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For anyone following along, this is where it gets interesting, it ran up more. At roughly 197-198, I'll reset calls again, but this time, heavier on new calls. Adding in the current worth of my puts. It can keep running up for all I care, but eventually, it will correct, and the cookie crumb trail of puts will begin to regain worth. Monday open or even this afternoon is when I clean up that messy trail and sell them off.
Awe :) thanks bud. Yep. It could trade flat, up or down, and I wouldn't care now. Next week is set solid for pure profits.
And now is when the 187.5p from earlier stacks along with the new put to realize correction gains :3
Winning.
My new mark is at 194.50
Sold the 182.5c at 16.28
Bought
197.5p at 7.76
192.5c at 7.54
By premarket, I mean dow, nasdaq, and s&p 500. Futures are down.
Premarket is not looking favorable. It will have to beat that trend and normally it doesn't. Expect a dip at open is my best guess. 187 puts and 183 calls for next week on my end.
Yep you did :)
But still made a killing
It's Thursday?
Sold the calls and the puts. Reestablishing my mark at 185 :)
I paid 8.05 on the 190 puts and 7.96 on the 185 calls, right around when the ticker was in the mid 187s.
Speculation moves too rapidly on trends fore to rely on limits. I rely on the strategy to pick up my slack for that. Calls are doing great now. My puts are OTM. So tomorrow at open I'll adjust accordingly, and whatever is left in puts, I'll adjust how much I pay into new puts and open the new strike heavier on calls to accommodate this. Sometimes I don't. But beings we're in a bull market I'll leverage more towards calls and let the downside correction carry me through the mistake in judgement. Once I see the bottom, I'll do the same thing again. We're possibly looking at above 205 tomorrow with a lowside correction of 182 given the gains we've seen.
I may readjust before close on this new mark as well. It depends on how much more run up we see as the day ends. If it climbs too fast too quick, shorts will take advantage of it quickly. It didn't fall overnight, and it won't be back to 400+ overnight either. So realistic planning is a must.
And Thursdays I always set for the following week. I never hold options on the day of expiration. It defeats the correction strategy of making plays on reversals.
Thanks for the acknowledgement bud. To answer: I never start a position OTM. Because one sideways trading week with little movement WILL bankrupt you.
Further, Theta, time decay eats away at OTM options faster than ITM. So every hour that passes by you lose more.
I'm sitting on a fresh 50/50 stance at 185c/190p. Tomorrow morning, I'll sell calls and reset at the new mark. I always do roughly $2 above and below the mark with as much as Tesla fluctuates. As always, corrections are my bread and butter. That's where I see the biggest returns after selling one leg and using those funds to reset my position. Less topside profits, but FAR more realistic and ensured gains this way.
I am :)
Tuesday was gutt wrenching but today definitely makes up for it. Resetting today for next right. 187 was my new mark to straddle
I am today, just for Wednesday's possibilities. We never broke below Friday's open, much less Thursday's, so I'm convinced on the next two days being solid growth. But yes, normally cautious on every step. It goes down when you want it to go up and up when you want it to sink.
Optimistic
171s appear to be bottom
First time in a long time I've went full on calls. I've seen the support line. 180+ close.
Back in the green on premarket. Tesla always surprises :)
Yeah. Times like these even when I'm wrong, so thankful for the strategy I use. Don't care what it does as long as it swings wildly and often!
Index futures are down. So far, the predicted correction is taking shape
The new talk of the town is we're in a bull trend now. The recession of 2022 is reversing across the board.
Your narrative is now outdated. The bottom was on Jan 3rd. I called it on Jan 4th. Corrections will occur, but the support levels are rebounding.
If that holds water, we'll see it reflected in price on open. Look forward to it, but it still won't impact strategy plays much. Find the top and look for swings. Best of luck to everyone. As always, never play one direction or you'll end up broke in the end.
It didn't fall overnight, and it's asking too much to expect it to erase that damage over the course of one week as well. Being rational is how you keep your profits. Again, not saying it's impossible. I see the big resistance point still being 228. But I'm not certain Monday will be a stepping stone straight to it. Two days of gains, backed by the overall market on an upswing... I believe if the overall market corrects, which is likely, then this will too. Nothing wrong in stating and staying logical. If it gains too fast too quickly, the correction, that is inevitable, will be harsher and faster too. If Monday is another bull run, a bottom of 160 is possible again, and it can blow right through 175.
I do admit, this is dangerous euphoria to expect 3rd bull run on Monday. Stay skeptical. Not saying it's impossible, but corrections always slap us back into reality
??? It traded sideways for the afternoon. So... no it didn't?
Just don't sell the puts once the calls make enough. It never goes one direction forever! :)
Corrections are the best days ahead for us.
Never catch a falling knife. :) and shorts play with an inverted chart. So until it reaches 228, in my mind, this will continue.
Solid resistance line at 175. Let's see if it follows into next week. Close north of that today I think. Feeling optimistic.
Jfc reset my mark on calls again :')
No drawback means I'm leaving a cookie crumb trail of puts. I'm happy for you bulls. If I'm profiting this much, one sided calls are doing better. Just hope you all don't marry them. Nothing keeps going up forever. But he'll, I'll take! Anything but sideways trading :)
So. :) hope you reset now on calls like I did. Banner day again bud. Never losing money on the riskiest venture of the stock market feels great eh?
Spiking way too hard way too fast. Prepare for pullback of equal strength for afternoon or Monday. Would have preferred slower rise for market strength indicators, but this is what normally happens. I'm about to load up put heavy.
Agreed. Glad we both saw the bottom at the same time. I even called it the bottom the day after we moved past it.
As next week progresses, value OTM drops quick. That's why they blow up quick. IF the market ever returns there.
I'm safeguarding myself from the worst of Theta. Time decay.
Sitting on 162.50p &157.50c. Sold remaining puts on the pullback at 155. Riding 157.50c & 152.50p from that selloff. Not much there but basic housekeeping to do. I'm done moving assets until tomorrow now.
I am. I sold at 160 when I saw it pull back more than expected. The second time on 160, and it not moving up was a signal to reset to me.
Not entirely too worried. There will always be critics. The majority of the news I'm seeing is extremely positive. If this doesn't run out of the gates prepare for a massive dip by institutions though. 20%-25% gains for single day trading on HoD isn't unrealistic for this, but a red close isn't unrealistic either with profit takers and those waiting for the news /after/ the news.
I'm restaking for next week after liquidating calls and see where it lands at the end of the day. Try to find the peak. This has $165-$180 potential out of the gates, but that's being optimistic. The earnings YTY were very good.
I still do expect a drawback from the buy frenzy, so as always, 50/50 on the new mark. Better to cap extended profits than lose the majority of it by being greedy. Glad you're starting to get the hang of it.
The calls are looking promising. As always be active and engaged on opening bell for the first 20 minutes. It's looking like a good morning for us, again.
I'm most definitely not. But it's my own intuition, no reliable source.
Agreed. Tomorrow, uncertainty. But Thursday expecting large downside.
That was the correct result for the calls. Forgive me as I did not know your prior position. Selling the worthless puts though isn't the right move though. Selling the profits and resetting your mark is. Come Monday, if it corrects, those profits are lost. If it continues it's run, great. But limiting that upside potential profit in exchange for a safety net of sorts is the gameplan. 124 puts won't do much to protect your calls as they sit. 135 puts would be better. It's difficult to reestablish the mark using the worthless leg as equity isn't there to do it. I ended yesterday at 130c 135p and several puts in the 120s that I left sit. With what remained in puts, I added up the equity and made my ratio of calls just a little heavier than the new puts. Earnings reports are even more unpredictable to how it reflects on stocks these days than news articles are. Weird world we're living in, so be prepared for any result. You're just a bit deeper ITM finishing a day on the calls than I personally prefer.