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Let's Trade Options

  • #21
  • May 13, 2013 12:46am May 13, 2013 12:46am
Quoting The Fool
Last I have to clean up for May 18 is EUO $19 calls. Currently sitting at 90% profit. EUO a 2x leveraged short euro etf. Looks like the euro is getting talked down some more this morning. I will be looking to sell out in next day or so.
F. Personally I rather trade FXE than EUO as fxe has better daily trading range and will go through multiple strike prices increasing the gamma = bigger profits if right
  • #22
  • May 13, 2013 12:48am May 13, 2013 12:48am
Quoting Cecil Gee
{quote} F. Personally I rather trade FXE than EUO as fxe has better daily trading range and will go through multiple strike prices increasing the gamma = bigger profits if right
Yep, I have traded both. FXA looking good for more aussie$ weakness. Maybe. I never traded AUS much tho. Later.
"If The Fool persists in his Folly he will become wise." - William Blake
  • #23
  • May 13, 2013 6:00am May 13, 2013 6:00am
Quoting The Fool
Last I have to clean up for May 18 is EUO $19 calls. Currently sitting at 90% profit. EUO a 2x leveraged short euro etf. Looks like the euro is getting talked down some more this morning. I will be looking to sell out in next day or so.
So you bought some calls on a short Euro ETF?
I see EURUSD moving up from here. But that's just my opinion. Good luck.

Looking at getting some ABX, maybe selling some puts and buying a bull call spread.
I have no clue what I'm talking about.
  • #24
  • May 13, 2013 5:24pm May 13, 2013 5:24pm
I'm newbie here. Is there any company outside USA with which we can trade FX option?

Also how do you place Exit and Entry.

Thanks a ton.
deep RoT is essential for everlasting happyness
  • #25
  • May 13, 2013 5:36pm May 13, 2013 5:36pm
Quoting Boy Wonder
{quote} So you bought some calls on a short Euro ETF? I see EURUSD moving up from here. But that's just my opinion. Good luck. Looking at getting some ABX, maybe selling some puts and buying a bull call spread.
I'm considering buying some TLT call options on tomorrows MARKET opening, MAY 17 $119 CALLS fridays expiration. This all depends on price, i need to get them for around 25c or less . TLT has seen some strong selling lately so i'm looking for a short term bounce before the cycle of down action continues. TLT CLOSED AT $117.84 and the 119 call options closed for 31c

below are the closing prices, if this moves towards my direction before the markets open I will void the trade, never chase

iShares Barclays 20+ Year Treas Bond (TLT)

-NYSEArca

117.84 http://l.yimg.com/a/i/us/fi/03rd/down_r.gif 0.91(0.77%) 4:00PM EDT



TLT May 2013 119.000 call (TLT130518C00119000)

-OPR

0.31 http://l.yimg.com/os/mit/media/m/bas...nt-1093278.png 0.31(50.00%) 3:59PM EDT
  • #26
  • May 13, 2013 5:37pm May 13, 2013 5:37pm
Hey, nice thread! I think you may know it, if not check out tastytrade.com ; I like Tom and Tony program.
  • #27
  • May 13, 2013 5:42pm May 13, 2013 5:42pm
Quoting shahab8b
Hey, nice thread! I think you may know it, if not check out tastytrade.com ; I like Tom and Tony program.
seen it, pretty good
  • #28
  • May 13, 2013 6:06pm May 13, 2013 6:06pm
Quoting Cecil Gee
{quote} I'm considering buying some TLT call options on tomorrows MARKET opening, MAY 17 $119 CALLS fridays expiration.
I have been watching the long bond action but not enough to surmise what might happen on a short term play like that. I couldn't take that trade myself, but good luck if you do CG & let us know what happens.

Tried to sell out of my EUO calls today and just missed. Was trying to sleep off a hayfever attack all day & didn't get much screen time. I see euro getting a little movement now after being stuck in tight range forever. Will have to sell in the morning come what may.
"If The Fool persists in his Folly he will become wise." - William Blake
  • #29
  • May 13, 2013 6:09pm May 13, 2013 6:09pm
Quoting shahab8b
Hey, nice thread! I think you may know it, if not check out tastytrade.com ; I like Tom and Tony program.
thanks I will check that out.
"If The Fool persists in his Folly he will become wise." - William Blake
  • #30
  • May 13, 2013 6:15pm May 13, 2013 6:15pm
Brother i didnt know you traded options...

Ie been trading options like 80% of the time.... just swing trading FX on HTF's these days..

what strategies r u primarily using?
  • #31
  • May 13, 2013 6:21pm May 13, 2013 6:21pm
Quoting Cecil Gee
{quote} I'm considering buying some TLT call options on tomorrows MARKET opening, MAY 17 $119 CALLS fridays expiration. This all depends on price, i need to get them for around 25c or less . TLT has seen some strong selling lately so i'm looking for a short term bounce before the cycle of down action continues. TLT CLOSED AT $117.84 and the 119 call options closed for 31c below are the closing prices, if this moves towards my direction before the markets open I will void the trade, never chase iShares Barclays 20+ Year Treas Bond (TLT) -NYSEArca...

I also see bonds higher, and sold a put to that effect today, as it happens.
But buying a call option with a few days to expiration..hmm, not sure about that. You might get lucky or...you might not. The worst thing is to be right on direction, but just sh*touttaluck on timing...e.g. buy the May 17 call but see price run up next week.

Out of interest, why did you decide to go for this week's expiry rather than selling a further out option?
I have no clue what I'm talking about.
  • #32
  • May 13, 2013 6:25pm May 13, 2013 6:25pm
Quoting The Fool
{quote} I have been watching the long bond action but not enough to surmise what might happen on a short term play like that. I couldn't take that trade myself, but good luck if you do CG & let us know what happens. Tried to sell out of my EUO calls today and just missed. Was trying to sleep off a hayfever attack all day & didn't get much screen time. I see euro getting a little movement now after being stuck in tight range forever. Will have to sell in the morning come what may.

TF, you could hedge yourself (lock in your profits) by going long EUR/USD.
You would need to work out your effective delta (i.e. you exposure in EUR/USD) and enter an offsetting position to bring yourself to delta neutral.
That's the problem with these ETFs...or whatever they are called. It's the same in the SPY, GLD, etc. etc. I won't trade them because the underlying (e.g. ES futures, GC futures, and in your case EUR/USD) trades 24 hr /day, and I'd want to be able to get in and out at a time of my choosing, not during the 6.5 hours of the day that the crappy lazy stock market is open.
I have no clue what I'm talking about.
  • #33
  • May 13, 2013 6:27pm May 13, 2013 6:27pm
Quoting Boy Wonder
{quote} I also see bonds higher, and sold a put to that effect today, as it happens. But buying a call option with a few days to expiration..hmm, not sure about that. You might get lucky or...you might not. The worst thing is to be right on direction, but just sh*touttaluck on timing...e.g. buy the May 17 call but see price run up next week. Out of interest, why did you decide to go for this week's expiry rather than selling a further out option?
careful about buying options the final week before expiration... theta decay is very violent... so unless you plan on a major increase in vega due to possibly the inflation reports and want to play that....be careful

friday i bid .85 on some TLT 13 jun/aug 119 Call calender spreads... expecting TLT to go sideways for awhile....

but then again, pretty much all I do is calender spreads and credit spreads... although premium hasnt been the easiest thing in the world to find in a bull market like this.... when it shows up I pounce on it

currently waiting on XLU to drop down a bit more to sell some June puts on it...
  • #34
  • May 13, 2013 6:36pm May 13, 2013 6:36pm
Quoting Wulfgar
{quote} careful about buying options the final week before expiration... theta decay is very violent... so unless you plan on a major increase in vega due to possibly the inflation reports and want to play that....be careful friday i bid .85 on some TLT 13 jun/aug 119 Call calender spreads... expecting TLT to go sideways for awhile.... but then again, pretty much all I do is calender spreads and credit spreads... although premium hasnt been the easiest thing in the world to find in a bull market like this.... when it shows up I pounce on it currently...
Yeah, most of my options activity is writing, often naked. Yeah, I know, I know...

If you want premium did you not consider writing some gold options? Good enough premium there for me :-)

Just had a look at that XLU.....I'd pass on that; you've got no way of knowing where the retrace is going to stop. But good luck anyway.
I have no clue what I'm talking about.
  • #35
  • May 13, 2013 6:48pm May 13, 2013 6:48pm
Quoting Boy Wonder
{quote} Yeah, most of my options activity is writing, often naked. Yeah, I know, I know... If you want premium did you not consider writing some gold options? Good enough premium there for me :-) Just had a look at that XLU.....I'd pass on that; you've got no way of knowing where the retrace is going to stop. But good luck anyway.
I have an idea where XLU is going to stop

at least long enough for me to make some money, thats what its all about right?

nothing wrong with writing naked options....I do it if volatility is SUPER high... but 9 times out of 10 times basic credit spreads are the best choice


speaking of gold I just bid back my IAU may 13 short puts for .05 the other day for a pretty hefty profit

that commodity collapse was a perfect setup for my trading style

Did you get in on it?
  • #36
  • May 13, 2013 7:15pm May 13, 2013 7:15pm
Quoting Wulfgar
{quote} I have an idea where XLU is going to stop at least long enough for me to make some money, thats what its all about right? nothing wrong with writing naked options....I do it if volatility is SUPER high... but 9 times out of 10 times basic credit spreads are the best choice speaking of gold I just bid back my IAU may 13 short puts for .05 the other day for a pretty hefty profit that commodity collapse was a perfect setup for my trading style Did you get in on it?
You have an idea where XLU is going to stop? What, you've got a hotline to GS? :-) Just kidding, good luck to you, hope it works out.

Yes, writing naked options is okay I think as long as you're pretty good at reading the chart, and happy (in a relative sense) to be assigned or take some kind of follow-up action in case things don't go your way, which many years of trading tell you is not only possible, quite often it's probable. You can't switch off though. You've got to be vigilant!

Gold, yes, I'm in on it, currently short puts and calls, and trading the underlying around them. Expiry is in a couple of weeks. I'm just (as ever) counting the days....come on expiry, come to daddy!!!!

Nice trading on your IAU.
I have no clue what I'm talking about.
  • #37
  • May 13, 2013 7:20pm May 13, 2013 7:20pm
Quoting Boy Wonder
{quote} I also see bonds higher, and sold a put to that effect today, as it happens. But buying a call option with a few days to expiration..hmm, not sure about that. You might get lucky or...you might not. The worst thing is to be right on direction, but just sh*touttaluck on timing...e.g. buy the May 17 call but see price run up next week. Out of interest, why did you decide to go for this week's expiry rather than selling a further out option?
BW, it s based on my trading style, i agree with others that writing nakeds is where all the activity generally takes place but since the intoduction of weekly options a couple of years ago I re engineered my trading to take advantage of explosive gamma situations. Its not for everyone as option traders would say that the options generally expire worthless. Sometimes I would buy on expiration day it self.
  • #38
  • May 13, 2013 7:26pm May 13, 2013 7:26pm
Quoting Cecil Gee
{quote} BW, it s based on my trading style, i agree with others that writing nakeds is where all the activity generally takes place but since the intoduction of weekly options a couple of years ago I re engineered my trading to take advantage of explosive gamma situations. Its not for everyone as option traders would say that the options generally expire worthless. Sometimes I would buy on expiration day it self.
Nice one CG. Like I always say, what works for you, works for you.
I have no clue what I'm talking about.
  • #39
  • May 13, 2013 7:42pm May 13, 2013 7:42pm
Quoting Boy Wonder
{quote} Nice one CG. Like I always say, what works for you, works for you.
THX watch gld later in the week as benanke speaks on saturday? may place trades on friday for this event
  • #40
  • May 13, 2013 8:12pm May 13, 2013 8:12pm
Quoting Wulfgar
Brother i didnt know you traded options... Ie been trading options like 80% of the time.... just swing trading FX on HTF's these days.. what strategies r u primarily using?
glad you stopped in homes, hope you'll be a regular. me I am pretty green and just mostly buy calls and puts, straddles sometimes. I will move on to more controlled strategies in time but just the simple stuff has been working for me pretty well. I hope we can get some good options traders to stop in - most of what I do be pretty boring for the pros.
"If The Fool persists in his Folly he will become wise." - William Blake
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