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Let's Trade Options

  • #7,501
  • Mar 4, 2015 12:00pm Mar 4, 2015 12:00pm
Quoting StrayDog
... This is the market I like, moving market... Crude just got kicked out of the trading range (48.80 - 51)... My account is too small to trade futures, I don't want that risk, looking to use USO CFDs for day trades, to bypass PDT rules.
crude is a btfd mofo
"If The Fool persists in his Folly he will become wise." - William Blake
  • #7,502
  • Mar 4, 2015 12:09pm Mar 4, 2015 12:09pm
TLT diag for Fri expiry shaping up, I am <$1 away from the maxP price, will have to watch it on Friday - if we get a strong NFP then TLT will drop....
Attached Image (click to enlarge)
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"If The Fool persists in his Folly he will become wise." - William Blake
  • #7,503
  • Mar 4, 2015 12:22pm Mar 4, 2015 12:22pm
I just bought 10 $5 lotto tickets, FXCM $2.5 Mar long call....earnings out today ah I tink....
"If The Fool persists in his Folly he will become wise." - William Blake
  • #7,504
  • Mar 4, 2015 12:35pm Mar 4, 2015 12:35pm
Quoting The Fool
{quote} fml SPY dipped to $210.0x this morning and I missed it? That'll prolly be the last trip south to $210 in my lifetime....
well, maybe the spoos is gonna roll over like it should. I am still hanging in on SPY $210/$211 Mar/Mar5 death diagonals. If Ida had any brains I would've taken some lots off them today when I saw they were down just $0.13 or so....expiry b/e is just $212, fak we could hit that tomorrow again...
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"If The Fool persists in his Folly he will become wise." - William Blake
  • #7,505
  • Mar 4, 2015 1:00pm Mar 4, 2015 1:00pm
Quoting The Fool
no fills on my longer-dated trades today - USO Jul/Oct $28 call calendar sitting at $0.15 mid; Trying a Jun/Aug BAC $18 call calendar for $0.12, almost there
everything sitting on the mid, no fills - I tried a USO Jun call $23/$23.5 bull vert for $0.08, nope...
"If The Fool persists in his Folly he will become wise." - William Blake
  • #7,506
  • Mar 4, 2015 5:11pm Mar 4, 2015 5:11pm
Quoting The Fool
{quote} everything sitting on the mid, no fills - I tried a USO Jun call $23/$23.5 bull vert for $0.08, nope...
I'll be doing USO verticals tomorrow for Friday exp, looking for crude to touch near 58$ as long as it can stay above 51.19
  • #7,507
  • Mar 4, 2015 6:27pm Mar 4, 2015 6:27pm
Just recently opened an options account. Gosh, Now I remember why I attempted Forex. So many different symbols to look after. What strategy are you guys currently using? Actually what did you start with. I looked at the first 10 pages of thread and am curious if thats a strategy I can begin with.
Thanks
  • #7,508
  • Mar 4, 2015 6:34pm Mar 4, 2015 6:34pm
pic below is Cushing, OK - site of one of the largest crude oil storage areas in the US (re: Google Earth). Flat country in OK, you can see the roads & property lines are laid out on a grid - you can see section lines clearly if you are used to looking at maps all the time as I am - a section is 640 acres or 1 square mile....gives you an idea of the size of some of the tank yards there.

Anyway, I keep hearing in the popular press every day how Cushing (and elsewhere) is running out of storage - will be "full" by April. However, elsewhere I read storage is not expected to top up that quick. Implications are: if storage runs out before seasonal demand ramps up, the 2-3 million barrels a week flowing into the tank farms will have to go into the refinery trade and that will cause a dip in the $/bbl price. I am looking out to a later scenario wherein the contango boys get to run up the price into Summer demand and we see WTI >$65, I'm guessing near the end of Q2...

You will know when the storage volumes are getting "full" when the build numbers come down and/or the crude price dips after overbuild data releases are not getting bought up quickly, as occurred today...

http://www.investorvillage.com/mbthr...9542&showall=1
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"If The Fool persists in his Folly he will become wise." - William Blake
  • #7,509
  • Mar 4, 2015 6:43pm Mar 4, 2015 6:43pm
Quoting fxcatty
Just recently opened an options account. Gosh, Now I remember why I attempted Forex. So many different symbols to look after. What strategy are you guys currently using? Actually what did you start with. I looked at the first 10 pages of thread and am curious if thats a strategy I can begin with. Thanks
fxcatty just tag along and you will see some of the traders here doing a variety of strategies. Try paper trading some and see if any make sense to you. Do check out dough.com, tastytrade, and the CBOE website for a variety of educational resources. Good Luck.
"If The Fool persists in his Folly he will become wise." - William Blake
  • #7,510
  • Mar 4, 2015 6:54pm Mar 4, 2015 6:54pm
Quoting Cecil Gee
{quote} I'll be doing USO verticals tomorrow for Friday exp, looking for crude to touch near 58$ as long as it can stay above 51.19
not sure what you're onto here, CG - no way wti is going to pop $6+ in 2 days, but show your verts when you get in....
"If The Fool persists in his Folly he will become wise." - William Blake
  • #7,511
  • Mar 4, 2015 11:31pm Mar 4, 2015 11:31pm
RRRrrrick? Surely somebody at the ECB is at least as smart as you, no?

http://finance.yahoo.com/video/trade...164400413.html
"If The Fool persists in his Folly he will become wise." - William Blake
  • #7,512
  • Mar 5, 2015 12:16am Mar 5, 2015 12:16am
Quoting The Fool
{quote} not sure what you're onto here, CG - no way wti is going to pop $6+ in 2 days, but show your verts when you get in....
no i don't think either but will look to do close call strikes as long as 51. 17-19 is in tact
  • #7,513
  • Mar 5, 2015 4:32am Mar 5, 2015 4:32am
/CL was up $52.4 overnight, now slipping down <$52. USO is right around $19.00 - it might be easier to play a little slide below $19, the $19/$18.5 Mar1 put vertical doesn't have great r:r, but will profit if USO finishes the week below $19.00 +/-...watch what happens to wti price if the USD strengthens on the ECB news...

I haven't done any st options trading on USO, usually doing spreads on 2-3 weeks duration or more, I think it's harder to do scalping on these u/l's that are cheap...
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"If The Fool persists in his Folly he will become wise." - William Blake
  • #7,514
  • Mar 5, 2015 4:35am Mar 5, 2015 4:35am
http://www.bloomberg.com/news/articl...ecedes-selloff
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"If The Fool persists in his Folly he will become wise." - William Blake
  • #7,515
  • Mar 5, 2015 4:56am Mar 5, 2015 4:56am
maxP at expiry Friday here is $125.80, looks like I will get there a day early.....a real crap shoot to hit these just right
Attached Image (click to enlarge)
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"If The Fool persists in his Folly he will become wise." - William Blake
  • #7,516
  • Edited 8:43am Mar 5, 2015 8:23am | Edited 8:43am
BABA lock-up period will expire on March 18... looking for some March put verticals... While looking at them, somebody just bought 70 of March 83.50/83 put spreads for $0.20.... or maybe it was a put spreads seller, BUT with IV on BABA so low, buying is more logical.
Hope is dangerous in this game.
  • #7,517
  • Edited 11:13am Mar 5, 2015 10:53am | Edited 11:13am
Bought some /Cl via USO... when Crude was $50.65, I bought some USO @ $18.63...

Add-on
Closed @ $18.80... nice scalp.
Hope is dangerous in this game.
  • #7,518
  • Mar 5, 2015 11:01am Mar 5, 2015 11:01am
Quoting StrayDog
Bought some /Cl via USO... when Crude was $50.65, I bought some USO @ $18.63...
You bought the shares? I am looking at BABA now. Very screentime limited these days, cranking out design work. But happy to see SPY m/l flat-lining, getting into the steeper theta slide for Mar expiry spreads, time is my friend, moreso every day. TLT flat, too, I am a little scared of what it might do on NFP release, but I will probably just try to let the GTC get hit at something like 80% of maxP...hope for the best.
"If The Fool persists in his Folly he will become wise." - William Blake
  • #7,519
  • Mar 5, 2015 11:22am Mar 5, 2015 11:22am
Quoting The Fool
{quote} You bought the shares?
No, but USO CFDs, margin req is 2x smaller. I calculated the current relationship between /CL and USO as about 2.8 / 1... for 28c move on /CL, USO makes 10c...

I don't want to gamble with futures. That was 55 cents move on futures, that is $550 per one future contract. With USO CFDs, I can enter smaller positions.

What a down move now... back to my entry...
Hope is dangerous in this game.
  • #7,520
  • Mar 5, 2015 11:25am Mar 5, 2015 11:25am
Quoting The Fool
I am looking at BABA now.
With the lockup date right b4 Mar opex, it might be boss to do a Mar/Mar4 calendar. The $80 put calendar is $0.26 debit and has b/e's at $84 and $76.25...maxP is $0.86 if you nailed $80 on expiry day...
"If The Fool persists in his Folly he will become wise." - William Blake
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