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Let's Trade Options

  • #1,021
  • Jul 9, 2013 5:22pm Jul 9, 2013 5:22pm
Quoting The Fool
{quote} SPXS has Oct 19 expiry, $14 calls are $0.35, will come down if the S&P jacks itself into 1,7xx... Tough to see the miners fall even tho gold was up today. I've got Jul NUGT calls looking to mess up my month...
$0.30 now, waiting....
"If The Fool persists in his Folly he will become wise." - William Blake
  • #1,022
  • Jul 9, 2013 5:31pm Jul 9, 2013 5:31pm
Quoting The Fool
{quote} Oil is gonna drop if USD strength persists, Sep $32 puts now $0.30, $33 @ $0.45, will wait to see a turn to sell Aug puts as they come up... ...oil pushing $104/bbl in early Asian Monday....
USO threatening to break out the top of the range it's been in last 12 months, above $37, with WTI trading near or over $104/bbl. Watching....waiting..., expect a good long put entry for top of a bear spread ... soon?
"If The Fool persists in his Folly he will become wise." - William Blake
  • #1,023
  • Jul 9, 2013 5:32pm Jul 9, 2013 5:32pm
I have subscribed to this thread. I've traded options before, but never on forex, so I'm definitely looking forward to learning from The Fool!!

That is such an awesome quote in your signature, btw. I kind of even want to steal it... but I won't.
Please check out my blog at https://from-zero-to-hero . net
  • #1,024
  • Jul 9, 2013 5:38pm Jul 9, 2013 5:38pm
Quoting smash1820
I have subscribed to this thread. I've traded options before, but never on forex, so I'm definitely looking forward to learning from The Fool!! That is such an awesome quote in your signature, btw. I kind of even want to steal it... but I won't.
Mostly I trade options on the indices and ETF's, rarely on fx instruments. Just like anything else, open a demo account somewhere and dive in. Check out the CBOE website, they have papertrade utilities there that are free...good luck.
"If The Fool persists in his Folly he will become wise." - William Blake
  • #1,025
  • Jul 9, 2013 6:06pm Jul 9, 2013 6:06pm
Quoting The Fool
Mostly I trade options on the indices and ETF's, rarely on fx instruments. Just like anything else, open a demo account somewhere and dive in. Check out the CBOE website, they have papertrade utilities there that are free...good luck.
I'm not going anywhere, dude. I actually prefer that you focus on indices and ETF's rather than FX. I am a daytrader at a prop firm and that is exactly what I've been focusing on as of late. I like to trade the 3x leveraged etf's like UPRO, SSO, TQQQ, TNA, TZA, FAS, DUST, NUGT, UVXY, SVXY, etc. but I don't really trade any commodities other than gold. I just like to trade whatever's moving at the time.

My favorite trades are the ones that mirror the SPY because I believe that is the easiest to predict... kind of like futures if I'm not mistaken.

Anyway, I still look forward to learning from you.
Please check out my blog at https://from-zero-to-hero . net
  • #1,026
  • Jul 9, 2013 7:46pm Jul 9, 2013 7:46pm
Quoting Cecil Gee
{quote} bought for 13c instead jpm $52.50 put jpm traded at $54.73
jpm is still trading in the same area, there is resistance around $54.89 where it closed. only good earnings on friday will it push through, the equities markets gained today and JPM is only slightly up, any tapering confirmation from benanke out later may see a negative impact on the market helping jpm to take a rest and fall a little before friday thus increasing my 52.50 put which closed today at 8c so i'm down a bit
  • #1,027
  • Jul 9, 2013 7:56pm Jul 9, 2013 7:56pm
Quoting Cecil Gee
Days to watch for volatility - wednesday FOMC minutes= GLD/GDX/TLT Friday - Wells fargo and J P Morgan second quater earnings release before markets open
GLD Above $122 i will look for calls on GDX OR BELOW $120.28 It will be puts on GDX or ABX
  • #1,028
  • Jul 9, 2013 9:21pm Jul 9, 2013 9:21pm
Quoting Cecil Gee
{quote} jpm is still trading in the same area, there is resistance around $54.89 where it closed. only good earnings on friday will it push through, the equities markets gained today and JPM is only slightly up, any tapering confirmation from benanke out later may see a negative impact on the market helping jpm to take a rest and fall a little before friday thus increasing my 52.50 put which closed today at 8c so i'm down a bit
I have not followed the financials enough to know too much. Why do you think JPM will fall on earnings?

What do you think about WFC? Looking at the Jul 12 $41 puts @ $0.11. WFC traded <$41 this time last week, closed at $42.69 today, down $0.26 on a fat green market day.

Heavyweights are next week - C, GS, BAC, etc
"If The Fool persists in his Folly he will become wise." - William Blake
  • #1,029
  • Jul 9, 2013 9:25pm Jul 9, 2013 9:25pm
Quoting smash1820
{quote} I'm not going anywhere, dude. I actually prefer that you focus on indices and ETF's rather than FX. I am a daytrader at a prop firm and that is exactly what I've been focusing on as of late. I like to trade the 3x leveraged etf's like UPRO, SSO, TQQQ, TNA, TZA, FAS, DUST, NUGT, UVXY, SVXY, etc. but I don't really trade any commodities other than gold. I just like to trade whatever's moving at the time. My favorite trades are the ones that mirror the SPY because I believe that is the easiest to predict... kind of like futures if I'm not mistaken....
Welcome aboard then matey, throw us some trade ideas if you got 'em.

The only bright thing I've done lately is to keep most of my powder dry.
"If The Fool persists in his Folly he will become wise." - William Blake
  • #1,030
  • Jul 9, 2013 9:45pm Jul 9, 2013 9:45pm
Quoting The Fool
{quote} USO threatening to break out the top of the range it's been in last 12 months, above $37, with WTI trading near or over $104/bbl. Watching....waiting..., expect a good long put entry for top of a bear spread ... soon?
oil @ $104.50+ overnight......
"If The Fool persists in his Folly he will become wise." - William Blake
  • #1,031
  • Edited 2:49am Jul 10, 2013 12:08am | Edited 2:49am
http://www.businessinsider.com/dolla...urprise-2013-7

"We expect another disappointing quarter for revenues. Weak macro data in the first part of 2Q and dollar strengthening increases the likelihood of sales misses. We expect the percentage of companies missing top-line estimates will be above the ten-year average of 20%, but less severe in magnitude than recent quarters."

http://biz.yahoo.com/research/earncal/20130712.html

WFC 7/12 0800ET; C 7/15 0800ET; GS 7/15 premarket; BAC 7/17 0700ET; USB 7/17 premarket; BLK 7/17 premkt; MS 7/17 0715; etc
"If The Fool persists in his Folly he will become wise." - William Blake
  • #1,032
  • Jul 10, 2013 12:25am Jul 10, 2013 12:25am
Quoting The Fool
{quote} I have not followed the financials enough to know too much. Why do you think JPM will fall on earnings? What do you think about WFC? Looking at the Jul 12 $41 puts @ $0.11. WFC traded <$41 this time last week, closed at $42.69 today, down $0.26 on a fat green market day. Heavyweights are next week - C, GS, BAC, etc
I have no idea if JPM will do well in earnings or not, all i am hoping to do is to take advantage of jpm retreating a little before announcement as it is hitting resistance
  • #1,033
  • Jul 10, 2013 12:29am Jul 10, 2013 12:29am
Quoting Cecil Gee
{quote} I have no idea if JPM will do well in earnings or not, all i am hoping to do is to take advantage of jpm retreating a little before announcement as it is hitting resistance
Dr. Terry says fade the expectation.

http://seekingalpha.com/article/1539...ents-this-week
"If The Fool persists in his Folly he will become wise." - William Blake
  • #1,034
  • Jul 10, 2013 12:55am Jul 10, 2013 12:55am
deez babes what dey say?

http://finance.yahoo.com/blogs/big-d...180435071.html

hmm, Q2 earnings expectations are mostly negative on the Street, so long scalps might pay better.

That's why I like WFC, I bet expectations are that WFC earnings tanked with the Tnote yield surge since WFC is more heavily vested in the mortgage industry. If WFC dips again as it did hard Tue morning I may look for cheap calls for an earnings play.
"If The Fool persists in his Folly he will become wise." - William Blake
  • #1,035
  • Jul 10, 2013 12:56am Jul 10, 2013 12:56am
Quoting The Fool
{quote} Dr. Terry says fade the expectation. http://seekingalpha.com/article/1539...ents-this-week
GS is showing strength and WFC is a well run financial institution and i wouldn't bet against it doing well again in the friday announcement. JPM puts are really cheap as IV isn't high as it usually is going into a earnings release, i normally only trade after release rather than before but one side of the options are cheap enough to take a position
  • #1,036
  • Jul 10, 2013 1:15am Jul 10, 2013 1:15am
Quoting Cecil Gee
{quote} GS is showing strength and WFC is a well run financial institution and i wouldn't bet against it doing well again in the friday announcement. JPM puts are really cheap as IV isn't high as it usually is going into a earnings release, i normally only trade after release rather than before but one side of the options are cheap enough to take a position
I might try an XLF strangle, for Friday Jul 20 exp, $21 call @ $0.02 and $19 put @ $0.03. Ever played the earnings releases that way?
"If The Fool persists in his Folly he will become wise." - William Blake
  • #1,037
  • Jul 10, 2013 1:37am Jul 10, 2013 1:37am
Quoting The Fool
{quote} I might try an XLF strangle, for Friday Jul 20 exp, $21 call @ $0.02 and $19 put @ $0.03. Ever played the earnings releases that way?

nope, never. Careful that strangle maybe to wide for XLF, check its daily range
  • #1,038
  • Jul 10, 2013 2:26am Jul 10, 2013 2:26am
Quoting The Fool
{quote} I might try an XLF strangle, for Friday Jul 20 exp, $21 call @ $0.02 and $19 put @ $0.03. Ever played the earnings releases that way?
no, wrong, I meant the Jul 26 exp, $21 Call @ $0.07, $19 put @ $0.05

you're right on XLF, CG. it can be slow, $0.50 finish <> open is a big move.

$20.50 call @ $0.11, $19.50 put at $0.13, breaks even with a $0.30 move +/-, with all the earnings out over next 2weeks, either leg could earn well....
"If The Fool persists in his Folly he will become wise." - William Blake
  • #1,039
  • Jul 10, 2013 5:50am Jul 10, 2013 5:50am
Quoting The Fool
{quote} no, wrong, I meant the Jul 26 exp, $21 Call @ $0.07, $19 put @ $0.05 you're right on XLF, CG. it can be slow, $0.50 finish <> open is a big move. $20.50 call @ $0.11, $19.50 put at $0.13, breaks even with a $0.30 move +/-, with all the earnings out over next 2weeks, either leg could earn well....
I like that idea
  • #1,040
  • Jul 10, 2013 7:30am Jul 10, 2013 7:30am
Quoting The Fool
{quote} oil @ $104.50+ overnight......
Still got about 4 points to go before we reach a level Ill be looking to get net short on oil.... of course with the FOMC today we could be there in a flash
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