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  • #2,861
  • Jun 7, 2010 3:34pm Jun 7, 2010 3:34pm
A/U is still providing some nice scalping opportunities right now. They are really great since the avg candle length is like 10 pips. Just grabbed 5 going short on the first white oval. Then reversed at the close of the second white oval for another 5 long and then took a short at the Weekly S1 / 21ema for another 5.

15 in 30min. no indicators used just MA's and S/R's and candlestick formations.
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When this baby hits 88 miles per hour, you're gonna see some serious s***.
  • #2,862
  • Jun 7, 2010 3:43pm Jun 7, 2010 3:43pm
Quoting Saxon
Does anyone know the S&P's May Return off the top of their head?
Tell me if I am calculating this right, 1,206.77 Initial and a 1,087.30 ending value. So like a roughly -9 or -10% return. Don't want to load up my other terminal so I am doing this by hand.
  • #2,863
  • Jun 7, 2010 3:46pm Jun 7, 2010 3:46pm
Quoting Saxon
Tell me if I am calculating this right, 1,206.77 Initial and a 1,087.30 ending value. So like a roughly -9 or -10% return. Don't want to load up my other terminal so I am doing this by hand.
I have high = 1205.13 and close = 1089.41.
When this baby hits 88 miles per hour, you're gonna see some serious s***.
  • #2,864
  • Jun 7, 2010 3:58pm Jun 7, 2010 3:58pm
Quoting MarcVUM
I have high = 1205.13 and close = 1089.41.
Hey marc I'm scrubbing my charts, don't know if we will see that UCAD target for a while if at all. I wll get some fresh charts up in an hour or so with hopefully some new targets
  • #2,865
  • Jun 7, 2010 3:59pm Jun 7, 2010 3:59pm
Saxon, I'm sure you know all about options from experience... I used them for quite a while and now only use them for two occasions. My first teacher was Mike Coval, you might recognize the name from his books but the most important thing he ever taught me was to sell time. That's how he made his millions. In fact his license plate says "sell puts" because that is what in fact you are doing... selling time. So, I only sell puts in a bull market (when PA just crosses above the 200sma. The only other time I use them is when I am selling calls on stock that I own to collect "rental income". I tried all sorts of strategies with them but got burned more than enough times!! Of all the best are the income strategies.

Edit: FX is pure chart reading... and it works around the clock so you don't wake up to a disaster in the morning! Plus the leverage is fantastic! Just my 2 pips!
When this baby hits 88 miles per hour, you're gonna see some serious s***.
  • #2,866
  • Jun 7, 2010 4:03pm Jun 7, 2010 4:03pm
Quoting Saxon
Hey marc I'm scrubbing my charts, don't know if we will see that UCAD target for a while if at all. I wll get some fresh charts up in an hour or so with hopefully some new targets
Cool! Ya, it's just bouncing off the 50 Fib at the moment. slooow as molasses!
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When this baby hits 88 miles per hour, you're gonna see some serious s***.
  • #2,867
  • Jun 7, 2010 4:06pm Jun 7, 2010 4:06pm
Quoting MarcVUM
Saxon, I'm sure you know all about options from experience... I used them for quite a while and now only use them for two occasions. My first teacher was Mike Coval, you might recognize the name from his books but the most important thing he ever taught me was to sell time. That's how he made his millions. In fact his license plate says "sell puts" because that is what in fact you are doing... selling time. So, I only sell puts in a bull market (when PA just crosses above the 200sma. The only other time I use them is when I am selling calls on...
Did you ever implement any strategies (Butterflies, Condors, Straddles, Strangles). There is a lot you can do when long or short volatility. I know you are aware of all of these, but here is a cool guide I used to use a lot and still use as reference some times http://www.optiontradingtips.com/strategies/
  • #2,868
  • Jun 7, 2010 4:07pm Jun 7, 2010 4:07pm
Quoting MarcVUM
slooow as molasses!
Peanut Butter
  • #2,869
  • Jun 7, 2010 4:09pm Jun 7, 2010 4:09pm
Quoting Saxon
Did you ever implement any strategies (Butterflies, Condors, Straddles, Strangles). There is a lot you can do when long or short volatility. I know you are aware of all of these, but here is a cool guide I used to use a lot and still use as reference some times http://www.optiontradingtips.com/strategies/
I think neutral trading is my favorite. You said you always wanted to have something to trade in a Range Market
  • #2,870
  • Jun 7, 2010 4:19pm Jun 7, 2010 4:19pm
Quoting Saxon
Did you ever implement any strategies (Butterflies, Condors, Straddles, Strangles). There is a lot you can do when long or short volatility. I know you are aware of all of these, but here is a cool guide I used to use a lot and still use as reference some times http://www.optiontradingtips.com/strategies/
Oh yea. Long Iron Condors work great in the range trading mode. But there is give and take... since it is an income strategy you are receiving premium up front and that means you want a good premium..the problem is that good premiums only come with volatility so unless you have a hell of a lot of money to use during low volatility times the return is so small (in comparison to what can be done with FX).

I haven't done this in a while but I would get the earnings calendar out and mull through companies that I recognize and view their charts a few days before their earnings were announced...looking at the volume and candlesticks to determine if I could tell what the stock was going to do the day of. There were times that I placed a trade at 3:55pm the day before and when the market opened at 9:30am I had 200, 300, 400% return on my money!! It was a numbers game for me... as long as I won more times than I lost I still made out. In the end I lost more! That is stinkin' gambling and I truly don't recommend it!

Do you have "The Bible of Options Strategies" book? If not, get your hands on it. Best book ever IMO.

After 10 years of experience I have to say that FX is the way to go!
When this baby hits 88 miles per hour, you're gonna see some serious s***.
  • #2,871
  • Jun 7, 2010 4:30pm Jun 7, 2010 4:30pm
[quote=MarcVUM;3784224]The only other time I use them is when I am selling calls on stock that I own to collect "rental income".
quote]

That's awesome!

I wanted to explain a lot of what I do to my wife but she tunes me out. She tries to explain medicine to me and I tune her out. The best is at the dinner table when I am like "PA totally hit a nice Fib, Piv, SR and "00" confluence today and I bagged some pips with a great RRR in the process. I have a few trades ITM right now with some some potential PA targets after data later." Then I look at her and she has the deer in the headlights look and looks like she wants to kill me. She watches a lot of CourtTV
so I wouldn't put it past her I want to teach her FX or option strategy so we can talk trade and she can trade on her lunch-break or something. She prefers facebook and surfing the web

I'm going to run your call-writing-rental-income strategy past her
  • #2,872
  • Jun 7, 2010 4:44pm Jun 7, 2010 4:44pm
Quoting Saxon

I'm going to run your call-writing-rental-income strategy past her
ha ha. I know what you mean. My wife has no desire to learn what I am doing but I told her that she will have to read my manuals that I am putting together one day so that in the event that I leave this planet she can duplicate me. When I have children they will start learning how to read charts as soon as they can speak! I don't care if they choose to do something else in life but they need to have a basic understanding of what "dad" does.

Ya, your wife should understand the call writing strategy. Stocks are assets just like apartments building's. Why not collect rental income on your assets??

You might also want to speak of "options" as if they were coupons! Good Luck!
When this baby hits 88 miles per hour, you're gonna see some serious s***.
  • #2,873
  • Jun 7, 2010 4:50pm Jun 7, 2010 4:50pm
Be back in a while... got to pickup something to eat tonight.

Amy, btw.. That last M15 candle should be good to go for your Short position. Wish I was sticking around to play it.
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When this baby hits 88 miles per hour, you're gonna see some serious s***.
  • #2,874
  • Jun 7, 2010 4:50pm Jun 7, 2010 4:50pm
Quoting MarcVUM
ha ha. I know what you mean. My wife has no desire to learn what I am doing but I told her that she will have to read my manuals that I am putting together one day so that in the event that I leave this planet she can duplicate me. When I have children they will start learning how to read charts as soon as they can speak! I don't care if they choose to do something else in life but they need to have a basic understanding of what "dad" does.

Ya, your wife should understand the call writing strategy. Stocks are assets just like apartments building's....
I am very lucky, my husband is happy to talk about trading for as long as I like. He is starting to get into it as well and showing some promise. On Saturday morning I found that while I had been waiting for the S&P to move higher he had been sneakily shorting it on Friday. We can see who made the money on that trade.
  • #2,875
  • Jun 7, 2010 4:51pm Jun 7, 2010 4:51pm
Quoting MarcVUM
Be back in a while... got to pickup something to eat tonight.

Amy, btw.. That last M15 candle should be good to go for your Short position. Wish I was sticking around to play it.
Thanks thats good, I widened the stop a little on that trade so still holding it.
  • #2,876
  • Jun 7, 2010 5:01pm Jun 7, 2010 5:01pm
Quoting MarcVUM
Be back in a while... got to pickup something to eat tonight.

Amy, btw.. That last M15 candle should be good to go for your Short position. Wish I was sticking around to play it.

Hi Marc, you asked the question about A/U.Last night I posted the levels that you guys may want to look to short, like .82. I didn't post that as my trade call in the other thread due to various reasons.My calls there are quite conservative.I think for now watch out the daily pivot at .8141

Use this set up: sell .8140 SL=.8165 TP=.8105
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  • #2,877
  • Jun 7, 2010 6:01pm Jun 7, 2010 6:01pm
Back to my desk. I can't believe A/U is still going up!
When this baby hits 88 miles per hour, you're gonna see some serious s***.
  • #2,878
  • Jun 7, 2010 6:06pm Jun 7, 2010 6:06pm
Quoting MarcVUM
Back to my desk. I can't believe A/U is still going up!
I think it is following the indicies, the australian market is going up at the moment and so is the S&P.
  • #2,879
  • Jun 7, 2010 6:11pm Jun 7, 2010 6:11pm
Quoting amyc
I think it is following the indicies, the australian market is going up at the moment and so is the S&P.
There is a heck of a lot of resistance up here in my white oval. I usually play a short off of the pink 150ema. I'll have to watch PA as it approaches but Daily R1 is up there along with a 23 Fib from the last swing high. Plus we have that LTL that was broken!
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When this baby hits 88 miles per hour, you're gonna see some serious s***.
  • #2,880
  • Jun 7, 2010 6:15pm Jun 7, 2010 6:15pm
Quoting MarcVUM
There is a heck of a lot of resistance up here in my white oval. I usually play a short off of the pink 150ema. I'll have to watch PA as it approaches but Daily R1 is up there along with a 23 Fib from the last swing high. Plus we have that LTL that was broken!
The dollar index is still completing its pullback from yesterdays highs, it should come back to the 88.0 area. I am going to wait for that before shorting again.
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