.
Looking for the best pullback exit from IWM put @114.50.
It was a small hedge just in case AAPL disappointed and dropped the mkt. Will make up the losses on BRK.B gains.
AAPL up $42 already!
With AAPL, you also have the hedge funds to figure out. They manipulate AAPL mercilessly to trap retail traders, then wipe-em out on OPEX.
SPY usually mirrors AAPL's moves, so it is a good trading proxy regardless of what happens in earnings.
AAPL is rolling over hard - will drag SPY with it.
On the plus side, you pulled the plug before it turned into a catastrophe, hopefully preserving some capital.
That was the most important thing I learned as a beginning trader. When the trade turns against you, get out so you have money left to try again.
The learning curve for trading can get expensive at first - learn money management techniques ASAP! GLTY
Regards,
Jane
Thanks Roy - a very interesting read. He is VERY technical but seems to know what's going on. Markets today seem as indecisive as he suggests.
I bought extra time on my IWM puts thinking it might be a couple of days before a minor/major correction. AAPL earnings are tonite. If folks rush for the exits rather than staying in overnight, could drag everything down. Looks like it is trying to topple, at least on the 3 min chart.
Every trading day is like a new lesson.
Bot IWM May2 114.50 puts @1.52
E-wave seems to be more applicable to swing trading than day trading.
Looking at that last leg up, I am wondering if it is in the second wave, and will retrace down in another big wave down. Target would be around 113.4. Maybe not today, but on the next big swing down.
Not all that expert myself - guess it depends on what timeframe you are looking at. Mental experiment today to watch it.
As always, thanks for posting.
G'mornin' Roy. I'm watching your IWM trade. Just curious, but are you an Elliott wave trader? If so, which wave are you on now?
BRK.B has been a beast today.
Still holding 120 June calls at 6.60
130 June calls at 1.26.
Edit - Shred - here is a handy dandy website for technical analysis. Just make sure you are looking at multiple time frames.
Click on the technical analysis button right above your stock chart, and look at both the technical, and the candlestick. This will help train your eye.
http://www.investing.com/equities/yahoo-inc-candlestick
Also, you can go to this site to practice simulated training -- good for learning to recognize changes in trends.
http://chartgame.com/trackrecord.cgi?jxdeh1
GLTY
Sold YHOO $36 Apr 25 Calls at .73 (-0.1).
Not enough movement in this today to be worth the time. Lost my commissions, but not much else.
Bot YHOO $36 Apr 25 Calls at .74.
Good job Shred!
Sold YHOO Apr 25 36.50 Put @ .64 +.13
My first time to try a gap fade. Probably sold too early, but profit is profit.
BOT YHOO Apr 25 36.50 Put @ .51
Out SPY April 25 $187call at .82 from .83.
Gonna keep some dry powder for after earnings.
Bot BRK.B June $130 calls@ 1.26 (adding to previous position).
OT - Thanks Roy - my granny always emphasized how important community had been for her. She used to test me - "What would you do if...?".
I thought a lot about her stories during the most recent recession.
It's because of her that I always keep a garden going, even if I just give most of the produce away.
My garden favorite is butter beans. The seed packets say lima beans, but they don't taste the same as what she called butter beans. Good memories - thanks for sharing.
Bot SPY APril 25 $187call at .83.
How did your family make it through the depression?
My granny used to share a lot of stories with me on it. She was trying to train me in case it happened again. She made it by turning her home into a boarding house.
Taking off for the weekend. This was an awesome week.
Many thanks to all of you who are willing to help the newbies. I'm starting to get it.
Have a wonderful weekend!
Out Brk.B Jn $120call at 8.00 from 6.55
I still have 1/2 at $10 sell.
Yowza - this is fun!
I've been trading 4 and 13SMA crosses. Perhaps it's the same principle. Seems to work well so far.
Roy - can't find TSI on Etrade. Similar to RSI?