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I sold April 46 puts for 1.14 for 6 Cents profit.
Ready to buy calls again.
Roy, Thanks,
As I was thinking they did went up I took commission loss on puts, I bought again those puts at discount, 1 X @ 1.08.
Seems like signal is whipsawing again.
Your results are very good. I will change with those any day.
Keep going.
Beerworld,
I use mental stop if I am on computer (on my desk), I am still long.
If I am away or it is a fast market then hard stop with broker.
Some body was watching us so he tried to take it out, LOL.
Well I am out at 1.37 long April46 puts 1.21 1 X I will add if they give bit more discount.
Edit: I am surprise they gave me ask,May be it going up more.
Roy,
Thanks I want to match with my chart, I am missing stuff today, There were few spikes in the chart by the time I clear them I missed the chance (Bad data from my vendor).
Now I am long April 45 calls from 1.14. Stop is now 1.20.
Happy trading.
Farooq
Fasttrade, that is a fasttrade, congratulations.
Roy,
That is very fine entry, When did you bought them?
I am eying calls but after your purchase I will pause.
Your other entry is looking good too.
Thanks for sharing.
Farooq
Very nice W@G frenchee, Congratulation.
Farooq
I am out of QLD @ 77.20 and 77.10.
My bias is QQQQ will try 46.19. At same time 5 min is saying sell, I took sell signal I might regret later on.
Beerworld,
2 min chart is very sensitive so you will get many oversold reading on different indicators. CCI tends to slip lower in strong trends although price is moving higher or lower in direction of trend.
One solution is moving to 15 or 30 min chart and then hourly, if strength is eminent on few says then to daily chart.
I hope that resolve that divergence issue.
Busy buying QLD. That gives real money.
I did awake little late today, good perception.
Farooq
W@G2 QQQQ 04/02/08 for a 04/04/08 close
45.88 frenchee
45.00 Farooq (I have no Idea what it will do it could come back and it could March North)
44.50 rayrohn
Hi Roy, Good morning,
That is a very good start.
Some how you are not taking advantage of upward move?
As long it is working it is great. Keep hitting these singles and soon you will break all record.
I am long QLD from 75.60 2 X but I will take profit soon.
Happy trading.
Farooq
watereyes,
Thank you for kind words. Please share your insight.
I am looking forward to it.
Farooq
'johnbits'
In this kind of rally we will close near high of the day buying puts is futile for today, I have given up on puts for today, 15 min chart never went on short.
Protect capital.
My short term program is not suitable for this kind of move I missed because of that reason also. Although I posted in First post about 45.30 but I was hoping it in 2-3 days. 15, 30 Min program is only good.
What a market.
Ollie,
Thanks for your kind words. My loss is like say for example I made 20,000 $ on calls and stock and I lost 80 $ on puts loss today.
I am not guru I am a simple trader who likes to share what he is doing.
Since I want to see you very happy so I say 'Ollie, I enjoyed to see your greetings',
Long some puts now signal on short now. I am not doing 4 X position since in a up market short will be killed.
Edit: After posting this, signal changed to long so do what is prudent to do.
Ollie,
This market is difficult to trade, it was supposed to have minor pull back at 44.75 level but it went like a hot knife in butter.
Yeh I left big money on the table.
I sold my minuscules put position at a big 2 Cents loss.
Some time previous experience does effect your profit. I am happy I made enough to cover some expenses.
I was long a huge position in UWM from 46.80 Which is sold for @ 49.75 so far it is coming down I might buy it back.
Thanks for advice.
For new post click on board heading and scroll down on right hand side before subject line of post start you will see a link for new post click and you will be there.
Happy trading.
Two-timer,
In this type of move I go to 15 and 30 min set up and they usually work well short term indicators do not work..
It will not give a short signal till 44.40 is taken out on QQQQ so many people will try and fail. JMHOP.
I am not long any thing in short term trading account except for few puts, and they are for the reason that I keep interest with market otherwise I am done for the day.
Todays move will irritate bears.
Thank you for sharing your views.
Roy,
I went long April 45 calls @ 75 Cents and sold them for 90 Cents,
I am also thinking of pull back now but all signals are still long.
I am long few 43 puts 1/4 of 1X @ 43 Cents.
I did not posted them in time because I was busy trading them.
It is problem with options you can not takes your eyes off the ball.
So far it might not be G&C opening.
Thank you for NJ post.
Happy trading.
NM,
What are your views today since it seems that ur 4cast for today opening and high will be blown away?
"4cast
1-Apr 43.61 43.81 43.25 43.28 "
This was your 4cast for today as of yesterday.
I think we are trying to test 45.30 I will appreciate your views , I do think OE could be around 44.
Do you think OE could be Buck more then your pivot point?
TIA.
Rear view mirror shows yesterday's exit was premature and we are hitting on all cylinders, we left 2 $ on the table.
After the sale QLD came back since I was not on the desk so I was unable to take benefit of discount.
45.30 on QQQQ could be near term target and then 46.20 is a possibility. Although I do feel we could come back and test break out.
My gut feeling is we go to 45.90 area and then violently test 43 and upper 42 area on QQQQ.
Skip, Smartone, and Beerworld thank you for input on QQQQ weekly chart, I posted a weekly chart because it shows trend better and reduce noise.
I am always looking forward for input and different views.
Thanks again for sharing your views and giving precious time.
Happy trading.
I like your comments on this chart,
Is it going up or down, please state your reason with TA interpretation.
I hope we do not miss a good opportunity when it arrives.
TIA.
Happy trading.
I went long 1 X on QLD @ 69.50 Stop is 69.40.
I am trying UWM options went long UWM 50 calls @ 1.10. MM Did not fill whole order, since they seems not liquid so canceled rest of the order.
Since we made about 1.5 % move up I am bit cautious here.
Use stops according to your liking.
Happy trading.
Edit: Sold QLD for 70.20 for 70 Cents profit, need to leave desk better take profit Signal still long.
Beerworld,
Smartone may be right but in that case if they do not drop rate I see a minimum of 44.10, Which cover my forecast for today.
If Fed is doing nothing or minimum that means we are stabilizing which IMV is positive for short term.
43.92 is short term resistance on QQQQ.
We are in bottoming process, I know I am not smart enough to know the bottom but I have started buying some in LT funds.
Happy trading.
Roy,
You deserve all that and more.
I am happy if Smartone comes on Ninja and join us.
I am also concerned a bit about my trading because I usually reverse my position when I am out from first but lately results are less then spectacular.
My solution is trade less, with high probability trades.
I agree with you on bank, but spigot of money is open and ultimately Fed always win.
95 % people always miss bottom so will be this time, they are always waiting for last lows retest.
The problem is going up take few months from a bear market also.
Happy trading.
Farooq
Beerworld,
Your perception may be right, but here is one news you might like,
"Advance Notice of a Portion of a Meeting
under Expedited Procedures
It is anticipated that a portion of the closed meeting of the Board of Governors of the Federal Reserve System at 11:30 a.m. on Monday, March 31, 2008, will be held under expedited procedures, as set forth in section 26lb.7 of the Board's Rules Regarding Public Observation of Meetings, at the Board's offices at 20th Street and C Streets, N.W., Washington, D.C. The following items of official Board business are tentatively scheduled to be considered at that meeting.
Meeting date: March 31, 2008
Matters to be Considered:
1. Review and determination by the Board of Governors of the advance and discount rates to be charged by Federal Reserve Banks.
A final announcement of matters considered under expedited procedures will be available in the Board's Freedom of Information and Public Affairs Offices and on the Board's Web site following the closed meeting."
http://www.federalreserve.gov/boarddocs/meetings/2008/20080331/advancedexp.htm
I have feeling Fed do not, I am saying do not want market to drop to certain level, I could be wrong but that's how I feel.
If they could not hold it over here, they will not be able to hold latter on.
They will let it go but a little latter may be.
Happy trading.
Farooq
W@G1 QQQQ 03/31/08 for a 04/02/08 close
44.93 frenchee
44.50 dr_sean
43.82 Farooq
Roy,
Good job you are hitting on all Cylinders.
Congrats on good trade.
Farooq
Beerworld,
I was out side all day long I have some April 43 puts bought today at 72 Cents then I left.
I sold them near 3:45 Pm because due to weekend they lose value. When I left I left a stop at 62 Cents.
Wants to go long calls but waiting so far.
Market is trying to fill lower gap of 43 and may be lower one.
We took out DMH but we could not took out DML so after filling gap I do not see much of drop, if we did drop it is going to be spectacular.
Around First week of April we will be out of window of 4.5 year low of 9 year cycle.
They might not be important indicators but a lot of participant work with them so we can not ignore there effect.
Monday is final day for EOQ EOM, I am expecting 1.5 to 2 % rally on Monday.
You can ask why I am not buying calls because that is my expectation but my system on cash now.
In AH it is close to go long.
Thanks for sharing your thoughts.
Farooq
NM,
You made a great call for penetration of 43.90 area, although we are above that level which I was hoping but I was very confident that we will not penetrate 43.73 but you were right on the money.
Great work and again thank you for sharing your hard work.
Thanks again.
Farooq
Beerworld,
I sold all puts at 84 Cents bought 45 QQQQ calls and they are gone for 2 Cents loss, I was away from desk just came back.
It was good day for quick trader.
NM made a good call on SPY board, I am impressed, I was thinking we will not break 43.90 we did but we close there, he was hoping to close near low.
What your views for tomorrow?
Roy, it is OK to take some break, good traders do not take every trade, they pick up best R/R trades.
Happy trading.
Farooq
Smartone,
Smart catch it is mistype 43.93 but I do think before going down we need to go back up but rumors has more weight right now.
I will keep doing what market is trying to teach me.
I sold remaining for 84 Cents that is 20 % return on equity.
Now long April 45 calls fro 78 Cents.
Thanks for catching mistake.
Happy trading.
Beerworld,
I sold 1/2 position @ 80 Cents. I am thinking they might try 44.93 area, but I like to ring register along the way so my every day could be net positive.
Thanks for posting your targets.
Thanks to Smartone for his views.
Farooq
Beerworld,
Same happened to me on QLD, got influenced by others distraction, need to give more attention to my own system.
Thanks for reminding about TRIN.
Sold My April 45 Calls for 1.5 % loss after commission (95 Cents).
Now long 43 April puts from 69 Cents. I have break even loss at this time. It is 1 X.
I have made few mistakes ,1 front running signal QLD trade was completely wrong, When signal is in favor of long QID I did opposite and failed to load QLD at low.
I will be happy if few others could post there views about signal.
TIA.
Farooq
NM,
Some one bought 20,000 44 Puts also 2 days ago so this buy could be MM saving his rear. (Why I think they are bought because price paid was few Cents higher then ask at the time)
IMOP volume in option often have given mixed result because they could be used many ways.
In rising market Puts lose value faster then calls gains price appreciation, because of this reason many sophisticated trader like you sells puts.
So we never know exactly what is one trying to achieve by selling or buying an instrument in option market.
I do use like you big volume for indication of direction, but my results are mixed so far.
I do agree we will try 43 area before attempting new march, We could test 41.80 also. Which both are by the way chart gaps.
Stopped out of QLD long at 71.90 for 30 Cents loss.
Signal became positive for few minutes and because of my bullish bias I failed to take profit at that level.
NM,
Your 4Cast QQQQ for today is Pivot Point and low is S3 on Woodie pivot points extra.
I think it would be hard for QQQQ to break 43.92 for today.
Why you think it could not go to R 1 or R 2?
TIA.
Thank you for sharing your work.
Long QLD 72.20 Front running signal.
Do your own D/D. My target is 72.80 area.
I had one open order for QQQQ April 45 calls for 95 Cents and that is filled in my absence, Not a signal buy, they decided to fill my order.
Let's see what happen tomorrow.
4 X position.
Good Job frenchee, Congratulations.
What is the last price?
Sold April 45 calls for 1.17 for 13 Cents profit so about 11.5 % return on equity.
Long QQQQ April 45 calls for 1.04 1 X.