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Roy - Theta on AMZN overnite is -.525. You think the potential is that big?
Taking another look at the 60 minute chart - next major support around 294. Good risk/reward.
Interesting share - BRK.B lags large movements in $DJI, SPY by about 3-4 minutes - enough time to get in slightly ahead of movements.
Are you aware of any similar pairs?
Just averaged down my June 21 BRK.B 130 Calls to 1.13.
I should have been more of a hog... awesome Roy.
Yeah - looks like it's about to break through the Bollies, but figured I'd take profits now just in case.
I had taken small losses early today on MSFT and QQQ held over night. This profit brought me back into the black for the week. Got jury duty tomorrow. Figured it best not to be a hog!
Out AMZN May17P @4.05 (+1.22) Yeah - thanks Roy!
Timberrrr...
BOT AMZN May 17 300p@ 2.83
Been watchin all day - took the plunge.
Out MSFT May23 40 calls @ .59 (-.13)
Edit: Out QQQ May30 88.5C @.84 (-.08)
BOT MSFT May 23 40 Calls @.72
BOT May30 QQQ 88.50 Calls@.92-- Making hay while the sun shines.
Bot XOM May23 101C @1.93
OUT MSFT May23P $40 @.32 +.05
Bot MSFT May23P $40 @.27.
OUT MSFT 38Call at .71! More than a double. Yeah!
I was all set up premarket to execute a quick sell, then the electricity shut off about 10 minutes before open. Couldn't do anything.
Came back on an hour later and I was up over 100%. Dumb luck. What a nice day so far.
msft chart is odd today - lots of very long wicks on candles. Result of high frequency trades?
Mkt needs time to consolidate at new, higher levels. Traders are like Charlie Brown -- afraid to kick the football for fear that as soon as you do, someone will pull the ball back at the last minute.
Once we are even semi-confident that the new levels will hold, I believe the diehard traders will come in.
Just can't keep traders down for very long. JMHO, of course.
BOT MSFT May23 $40 call @ .34.
Sam Collins article: Dow Theory Buy Signal Confirmed.
http://investorplace.com/2014/05/daily-stock-market-news-dow-theory-buy-signal-confirmed/
He is a pretty thorough TA guy.
Good advice Roy! I agree that it seems easier to anticipate when people will get nervous and start to bail out of a play. This has been especially the case with the market at all time highs. Traders are skittish.
Will focus on taking small gains again until I rebuild my cash kitty. Shouldn't take too long - I did manage to preserve the bulk of it.
Happy trading - see next post - interesting article from Sam Collins, a guy that has been pretty good at TA.
Thanks Farooq for the great information.
I tried to open an Eoptions account - they gave me a little "test" at the beginning, and then said I wasn't a good match for eoptions.
Will check out the other resources! Happy trading to you too!.
Thanks Dot - I've been thinking about getting another account through OptionsHouse or some other cheaper broker. ETRD is expensive, but I know their tools so well, hate to have to start over. Good case of "lock-in" I guess.
It is margin, but ETRD requires over $25K in the account before you can DT more than 3x/wk. Not there...yet!
I had been trying to do more swing trades rather than daytrades because I am limited to only 3 DTs/week. I am about 50/50 on my swing trades. Good ones: Brk.B, MSFT, CVX. Bad: TSLA.
I think the market is too volatile right now for swings involving holding overnight.
So I took profits and losses today -cleaned up my accounts- in order to not hold any questionable trades over the weekend, and get more in cash.
I plan to focus more on my 3 DTs/week. At least until the market decides whether to bull or bear. Trade less, trade better, reduce risks.
Plus, do more research on my trades. I got into TSLA not knowing it was about to announce earnings, then held. If I had daytraded it, would have made out like a bandit. But I held overnight and lost part of it.
So, better research, TA, less trading. Plus watching you guys. I have been watching your trades, then been going in and looking at the signals to try to educate myself - very helpful.
Thanks again to everyone for posting your trades. Great study materials for me! Have a great weekend.
Hang in there Roy and give my best to Doris.
I'm so glad to hear she is driving! Last I heard she was nursing a broken hip. Lost track for awhile.
Took a small bath on TSLA - held overnight - big mistake. Got out on this morning's bump - enough to have cash for next week when I can daytrade again. No more holding overnight in THIS market!
Question: I have been reading a really good series of articles in Seeking Alpha about creating long-term hedges (See http://seekingalpha.com/article/2185853-the-time-to-hedge-is-now-do-it-for-less-part-iii ). I started a small hedge position this morning based on this article.
When you have time, could you give us your thoughts on hedging?
Thanks as always for posting such good info and take care.
Finally out of TSLA and MSFT. Caught a brief bounce in TSLA this morning and got out with a loss, but less than I had feared. In 6.29, out @ 4.
Out MSFT $38 Calls @ 177. +.19.
in mostly cash so I can DT next week. Start fresh. Be more disciplined.
Great resource - thanks Smart1! His views are similar to a couple of other people I am following. I just bought some cheap long-term puts as a hedge in case of a crash. Sleep better at night.
Good trades Rudilou - wish I had followed your lead. Praying for some recovery in the next few days. Learned an expensive lesson today - don't trade high betas when you cannot exit immediately. Experience is always the most expensive teacher.
Made a dire misstep with TSLA - have to hold until tomorrow or next week - no more DTs for this week. Yikes!
Will do. This is a very complex skill to learn. Even if you stop trading cash for awhile, keep practicing. Trade paper until you get it.
Bot TSLA May9 187.50 C @ 5.06. Shred - you hit a home run!
Bot TSLA May 17 $185 C @ 6.29. Thanks Roy - will try it.
Bot MSFT Jun21 $38c @1.58. Have to hold overnight.
Out MSFT $38 June Calls @1.43 +.22. May dive in again after market direction becomes clear.
Are you guys still having problems with the board? If I click on bookmarks, I go to an error page. However, if I follow a convo link, I get in.
Couldn't log on all day. Bot MSFT $38 June 21 Call @ 1.24. Still in. Good run today - up to 1.70. Bill Gates was selling off a bunch of shares on 5/5 and 5/6. Hope he doesn't sell any more tomorrow.
I only get three day trades every 5 days, so looking for overnite trades.
Thanks everyone for posting!
Yeah - I'm confused.
I'm in longer-term swing trades with 3 fairly conservative stocks with good fundamentals - BRK.B, GE and CVX. (Not a good enough trader yet to do the fast trades.) All had much lower than average volume today, with some huge spikes that are obviously professional investors.
Ukraine and reduced QE seemed to have been baked in awhile back. My stocks shouldn't be much affected by the high momos. What am I missing here? What triggered the nosedive today?
TIA.
What happened today? Couldn't see any major reasons for the market to drop so sharply. Is this the new normal? Sell in May..?
Awesome job Roy. I didn't see today's dump coming. You obviously did. When you have time, tell us how you did it. Thanks and take care!
Be sure to check your Theta. Sometimes it's better to take a small loss than to hold overnight because of Theta rot. GLTY.