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Roy,
I sold half of my calls for 1.36 13 Cents profit on EMA 34 resistance. Signal also went on sell but ready to buy any moment.
Next target is 46.42.
Roy problem is one has to follow either 5 or 15 minute or 30 min system so these signal will continue other wise. I am inclined that in strong market I should follow 15 minutes but put my stop under 5 min system. What is your opinion?
Congratulations on new computers.
I hope you down load QT now.
Happy trading.
NM,
I agree with contents I do not go all in but up to 80% yes I was, point is making money; and since you are on both side you will and should continue to make money.
I think what you do is very labor extensive. I am long May 46 Calls from 1.23, but I use stops because I am doing trend trading on shorter time frame. I take losses like you do but that is part of doing business.
Will I find fool prof system, No absolutely no chance but I will be happy if bottom line is positive every month.
People think of their system that it should not make any mistake so end result is disappointment.
I thank you again for always sharing your position and insight.
Warms regards to you also, Happy trading.
Hi Roy,
I trade 5 min chart so today I left a lot on the plate, 15 and 30 are still on short, I need to improve it. 5 minute lately creating more whip saw, trading is more trend following on longer duration then it was few months back, change of character for the market I am waiting for confirmation on long signal.
I think with this much move downside is limited so I am waiting for long opportunity.
Sold OIH May 195 puts for 10% profit left as much on plate. That went down so I can not complain.
Long now May 46 calls from 1.23. Signal long. Target 46.20 stop 45.90
Edit: Roy most people take position prematurely and in real case more stops are hit and those do not take position if same set ups appear again because of fear of previous loss.
Mechanical system fails because of spikes.
Happy trading.
Beerworld,
I was stopped out at 6 Cents loss on calls, QLD I sold as I posted.
Another long signal generated but never passed 3/8 EMA here it is trying again will see what happen, 46.07 is price it needs to close above to go long.
There are always some losses in trading so I hope you understand this is not unusual. We need to be patience to take position.
Market is so volatile that immediate switching to other side is not working. SO I am taking it easy.
Neutral Man,
Boys are Rocking it more then your imagination for the day, seems bears want to cover margin calls from uninformed index buyer.
Happy trading.
GLENO34,
Well you do not need to drive you can hire a Brinks security truck to take it to the bank.
Happy trading.
Farooq
Long QLD 78.75 Signals long on initial stages. tight stop at 78.55.
Long May 46 QQQQ calls for 1.51 missed 1.50.
Edit: Sold QLD for 79.20 for 45 Cents profit.
Beerworld,
Sold May 46 Puts for 88 Cents average, No position now in QQQQ.
Small position initiated in OIH May 195 puts @ 3.30. as I am writing it is profitable so my stop is tight @ 3.55.
Beerworld,
YMCA good deed reward may be.
I am still long my May 46 puts I did added at top of QQQQ some more May 46 Puts, let's see what it brings.
Ford is doing well I was down big in that position. I intend to sell that position in about ten years.
I also own Jan 2009, 10 calls, Quite heavy bunch and I am glad they are doubled now from where I bought them.
I will sell half of those at some point to cover my cost and ride remaining.
Few banks are making me worry more now I think one more down draft is nearer then I thought previously, Plus Fed Pause or smaller cut is coming. So watch the potholes.
Thanks for your interest.
Fasttrade,
That is a good habit of successful trader when they are not sure they wait.
My puts are under water as I was fearing. I hope to bail out OK.
Good luck and Happy trading.
Beerworld,
Thank you for interest I sold my May 47 puts for 1.28 but I want to hold May 46 Puts.
Signal is long now, thechnically I should be out of all Puts.
Once in a while I go with guts to regret later on.
I really love when others give their take on QQQQ, it increase confidence in trade.
Thanks again.
Fox13,
I think I will agree with you.
By the way this what you mean by coitus interruptus,
"coitus that is intentionally interrupted by withdrawal before ejaculation of semen into the vagina"
LOL.
Happy trading.
Fasttrade,
I thought no one read them so why post?
Any way I am long QQQQ amy 47 puts from 1.18 and May 46 puts from 79 Cents Signal short on QQQQ but I front ran it when we fail to close above 46.90.
What you are doing? If you do not mind to share.
Happy trading.
I think 21.80 is going to be tested again before any change of direction. I am not a good trader of stocks so take my analysis with grain of salt.
Thanks for explaining your indicators. Sorry for delayed response.
Happy trading.
lexi2004
My program has not given me a longterm (In options it is at least few days) sell signal so no puts yet; and I am reluctant to buy calls on OIH so I will wait.
I rarely trade individual stocks for day trading purposes, so hope you will be OK with ALTR, by the way what is your stop loss on that Issue?
Happy trading.
W@G1 QQQQ 04/21/08 for a 04/23/08 close
48.20 frenchee
48.13 Farooq
47.35 rayrohn
bob3,
Congratulation on great job.
Farooq
lexi2004,
Those are WWAP trades, do not put lot of weight on those AH trades.
I am out of my trade with 30 Cents profit, After realizing that optimal signal has not arrived yet.
Biggest hurdle for trader is entering at right time once you enter right it is easy to stay with trade.
Just my two Cents.
We need to read NM more carefully.
Farooq
Smartone,
That is one most important reason of his removal. There are others on which this board will be boiling.
Very smart post, truth need to be told as is, This BS of supply and demand will disappear once Obama or Hillary comes in office.
Although I think Hillary will not shake status QUO that much.
Democrats also gets money from oil lobby and they do not have balls to stop funding for the war. So game continue.
We can not do any thing as voters only middle class is eliminated slowly.
I am going long OIH May 210 puts at 9.00.
Farooq
I will be happy to help you but you have to promise that you will at least do the same effort to teach some one else also.
I am out of my calls @ 1.47.
I taking lunch break market is too slow so far.
Happy trading.
Roy
On Tuesday evening my option account was invested 80 % of the value in May 45 calls, because it was huge concentrated position so I was uneasy and sold prematurely. Today it looks I sold at right price.
Program is creating lot of small signal and more difficult to trade profitably and Theta is evaporating more then appreciation. I might take a break soon.
Thank you for kind words.
Smartone,
I take crossover in to consideration but my primary signal is CCI 144 with 12,6 Signal cross over towards 200,100,0,-100,-200 and RSI 14 with signal 5 and MACD normal default. I also use EMA 3/8 and EMA 34 along with LSMA 34 and I am becoming more of LSMA fan now.
I will write down after hours about explanation of my system if you need. It is not foolproof as you have seen I take losses either because of my greed or misinterpretation. Some time it is simple whipsaw.
If there are losses make trade size smaller.
I some time start with 2-5 options once I am more sure about signal then I buy full strength.
How you place your order?
Farooq
Sold May 45 puts for 1.25 Now long May 45 calls for 1.35 and 1.36.
Sorry little late post busy watching some other things.
Happy trading.
Smartone,
I think so but my commitment is to my program and it gave a sell signal so I sold calls and am long puts now if you go back to my post you will see my entry price.
It is 1 X position.
It could go to 46 to punish some short sellers. We can go to 47 straight up I doubt but every thing is possible.
Farooq
Long May 45 calls 1.47 and 1.49.
Roy,
Thank you very much for response. Will look into OIH.
It is 1 X position.
Farooq
Edit: Sold at 1.58 now long May 45 puts @ 1.16.
fasttrade,
I was wondering where are you?
I am glad we have good company here.
When our crowd is on same page it gives me more confidence.
One reason I feel if I post a signal some one should second it or oppose it with one or two lines of opposing indicators. TIA.
Farooq
Now that is inside trading I say Uncle, LOL.
CONGRATULATIONS.
Farooq
leftyg,
Let me explain a bit, I am trading options for 22 years, I am trading for 36 years, Started trading Future.
My biggest single day loss in OEX is about 50 K in 1993 and biggest gain is 110 K (Came holding bit longer then few weeks)
That is back ground, options need 3 things so like in a race it is Trifecta,
1 - You need to be correct in direction of underlying.
2- Magnitude of movement (How much price it will move)
3- Time duration (How much time it will take to move the underlying)
Now you could be wrong and loose money. You are right and reward is high because it is a leverage position.
If you are wrong on first you will not make money most of the time last 2 you can have strategy which will allow you to make money you may be partially wrong.
In stock you just need to be correct on one, where it is going.
Most of the day trader use options when they become confident that they can predict direction of the move. Some of us try to predict the change, obviously reward is higher in this situation.
Here is a real example, I calculated yesterday that move in change of direction is near. So I loaded on May 45 QQQQ calls and some April 44 calls I sold them for 20 and 10 % profit. I felt they are to close to expiration so they are more risky.
I kept May 45 calls over night, it was unusual position for me 80% of option account was invested in that position. Today I sold them 1/2 at 42 % and half at 60 % portfolio went up accordingly. At the end of the day they were trading up 100 % and those which I sold because I thought they are risky are trading up 300%.
Why I could not wait more because position was too big and risk was huge if it goes against me. My bias was OE would be around 45.30 although my program was long and is still long.
Usually 2 - 3 X is high risk position. I divide my account in 16 equal parts and 1 X is 1/16. It was 13 X position.
Roy is the best option trader I know. If possible read his posts. He keeps it simple, I use to imply lot of hedges but now I do like him. NM is very good also but his techniques needs more then few Million $ account.
Spreads are best most of the time for new traders. But that is another subject.
Good luck and Happy trading.
be,
Follow your set up, do not follow hope. Why fight? In strong trending day, like on high TRIN you was selling, in low TRIN why not just buying dips.
Happy trading.
Sold the second half at 1.49 took stop loss off while writing I thought in this market one more rally should come but I was not thinking so bullish by morning reaction.
Actually total position was 13 X you know my 1 X is = 1/16.
Well that April 44 calls could have added cool 5K.
It could go up or down but I am happy what I made today.
I thank you for introducing me to cash account concept of option.
In margin account it created a lot of trouble some time in past and I was trading fewer options because of this reason.
lately I am more comfortable with them.
Thank you for sharing your TA and insight.
Farooq
Two-timer,
Fed raising rate for short term will be negative 1-2 days then market will rally, even on pause we will see same thing.
Inflation is worst monster to control, IMOP.
People who have not refinanced will be own their own soon.
I sold half position in QQQQ May 45 calls for 1.33 rest is on stop at 1.30 by the time I finish this note they will be gone too.
W@G2 QQQQ 04/16/08 for a 04/18/08 close
45.75 bob3
45.55 rayrohn
45.50 frenchee
45.30 Farooq
Roy,
My chart for 5 min and 15 min shows a long signal After 3:05 Pm
MACD: last time it did same thing on daily and see it move up immediately,
STO: showing upward on 5 and 15 min and will show hook tomorrow.
http://stockcharts.com/h-sc/ui?s=qqqq&p=D&yr=0&mn=6&dy=0&id=p58374709352
On daily;
We tested SMA 50 and move back up, we close above EMA 20 on daily which both show uptrend direction continuation,
RSI: in uptrend market it relived OB and did not broke 50 line, divergence and a typical character for bullish move, see on 11 month chart then six month, last six month is bear market IMOP.
I agree even all indicators could be bullish I still should not put such a big position.
Thank you for your detailed post I hope I will bail out OK.
I do admit it makes me uneasy to carry such a leverage position in current circumstances.
Thanks again for your kind attention.
Farooq
Smartone,
Thank you, I hope it stay up in the morning also, my thinking is QQQQ on OE should be around 45.30 area. I will be happy to be out at double.
Dreams do come true some time.
I am still long 80 % of options portfolio in May 45 QQQQ calls.
I have taken this kind of position after a long time to be exact after 16 years. Still could not be long 100 %. LOL.
Roy,
I saw your wonderful trades on NJ. I wonder sometime that I should just follow you and I do not need hard work. LOL.
I hope you will not mind that, would you?
My projection for QLD was 71.49 but I have one mental knot if I have a loss during the day I try to cover it first, since market moving fast I took that profit, I was hoping for buying it back on discount so far I have missed it.
April QQQQ moved up but I was able to grab some at 46 Cents again, it is pure gamble but I am adding few % points every time.
.Your post are always refreshing.
Some time if I am not sure about direction of the Market so I slow down my trading, and some time I just want to be outside. So spring is some time slow season for my trading.
Farooq
Sold QLD for 70.55 on S1 for 85 Cents profit no reason to sell just putting some profit in bank also sold April 44 calls for 51 Cents for 9 Cents profit, Still long May QQQQ 45 calls.
Stopped out in QLD @ 70.10 forgot to protect profit and raise stops, stopped out on April QQQQ calls @ 47 Cents 2 Cents loss.
Holding May 45 QQQQ calls. Stop is 80 Cents. It is a big position so I do not want to be stopped out prematurely.
I bought again April 44 calls for 42 Cents same 1 X position.
I am long again from S2 on QLD 69.70 stop is tight 69.40.
No margin is used because 15 minute and 5 minutes have not confirmed buy yet on ADX but my primary CCI and RSI is on buy.
Trying to play little slow.
I have two strikes against me already.
Happy trading.
Farooq
Long QLD @ 70.18 and Long May 45 QQQQ calls for 92 Cents 6 X position.
Long April QQQQ 44 calls for 49 Cents 1 X position.
Yesterday May 45 QQQQ calls were sold for 1.11 in the morning.
AJ,
By December 2008 Oil will be at 70, 75 and credit crisis will be resolved, now imagine economy, Max people will Fixed or 5 year lock by that time, 2 % will not but they are always there.
70, 75 Projection is on basis of Iran war premium will disappear after Mr. bush leaves office.
There is no way commodities traders can keep it up for that long.
Production of oil cost only 2.10 $ per barrel so how much mark up is needed?
Thank you for sharing your insight.