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If you do one leg at a time buy on bid and sell on ask your debit is 0 .15 cents, if exercised reward is 666% - commission for one month, and suppose QQQQ continue to go up you can buy them back (short leg) and increase your chances, Spread is usually a superior idea because of time decay and uncertainty.
JMHOP.
Farooq
I have a hunch we might try 40.35 before going back, no TA reasoning.
I might buy again @ 39.82 with stop of 39.65, earlier sold every thing @ 40.05 that was my logical target, Hold on put buying also. Do your own D/D.
Farooq
I have 100 Oct 39 series @ 0.55, which are down.
Pokersam, you should switch for 39 or 40 will make more sense now, JMHOP.
There is no trade of 400,000 contracts on September 40 call, open interest is less then that, go figure. It is a rumor.
Farooq
W@G2 QQQQ 09/13/06 for a 09/15/06 close
39.97 frenchee
39.88 wonderbuy
39.81 Myself °¿° nfi no freaking idea. Anything could happen.
39.40 quiet (ditto)
38.89 Dr_Sean (or it could just go to $41 I agree)
38.95 Farooq
Still long No short yet but will go some time when trend breaks, 40 calls have increased 500 % so may be I will sell them out right. Sold half of long 39.78
Farooq
Now order in for Oct 39 puts for 0.55.
Why market acting strangely????
We have two developments since yesterday,
1- Terrorist premium is coming down after Al Zahwari Statement that America is no longer a target and they will target Israel.
2- Iran situation might be resolves peacefully, I think Iranian wants to see how election situation comes out in November.
It does not mean we go up or down immediately, but its participant wants to adjust positions. Actually now we may go down hard on down side then what was expected, I am long from morning and I will short more calls as spread at marker if we reached there. My stop is 39.00 which is rising about .05 cents every 30 minutes. These calculations are approximate, please do your own due diligence.
Good luck.
Farooq
Pokersam, this is not political view, these are news worthy giving second thoughts.
IInteractive Brokers LLC is regulated by the Securities and Exchange Commission and the Commodity Futures Trading Commission Headquarters: One Pickwick Plaza, Greenwich, CT USA 06830.
rab120,
5 minute for trading but watch 15,30, min Bars, daily chart bars for bigger picture, weekly to see major changes. I have learned less indicators are better, It is about executing your strategy, most indicators gives same reading, I am out in after hours @ 38.95. Ringing cash register is always good.
Now will short some September 38 calls against September 40 calls that way it require less margin, will do tomorrow, around 39.40, bought 110 for nickel.
Farooq
POKERSAM,
Some time we have to eat our words. Covered short in morning went long stop is 38.80 looking for 39.40. Long from 38.45 on break of 26 bar and 13 bar cross over.
I should short according to my rules, let's see what happen. Price is now under the MA cross so trend is neutral to negative.
Farooq
denmo83
I have sold many times on High of the day or on ask, only if I am willing to wait, but mostly I sell on bid. I use IB and they are good in fills.
Farooq
I bought some QQQUL @ 0.25 @ 10:38 AM
Farooq
I do not know him but I think he does not need to lie.
Question for the board, what are the chances for September 40 calls to be increase 300 % in next week?????
It is gamble, let see what are your arguments.
Farooq
Out of short trailing stop saved me again, broke even after commission, went long, sold @ 38.81,Now short @ 38.80 stop 38.90,
I now have 5 cents loss on my OCT. puts, sold 39 September puts for 0.70 which I bought yesterday 10 cents profit not bad, Bought some 38 puts in morning @ 0.25, may be that was Pokersam who timed it perfectly 10:38 AM is the stamp on my purchase, sold 39 September against them covered @ 0.55, 15 cents gain Now those costing me 10 cents.
I intend to buy shares if they dip below, or I will keep using them for spread. Off course I have not bought 500, I am not in that league.
I think while I am writing I missed to cover, well it is running again up. I am covering here for 38.65.
Trade care fully, It is jungle out there, Do your own Due diligence.
Farooq
Filled me @ 38.66
Gleno34 is a fine poster and he brings fresh Ideas, I agree with you.
Short from 38.60 target 38.40 stop 38.70. Do your own D/D.
Farooq
OT:
Wall street as whole favors Republicans. There are some big guns who are democrats e.g. George Sores, Mr. Buffet, Paul Rubin Richard Dennis, but except Richard Dennis no one is in active trading and he trades future.
Farooq
Pokersam,
You would be correct but with election they need $ 2.30 /Gallon Gas and near high stock market, By November. Your wave count could be right but you can make mistake in calculating time.
I am short and I have some Oct 39 puts. So Good luck, Please forgive me for my bluntness. That is a draw back of posting that we some time have to eat our words.
Farooq
I think you have to eat your words sooner then that. BTW I am short as you know. I am not married to my position. Which I think is hurting your trading. JMHOP
Farooq
Are you saying 2 ( Two years )??????????????????????
I think they will try to retest 38.84 again if they succeed and break up with 5-10 cents then bears have to wait because we will go to 39.45, but I am short now from 38.82 with trailing stop.
I will try to post often if it does not effect my trading. I am not a bull nor bear, I am a trader, you are a very good trader, my set up may not work for you, it is better to develop your own. We all know this stuff; difficulty is implementing it and not second-guessing your self. Give enough time for trade to unfold it, and always use stop, stop is a discipline, which will force you to slow down, and read ED Sykota. Good luck.
Farooq
Pokersam, You are a great trader but you are spending more time on this board which help us all but not to your bottom line, I only post when I am not trading or as a follow up to my trade.
You can recoup most of your investment in puts, you have 47 % chance. I am switching to October because I am not a brave trader like you. The way you were reducing cost is best for you, Good luck.
Farooq
Intra day high but to goof public, could close around 38.65 but my money will be on 38.45.
Breaking 38.64 is first hurdle, which we should reach by 12:30 PM eastern time. Right now I am short from 38.58 for target of 38.45 or better stop @ 38.63.
I do have a trailing stop as I am writing this one is in plus column.
Out with 2 cents profit on short, and long from there stop 38.55.
Thanks, I am just lucky, and I enjoy good company here.
PS I think we can go up to 38.84 today.
Farooq
Yes It was 800, I was bit worried near close on Tuesday and my intention was to close yesterday morning but gap down forced me to wait. I think we are over sold on intra day so will try to go up, but in bear market things could become way over sold.
Farooq
That was a huge I mean huge position for me I do not intent to carry that big position, that was a bit much for my blood.
I think you are right but there is 20 % chance for that to happen. Let's see what day will bring. I made bundle on 800 puts so I can relax.
Farooq
Sold all my puts today @ 0.80 bought @ 0.30. Yesterday gap down opening forced me to wait for gap fill, today it is again same but time decay will be too much, Will buy Oct 39. Waiting for QQQQ to go up 38.70 areas.
Farooq
Correct, but we are human so we some time try to predict future, which is futile and cost money.
I think you are right we might go to your target and I might hit my stop loss so for bad trade, may sell with out loss if chance arise.
Tomorrow might give that chance, 40 is do able now.
39.50 Should hold or 38 is histroy.
Long Sept 39 puts @ 0.30 stop 0.15, long 300, order open for 500.
You short with stop on 39.35, so if it is going up you go with trend, I think down side are also limited to 38.20 max 37.60, Market is going to churn and churn here.
We will take out Iran after November election and then we will see 100 $ oil and low thirties. JMHOP.
Farooq
He offers it free.
PS, I think you never heard of Ed Sykota.
He is the brain; his views are completely opposite to you on mechanical trading system.
His return for a period was around 250,000%.
Farooq
I trade stocks, options in every possible way, future and some fixed maturity instruments, In IRA MF, Convertibles and stocks.
I have my fair share of losses; Single biggest loss is about a million dollars, well 15 K less.
In stocks I have two rules now,
1- Never trade with out stops. If I am wrong I wanted to be out first because I always can re enter, I rarely use limit order, when I am on move that is only time I use limit order, other wise I buy market and sell market. I trade liquid stocks.
2- Once I have profit in a trade I always try it should not become a loss.
I am human so I make enough mistakes and will continue to enjoy them in future.
Farooq
They could sell short or sell deep ITM calls against that. I am short same way. Short 37 long 40.
I am shorting and will be more by Monday. We will go to 44 eventually but not before touching 38.15 --- 37.65.
39.30 is the point to watch.
Selling longs @ 39.18. I am not worried about last few cents.
Farooq
No crystal ball here, 38.87 is resistance, which is increasing about 2.5 cents /hour. We have 50% chance to reach 39.30 today, my gut feeling is 39.25 will be the high. I am short after selling my long @ 38.18. Short from 39.14 will cover 38.90 areas. Do your own D/D I can change my position any time without posting.
PS you can do a credit spread, Long 40 and short 36 either September or October, I am thinking to do 200 of those, Not in your league for 500.
Farooq
Do it with 37short and 40 Long, if you are bearish, (credit spread)
Bullish 39, 40 (debit spread)
100 % return on your margin.
For time decay both out of money with one month spread required less margin but extra cost of transaction less risk is a plus.
Farooq
Short from 39.01 possible target 38.52, will take some profit @ 38.75 areas. Trade your own I use trailing stop so may cover early.
Thank you,
Thank you.