Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Beerworld,
NERS, RSI, and resistance at R1 level and No stop.
LOL also helped me ):
Farooq
Sold QQQQ June 50 Puts for 1.35 sold IWM 74 puts @ 2.00, holding 73 Puts but thinking to be out at 1.70.
Farooq
smartone,
That is the but we all failed for longer move because when you trade option for longer trend one need bigger stop or no stop.
I did a spread which worked out well, if you like I will post them here.
For longer term trend buy at least six months options. Just my 2 Cents.
Farooq
I am long IWM 74 puts @ 1.56 also.
Roy,
I have decided to move the stops for IWM JUNE 73 Puts.
Market maker see those stops and run them so I will hold them till they become profitable or they cross my pain bearing level.
Happy trading.
Farooq
For the board this trade was discussed on NJ board, I am in at $ 1.26.
Long QQQQ June 50 Puts @ 96 Cents.
This must pull back no stop.
Farooq
W@G1 QQQQ 05/19/08 for a 05/21/08 close
50.52 Farooq
49.13 frenchee
48.50 rayrohn
They are telling us it is not demand which is affecting the market, It is speculators also and why they should discourage price rise with out fundamental reasons.
In this month price of oil will drop 10 to 17 $ IMOP.
I also see QQQQ initial rise to 50.50 to 50.83 area and then dropping to 47.48 area plus minus 20 Cents, here is last 3 day 5 min chart I am looking.
Here is 5 Min chart on QQQQ I am watching.
I think we are going up to 50.52 area or may be 50.80 area before pulling back to 47.50 area plus minus 20 Cents.
Any opinion is appreciated.
Happy trading.
Ollie,
On Friday I trade less.
Here is some thing I forgot to attach on your birthday with my response. It is a small musical piece tell me how you feel after listen it.
Ollie,
Happy birthday to you and many happy returns of the day.
Stay that way, always happy.
Farooq
sammy1024,
Are you a subscriber?
I do my own trading, I do not subscribe to any signal service.
Thanks for info.
Farooq
My QQQQ May 50 Puts were stopped out while I was out for 10 Cents loss.
I had profit with them when I left but I became greedy and paid the price. I put the stop 9 Cents under, I was hoping for follow up, but in bull market there is no follow up for down market.
Gap will be filled tomorrow then we will see, My feeling is no one want to sell short any more so there is no supply OB nomination is taken as positive, IMOP.
There were brief shake out but participants were never in panic because they bought dips.
Happy trading.
Farooq
I sold my June 49 puts for 1.25, Seems like no traction in the market. Took 1 X position in May 50 puts @ 70 Cents but on my toes to run.
Happy trading.
I sold all May 50 puts for 98 cents. I am long June 49 puts, 2 X
Farooq
Roy,
I think if this drop hold below the opening then it will make real good money, I sold 1 x @ 82 Cents, I wish I should be calm trader like you.
I bought June 49 Puts @ 1.09 on second confirmation.
Do not want all eggs in one basket.
Happy trading.
Roy with out any doubt you are a very superior trader.
Farooq
smartone,
I agree but MM makes money every day his goal as MM is to make money at the end of the month and end of the year.
It is rare for MM to loose money in the end, we retailers are different.
There is no doubt in my mind that Roy is far better trader then NM because he is directional player, which is very difficult job.
NM does leaves lots of profit on the table, This month I watched him, his calls were good but his initial bias sucked, if he would adjust that he would be way ahead. I just like to give credit where credit is due.
He writes his trades in real time that it self is a big thing, he does share with others.
He manage his risk real good that is second best thing as trader, he takes profit relentlessly that is third best quality as trader.
Do not go with language, trader when they make money consistently act rude, So he is entitle to have a bit ego.
You will see few humble traders and successful traders, IMOP that's why Roy is on the top.
Happy trading.
Farooq
NM,
I think you are among the best option trader I have come across but I do not understand you do not go along with your own calls. One option trader Roy is better then you, I think.
Now you are thinking market is going to drop but you are holding you may 49 calls. If you see drop is coming why not shift the bias to drop.
I do understand that as MM one's bias should remain Neutral, are you playing like MM?
Always glad to see player's writing openly there positions.
Thank you for sharing your trades.
Before I could post my post I see the answer in the market, It is better to watch your trades then your calls, LOL.
I will be still happy if you would like to add any thing.
Happy trading.
Farooq
My work show that in next four trading days a drop of $ 1.40 is possible. I agree that market participants are fixated to fill the gap before OE.
Just to make it clear I was wrong many times.
On SPY board
http://investorshub.advfn.com/boards/board.asp?board_id=7449
Neutral Man have good record as trader, he is wrong many times but his calls are good why he do not act on his own calls I do not know.
W@G2 QQQQ 05/14/08 for a 05/16/08 close
50.20 Farooq Just to see how we close happy to see if frenchee wins.
50.00 rayrohn
49.77 bob3
49.00 Myself °¿° Just a wag
48.00 frenchee
royg1927,
Sold for 52 Cents went out for walking, came back and they are gone happy now can buy cheaper.
Thinking to write a spread long June 50 and short June 47 puts.
If things go according to plan 80 Cents could become 3 $.
Just thinking loud.
Roy good profit.
Farooq
Roy,
I did realize 51 is better play after your post but I hope % wise they will do the same with less money involved.
I bought the puts because CCI dropped 20 Points from high, CCI 12,6 gave a buy signal, RSI 14,5 gave a buy signal, Prices are below LMA 34 and EMA 3. Ideally it would be under EMA 8 and 34.
EMA 34 is way below 49.50 by that time I will think what I like to do there is 50, 50 chance we will fill the gap of 49.20.
I have seen 20 points CCI drop gives you a head start and if some EMA is confirming I do take it. 50 Increment work better for day trader on CCI, just my observations.
Farooq
Edit: Price is now below EMA 8 so buy put signal is confirmed.
Sold calls for 98 Cents. Bought May 50 Puts for 43 Cents, 2 X position.
It is 34 Cents profit bit over 50 %.
Farooq
Hi Roy, Good morning,
Things can remain over bought and evaporate lots of premium, that is the case here.
I think market is trying to tag 49.8 to 50 area here.
I am long May 49 calls from 64 Cents and my stop is now 80 Cents.
Most indicators are near the sell, many time I jumped and burned, this time I like to see it drop, then I will buy puts.
CCI 144 on 5 min chart is stubbornly high above 250, RSI 14 staying high, Prices are high above EMA 3,8, and 34 even it is above LSMA 34, but they all can change.
Happy trading.
Farooq
Edit: This is the sixth gap up morning we filled one and remaining 5 need to be filled some time in future. I do not believe every gap filled immediately, some time they get filled after 30 year, LOL.
Ollie,
You are just fine, I did not understood your post so I wrote, I hope you did not mind.
About mistake, I did similar today wanted to place a sell order I was leaving to go out and by mistake I bought 100 QQQQ may 49 Puts, I did sold them for 4 Cents profit. IB plate form is very quick, I will add another layer of order confirmation in it.
I enjoy your posting, keep posting any way you like. If I understand I will add comment or two.
Happy trading.
Farooq
Hi Roy, Good morning,
Nice scalps and your puts looking good 70 to 80% may be in card.
I did one trade in XLE for 10% profit, June 85 puts, one in QQQQ 48 Calls for 15 % profit and now long May 49 Puts.
Your post on NJ was very helpful, Thank you very much.
Yesterday was a tough day to staying with program.
Happy trading.
Two-timer,
I sold my calls little early but it does not make sense for such a run. I am not buying puts neither calls till we pull back to 50 EMA which is at 48.88 then I will decide what to do.
This could become runaway train. So some time trader should just breath and enjoy.
We are discounting and forming bullish trend, but with that high energy prices there will be no bull market. I do not know what CNBC is talking, businesses are way down and cosumers are spending way down. Companies are reporting from way down level and those companies which cater high net worth people are showing gains.
Although I try to trade my program but some time I can not because it becomes absurd.
We might go now R3 to S3. But I will not put my money till my program say so. They can go higher with out me.
I am thankful to you for sharing your work and thoughts.
Farooq
I failed to lock gains sold for -2 Cents + Commission loss.
Long calls does make sense here as long we are above 50 EMA so I am buying QQQQ 48 May calls for 1.18 stop @ 48.91 on QQQQ.
Edit: Sold here at 1.28 for 10 Cents profit.
I am not buying puts because there is no signal. So I am on sideline. No trading.
Farooq
I bought again May 49 Puts Signal gave long put signal again, Long now from 55 Cents but my thresh hold is low I will be out if we make 48.95.
I may sell for little profit or loss if signal change. 47.68 should be in the cards now. Let's see what it brings.
This market is really making crazy moves. Signals creating lots of false moves and whipsaws on short term charts.
Where is Roy to tell us some thing here, nothing will be said if you come back, Come in Roy we need you now.
Farooq
smartone,
Market was set to rally when in first 15 minutes QQQQ 48 puts have a volume of 65K and all in the money calls have a volume of less then 20K.
Market manipulation at its finest, I sold my calls bought in the morning and now long 49 Puts @ 57 & 58 Cents 5 X positions.
47 calls were bought for 1.44 and sold for 1.90 for 46 Cents profit.
I might not post my trade in real time because this is OE week and need to give all attention to it.
Please always take trade based on your own analysis.
I could be wrong as I was for today. They took it exactly to my hard stop limit, but they left a track at beginning of the day.
Happy trading.
Edit: Sold QQQQ 49 puts for 60 Cents signal indicating QQQQ trying 48.92 getting out of the way.
W@G1 QQQQ 05/12/08 for a 05/14/08 close
47.50 rayrohn
47.27 Farooq
47.00 frenchee
NM,
What ever you are trying to tell us but your positions still shows you benefit more if market take a plunge and then go back up.
You are well positions also that in case we test 49.25, you will cut your losses.
This OE will be good to watch your navigation, I know you will come out with flying colors. Keep us posted.
Thanks for sharing your view.
You might update your word document for new things now, LOL.
Good trading amigo.
Farooq
Roy,
Making money is always better then losing money.
Good scalp.
Farooq
Roy,
Kerkorian record is good in money making.
But I think with age they do act little wired, I hope to sell my 50 K+ Ford share as 5 to 10 baggers in due course of time.
Roy I can dream, and dreams do come true. ):
Two-timer,
My thinking is they could but it is in favor of MM to keep it down and do not let it run above 48.71.
If market is trying to judge support then it takes more then 2 days to judge it. If it is OE related then by all mean it should fill lower gap.
I noted it in my previous posts.
Happy trading.
smartone,
Sorry for late response I was out on Friday afternoon.
We tried to stay under EMA 50 4 times on 90 Min chart and failed but on 60 Min chart we overcome the support and closed below it, I think 47 and lower ares is in play now.
It will be prudent to keep stop at 48.70 as hard stop and 48.55 as soft stop.
Just my 2 Cents.
Farooq
Two-timer,
I saw and edit the number for puts in my post now it is more clear that OE is going to be between 46.80 and 47.10 on QQQQ makes more sense for DA BOYS.
As for your view is concern every thing is possible but these Markets are trending markets, Except for fluke I do not see above 48.80 Before OE. Just my 2 Cents, But I buy and sell calls in this type of market because trends on 5 min chart is more important then my own views.
I have learned it hard way, Market will do what it likes to do I can not stop it I just want to go along with it.
Happy trading.
NM,
If DA BOYS want really cheap supply they will let it expire to 47, getting more supply and creating more bears looking for near Gap fill and then taking it to 51 for 10% gain, they sold these puts for about a Buck mostly so in reality they are taking no loss.
By doing this they will expire 600K+ calls worthless.
I am just thinking loud.
As usual you bring new way to look at picture, your action look like looking at this picture. LOL.
Farooq
Edit: open Interest as of yesterday closing is 275318 for 50, 49, 48 total puts. 47 has 274603 puts open, so It make more sense, your number are wrong.
Roy,
You gave me so much knowledge that I am in debt to you.
Your piece on oil was classical, We do not seem to mind what ever they charge to us for oil, neither market worried about its impact.
May be I am missing some thing.
I cashed out for small profit on QLD seems I sold early, I am hoping to see 47.75 area on QQQQ today.
Farooq
Long QLD @ 83.25 stop 82.90.
Edit: Sold @ 83.80. for 55 Cents profit.
Two-timer,
Thank you for Kind words, Market has to act for hyper inflation scenario now. One thing is in that Environment housing goes up but that cycle is busted so how it will play out I am still thinking about it.
If McCain win is a sure thing against Obama then market will trade around here and oil will trade above 110, but if Obama has any chance oil will trade toward 80 to 90 may be 65 area and that will attract lots of speculative money to NDX and we can see Obama rally.
I think after filling last gap we could go up again.
So I am saying Obama has 51 % chance against McCain, till this Muslim stuff is not labeled on him. I was a Hilary fan, but I will support Obama if he will be nominee which looks like he will be. SO rally to all indexes are in the card.
I appreciate your input.
Farooq