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OUT MU July 19 Call at Breakeven
Thnx Farooq - the market is meandering today. One of my MUs will pay off today - just not sure which one.
BOT MU July 19 $31 Put @ 1.36
Swinging both sides of the fence.
Bot MU July19 $32 Call@ 1.63
Roy - INTC Post-Mortem
Thanks for your feedback on my trade. Here is my analysis. Please correct me where I am wrong.
Situation: I traded a weekly put on INTC and went down in a total loss. Fortunately, the damage was not too severe. The risk was acceptable, given my perception of the potential reward if it did indeed retrace.
Roy, these are the TA reasons I went into the trade, knowing well it was risky:
- INTC had gapped up hugely on Thursday PM. Generally, such a huge gap will retrace. Even if it was the result of legitimate good news. My error was assuming it would retrace on Friday, and it didn't. Therefore, my error is in recognizing the likely timing of the reversal. I still think it will reverse, but not sure when. Now betting on a retrace within the next two weeks. (JMHO - feel free to disagree).
- 1st lesson learned: I need to better analyze when to place a swing trade vs a day trade. I am generally pretty good at recognizing a potential reversal, but not at predicting WHEN it will occur. In this case, I thought that at 9:45 (ET) or so, that INTC was starting the retrace. It held steady for the rest of the day, while Theta ate my lunch.
- 2nd lesson learned: The stock started a small retrace around 9:45 (ET), but it was too small of a signal to be significant. It only lasted about 3 minutes. I need to distinguish better between signal noise, and an actionable trading signal in TA.
- 3nd lesson learned: Did not exit the trade when it didn't pan out. By that time, THETA had already finished my sandwich and had started on my cookies too. Too late to recoup it.
I still think INTC will retrace at least half of that gap soon. I have another small, but longer term Put on INTC for when it does.
As always, I value your insights.
Jane
Free intro to options trading seminar Tues nite by Tradesmart U.
http://www.tradesmartu.com/offers/oms-preview-int.php?score=57.142857142857
This is basically a sales pitch, but has lots of good, usable info, even for seasoned traders. I will be attending.
I have taken a number of their classes and they are very good and reasonably priced. However, I have not always a good student.
So I will take advantage of their refreshers whenever possible.
Good job as usual Roy! My assumptions about INTC, and puts, were really off today. I'd better relearn this before making any more Friday weekly trades! I'm gonna have to sit down and chart it out a few times - for some reason, PUTs are operating opposite of what I assumed.
Anyway, have a nice weekend - I will be doing some homework. Thanks again for all your help.
No, wait - I think it has a much better chance of plunging at the last minute to 29.50 or below because no one will want to hold it over the weekend with such a huge gap up.
I think it has a much lower chance of hitting 30. Yet that strike still has value. Confused.
Thanks Roy - it is a weak spot in my knowledge. I generally go by Delta. In this case, didn't work. Fortunately, my earlier trade this morning covers this bad one with some profit left over.
I see I have some more study to do?
Can this trade be saved?
I bot INTC June 13 29.50 calls this morning at .14 thinking that it would drop to close the gap. It has just meandered all day pretty flat. Now the bid is 0. If, by any chance, this does plunge between now and closing time, will it regain any value, or is it over and done with for the day?
Thanks in advance. Still learning the Friday trading routine.
Thanks for checking in Beer. Take care of yourself during this distressing time in your life.
INTC may be ready to roll over now. If so, could be a big drop.
BOT UNG July 19 $26 Call @ .97 Swing trade
BOT INTC Wkly 29.50 Puts @ .14
OUT MSFT Jun21 $40.50 Calls (+.15). Sell order from yesterday - should have raised it, but still a profit to start the day.
OUT INTC @ 2.2 (+1.42) What a way to start the day!
INTC shot up after close - could be a good morning trade.
I'm in July 19 $28 Calls @ .78.
Wow - 2 truly bad pieces of news. I feel so sorry for the Iraqi people. They have been thru so much already.
Out RIG July 19 $42 Call @ 2.24 (+.20)
SmartOne (and others) - later, when you have time, could you explain how you choose your strikes? I notice that you usually trade the weeklies, but pretty far out of the money. Is the delta a factor in your decision?
Thanks in advance.
Thanks all for comments on the POMO. Makes sense.
Today's POMO - I still don't understand how it affects mkts. Thanks in advance.
BOT RIG Jul19 $42 Calls @ 2.04.
RIG, HAL, and SLB often gain when there are issues in the Middle East - Iraq oilfields in jeopardy.
What impact do you expect on the mkt? TIA
Someone stop that masked man! Great trade Roy.
BOT MSFT Jun21 $40.50 C @ .46
After a half-day on my new HP18, I am wishing I had gotten the larger screen. Otherwise, it is a very nice computer for the price. Enjoy!
Is anyone else having problems with Etrade charts today?
First I could get daily charts, then there was a long line, now mostly blank charts. Is it Etrade or my new computer? Thanks.
Good advice Dot. I have an AAPL I-pad for remote trading. Kept me out of trouble a couple of weeks ago when I had jury duty.
I also have a Republic Wireless Smartphone that I can trade from. Republic is a discount wireless carrier that uses MOTO X phone. Since I mostly work from home, don't really need an expensive wireless contract. I pay about $10/month.
It basically works off wifi, with limited cell connections as backup. Has worked very well for me.
OUT QQQ Jun21 92.63Puts @ .67 (-.28).
Bot them as insurance in case the market went down while I was out of action. It didn't go down as much as I needed it to. OK - insurance.
I am using Etrade's Pro Trader - I love it. Keeps me hooked into them, even tho' they are higher cost.
I considered a laptop, but ended up buying an HP 18 "All-in-One". It is a big monitor with the computer built in, plus a full size keyboard and mouse.
It only cost $350 at Staples. I considered a laptop, but never liked the screen size, or the mouse action on laptops - especially touch pads.
I recommend it for day traders - can pack up into a computer bag, but better functionality for daytrading, (IMHO).
Hope you are tolerating the treatments reasonably well - and that they are working. You have many fans on this board!
Welcome back Roy - I always miss you when you are gone for a few days.
I had a major computer crash, so I've been out for two days. Started over with new computer, desk, etc. It's like learning how to trade all over again. Hopefully I'll get back in the swing of things faster this time.
Have a great trading day!
BOT INTC July19 $28 Calls @ .78 - swing
BOT QQQ 92.63 Jun21 Puts@ .95 - for next week
Done for the day - have a great weekend everyone.
OUT F Jun21 $15C@ 1.99 (+.21)
Out CAT Jul$107C @ 2.23 (+.44)
BOT MSFT Jun21 $41 C @ .73
BOT F Jun21 $15C @ 1.78
Today may be the day to catch up. Looks like it's going to be epic.
Amazing day. Miss you Roy!