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Sold QID Feb 52 puts at 2.10 for +.30 = +16%
QQQQ is approaching yesterday's HOD, may find resistance. Take the scalp.
http://stockcharts.com/h-sc/ui?s=qqqq&p=15&yr=0&mn=0&dy=8&id=p45839792435
Edit: Hi Farooq,
QQQQ stochastics on the 15-minute getting into overbought.
QID this strike is very thin and so I have to try to get off when I can. Small position for that reason.
Long QID Feb 52 puts at 1.80
Hi Farooq, thanks for the link.
I might try QID options more often, getting clues from your site here.
OLD is generally a lot thinner on options contracts.
You live in North TX?
Where?
I'm a native, many years. First part in the hill country. Your bobcat reminded me of my boyhood. Cool shot. I never got that close to one. They're usually pretty spooky.
With TI ca '56-'71. Now (38 years)in the desert, Midland.
I lurk here from time to time, for many moons. Good board, some smart people. Thanks. I don't do NERS, although CCI is on my indicators. Some NERS influence though.
Options day trader, active. Almost entirely Qs, IWM, SPY, AAPL, GOOG, RIMM. Good week, both ways, AAPL and IWM. RIMM Dec 120 puts faded the open today for + a lot until 10:00 a.m. then off.
Yes, I'm trading the AAPL 180 puts and the 185 calls today, watching on the 5-minute and 1-minute charts as close as I can to try to manage the whips. Not looking at Qs or IWM like I usually do.
I almost got knocked off the puts just about noon when AAPL pulled back to the 11:30 a.m. level. Since then it is looking okay. The calls are up a little over 30% since then.
Slow STO 5,5 and 14,3 on the 5 -minute are back to overbought, but there's still room to run on the 15-minute and I'm trying to not get spooked out too soon.
I'm lurking here to see if I can learn how to trade QID options.
Hi Farooq,
I'm long AAPL calls on an expected retrace upward which is what I guess you expected the Qs to do.
I'm also holding a happy trigger finger. Got a couple of nice AAPL puts this morning.
I posted your seriously good QID trades of yestersay on the other place. Didn't ask your permission. Hope you don't mind.
The server over there is okay for the moment. But it's discouraging to try to do anything there.
Yep, you may have touched a nerve.
Some people are so set on playing contrary that they just blind themselves to reality.
Right, but bpcomp might dick around a bit first, see mid '06
And regarding the weekly NASI, its ST0 hung around heavily oversold for a similar period in 06.
Neither is frequently the case, but it is shown to be possible.
Paul, hi,
..."last bit of information is weirding me out a bit."
Fascinating verb. (vbg, vb)
I don't believe I've encountered it previously.
Have you seen that Farooq is soon to be on extended vacation?
Details he posted at the other place yesterday or the day before. And on another board here this morning.
Nicely done Farooq.
If your cash register is running over, I'd be glad to help you carry some of it to the bank.
Wouldn't want you to hurt your back.
Sold at 1.60
Monday is another day.
Farooq,
I was called away on another matter at 2:00 p.m.
I took a quick look and thought the IWM puts would be all right.
I guessed that IWM was putting in a lower high intraday. Wrong.
Right now I'm 7 or 8 cents under water on the last (from my 1.49 entry), but IWM "should" be about ready to retreat a bit. We'll see.
RSI on the 5-minute has put in 3 lower highs since it printed 75 or so at yesterday's strong open.
Slow stochastics on the 5-minute are headed south at the moment, with a half hour left in the session.
The puts are now showing 1.53-1.54 so maybe we'll go green on this scalp attempt by the close.
Long IWM Dec 78 puts here. 1.49
So which way?
Sold at .74, dropping a couple of pennies plus the commission.
Wrong way, slight ouch.
Long IWM July 84 puts at .76
Double top? Worth a shot it says here, but without full conviction and much caution.
Best looking features are stochastics on both the 5-mminute and 15-minute.
http://stockcharts.com/h-sc/ui?s=IWM&id=p81381926530&def=N&listNum=1
Considering IWM puts with the possibility that the price action on the 5-minute since 12:25 could constitute a sort of ragged bear flag.
On the no-not-yet side is the 5-minute MACD, uh-uh.
RSI is weakening, no signal from CCI nor Wm%R and slow sto's hooking up. Wait a while.
http://stockcharts.com/h-sc/ui?s=IWM&id=p81381926530&def=N&listNum=1
On the 15-minute look, things seem more inviting: MACD trning down, no CCI signal, Wm%R possibly headed to steeply cross -50 southbound, RSI weakening, and both sto's hooking to the south.
http://stockcharts.com/h-sc/ui?s=IWM&id=p14735824320&def=Y&listNum=1
Nocona, Chico, pinkster, gloe, comment?
Nocona, re earlier TA notes:
This last scalp, SPY puts was taken not with any NERS CCI considerations.
But I hadn't previously pointed out Wm%R14 on my StockCharts 5-minute chart style. In some cases (this one included) I take note of NERS-like indications on Wm%R where there is a steep cross of the zero line. You see it here:
http://stockcharts.com/h-sc/ui?s=spy&p=5&yr=0&mn=0&dy=2&id=p81381926530
Also in this case, wanting to take a 20% scalp as offered, the 5-minute MACD added to the decision as well as the Slow STO's both 5,5 and 14,3 on the 15 minute.
http://stockcharts.com/h-sc/ui?s=SPY&id=p14735824320&def=Y&listNum=1
Sold at 1.20 for +.185 net = =18%
Sold SPY July 152 puts at 1.25 for a nickle green.
11:00 5-minute white stick pushed me out. Expected continuation lower. Nothing doing.
Wait for later.
http://stockcharts.com/h-sc/ui?s=spy&p=5&yr=0&mn=0&dy=2&id=p81381926530
Thanks. Would appreciate any criticism of my trades to foster improvement.
Delete
Long SPY July 152 puts at 1.20
http://stockcharts.com/h-sc/ui?s=SPY&p=5&yr=0&mn=0&dy=2&id=p81381926530
http://stockcharts.com/h-sc/ui?s=SPY&p=15&yr=0&mn=0&dy=8&id=p14735824320&lis....
Edit: Last two white candles on very low and decreasing volume. Hold.
Sold IWM July 84 puts at 1.08 (10:04 a.m.) for +.13 = +12% net.
http://stockcharts.com/h-sc/ui?s=IWM&p=5&yr=0&mn=0&dy=2&id=p81381926530
I am a frequent options trader, somewhat favoring puts over calls, mostly intraday scalps, with occasional multi-day swing trades.
Yes, NERS is a significant tool in my TA kit, although my own application does not strictly follow the rules. For example if my readings of other indicators are well in gear on the 5, 15, 60 minute and daily charts, I may anticipate a NERS trigger in the hope of getting a better entry. Much of my money is made on whatever precision I can achieve on entry, since the exit is often dictated by circumstances beyond my control.
One of the key rules at this desk is to close positions before any loss if possible, otherwise a small loss only. That means that little consideration is given to NERS or any other indicator if a potential loss is at hand.
Long IWM July 84 puts at .95
It may not have to.
Didn't on last aproach June 20.
SPX
Also the (almost) dragonfly doji/hanging man on the daily today would be consistent with lower tomorrow and/or beyond.
Note the couple of days of small body spinning tops thingys at the previous highs of June 1-4 and June 15-18 preceding the subsequent multiday pull backs. In each case the interpretation could have been at least that there is some degree of indecision after a previous advance. The current situation fits.
Others as well:
RSI(14) declining highs since early May
MACD declining highs since early May
Slow stochastics 14,3 declining highs since early May
Volume declining in the last six sessions
VIX retreated since June 26
Look at Bullish Percentage Index for SP500 last 5 years:
http://stockcharts.com/h-sc/ui?s=$BPSPX&def=N&id=p40967500504&listNum=1
Note the calendar duration of the current top, as long as or longer than any since '03.
Also that each of the previous tops was preceded by at least one lower high in the RSI(14). BTW my favored interpretation of RSI is more as a strength indicator rather than an overbought/ oversold indicator. As such, the current declining tops suggest fading strength.
Last thing: If AAPL/GOOG/RIMM should begin to exhaust, it should be a trigger for market lower.
You're reading my mind <vbg>.
tea, and yes, they're worth a lot.
I never miss taking time when you post your link. Just spent 20 minutes on the set and will be back to them from time to time.
Thanks for the work.
I'm harvesting a few intraday options scalps. Especially good results on puts yesterday and Wednesday. If today prints another rally failure, next week could show some follow-through to the south, possibly triggering some of your well-noted key junctures.
Hi back to you, Lady,
And thanks for the book title. "....for Master Day Traders"..yeah that's the correct direction, but now the thing is gittin' there.
BTW, I be itching to be heavy in puts some more along in here. Scalped some yesterday, mostly QQQQ, IWM and AMZN, some nice ones Wednesday. Still like 'em for southbound.
What say you about RIMM? Thinking about adding to the stable. Failed pop yesterday, and printed a gravestone. Was tempted to play off Wednesday's dark cloud cover, but whoa!!, opened gap up yesterday
The thing has been stronger than dirt this month, so my steel has stayed in the holster except for one June 155 puts scalp yesterday afternoon, encouraged by the red market stuff.
All my RIMM indicators are fairly well in gear, including ADX +DI touching the ascending ADX, usually a good one for a pretty soon reversal.
http://stockcharts.com/h-sc/ui?s=rimm&id=p65931095514&def=N&listNum=1
All in cash overnight as usual.
"Candle-reading is my thing...
Likewise.
Book by Velez and Capra. Title?
If you pls.
Look at the volume bar on April 30 and then at today's.
Next look at the 4 or 5 candles preceeding today, all bunched up, caint make no more serious progress.
Compare with the 4 or 5 candles preceeding APRIL 30 which show a lot of uninterrupted upward momentum.
One might interpret today's considerable increase in volume compared to April 30 as a realization by thoughtful observing traders that the strong buyers are quitting the field and it's time to take the money and run.
That's the way it looks to me.
Don't overlook the fact that the MACD histogram today took out the zero line southbound, but wasn't able to on April 30. Matter of fact, that histogram has been shrinking since April 30 while the "stock" was struggling to go higher. Serious negative divergence.
http://stockcharts.com/h-sc/ui?s=qqqq&id=p65931095514&def=N&listNum=1
More could be said re RSI, Wm%R, Stochastics, and ADX. All consistent, but maybe not yet insistent.
Down, it says here.
Inflation still is the larger concern.
Market will likely not react to fed much if at all, and seems to be beginning to pay attention to slowing consumer, housing problems, high gasoline, etc.
JMO. Been wrong before.
Got it.
I thought you might mean that IWM itself was acting strangely.
I don't see QT so no comment.
My interest is because I trade IWM options frequently, presently holding May 83 puts.
"QT IWM charts are strange today"
How so?
DNDN
".. someone did 10K of 17.5 strike contracts.."
So he/she is to the good today alone some $1.6 mil.
Well, that is if he can find someone else who wants to take that many off his hands.
But things look like he should be in NO HURRY.
Yes, I saw that.
Daily, yeah.
Thanks for the interest in my trades. DNDN mentioned in your recent posts. I scalped several nice puts and calls on that one since April 11, I think I started. Posted on the options thread the other place, whenever you get settled and hooked up.
Long QQQQ May 46 puts and IWM May 83 puts today. Clipped a couple of nice puts coupons on IWM yesterday and this morning.
Likewise, I hate to move. Brought the new wife in here 3 years ago. Now that was DIFFERENT.