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Let's Trade Options

  • #9,721
  • Jul 31, 2015 8:17am Jul 31, 2015 8:17am
Quoting Buber
Hello everyone, Great to see discussions on options here. I'd like to ask how to deal with a problem with an OTC Options broker I have an account with. About half a year ago I opened an account with Ikon Finance, which offers vanilla options on currency majors. In an email correspondence they agreed to let me have 6 pips spreads on the first 3 months to expiration on AUDUSD options and 8 pips on options between three to six months. Above six months options quotes are given via a Request For Quote through a dealer and...
hey up mate, I've looked into trading these but quickly realised you need a lot of money with those kind of instruments, far easier at the moment to trade ETFs in those currencies and even some of them just don't have enough liquidity
  • #9,722
  • Jul 31, 2015 8:21am Jul 31, 2015 8:21am
Quoting StrayDog
Off-topic: I didn't notice market reaction to the Employment Cost Index q/q, before... but now a nice spike up. Wish I shorted EUR for the quickie , but the mofo didn't quite get to the sweet spot... 240m chart... didn't got to the line, 200sma touched. {image} Me like quickies... I mean quick 20-30 pips. ------------------------------------------ So, USD down -> SPX and NQ got a boner, DAX standing still, not giving a shit that EUR is +1.14%
waiting on Euro, FXE to do a 8 month strangle that should be enough time to take it out of ranges that's been laid down over the last couple of months, FXY the YEN will be the next big move, don't ask me direction cus I don't know or bothered, tha is the beauty of trading options
  • #9,723
  • Jul 31, 2015 8:27am Jul 31, 2015 8:27am
Hi StrayDog, thanks for the advise. Of course I wouldn't want to stay there. The only question remains is how to close all the positions yet retaining their real value as much as possible. Whenever I want to close a position the dealer magnifies the spreads to as much as 20-37 pips on options that should normally have about 6-7 pips spread (as is the case with Saxo Bank). The total nominal quantity of my positions is 12,000,000 so that each pip they enlarge costs 1,200$. If I close all my positions on their 20+ pips spread I'd lose about 16,000-18,000$ or more.
  • #9,724
  • Jul 31, 2015 8:35am Jul 31, 2015 8:35am
lets see if the DOW can close above the daily 200 or does it get rejected?
  • #9,725
  • Jul 31, 2015 9:09am Jul 31, 2015 9:09am
Quoting Cecil Gee
{quote} still might make the above trade work on APPLE, have until Friday expiration. In addition I'm looking at a very long term strangle trade on APPLE $35 STRIKES WIDE from its position on Frlday until Jan 2017 and will sell monthly strikes to bring my costs down. APPLE is prime for for another trend move but just don't know which way and how long it may take, hoping it retraces close to $100 and then continues its long run. but to do that they need new innovation and not to rely on the Chinese market so much
taken APPLE trade - long strangle DEC EXP $130 CALL at $3.85 and long DEC EXP $115 PUT at $2.80, may sell shorter term options to reduce costs. Been waiting on APPLE to make some kind of directional move plus within in the trade I get another earnings report OCTOBER

AAPL Dec 2015 130.000 call (AAPL151218C00130000)
-OPR
3.85 0.20(4.94%) 14:32

AAPL Dec 2015 110.000 put (AAPL151218P00110000)
-OPR
2.80 [COLOR=#CC0000 !important]0.12[/color][COLOR=#CC0000 !important](4.11%)[/color] 14:11
  • #9,726
  • Jul 31, 2015 9:14am Jul 31, 2015 9:14am
apple current price

Apple Inc. (AAPL)
-NasdaqGS
121.36 1.01(0.82%) 15:13 - Nasdaq Real Time Price
  • #9,727
  • Jul 31, 2015 11:30am Jul 31, 2015 11:30am
VXX & UVXY new alltime lows. Going lower. Next chance for bear movement next Friday NFP....I will be watching for a slow grind up in the indices, new ath's will not surprise. Same old shit, really....
"If The Fool persists in his Folly he will become wise." - William Blake
  • #9,728
  • Jul 31, 2015 11:46am Jul 31, 2015 11:46am
Some thoughts... (and lamentation)

After some scalping success this week, few days good, I managed to screw that all... probably finishing week with a weekly loss.
Good Monday, started good on Tuesday, got greedy and wiped all. I had 3 days banking plan in my pocket, and wiped all. When you have bank your daily plan, maybe the best trade is not to trade more. Lost on Wednesday, cover that on Thursday, so 2 days for nothing. Today I lost on DAX.. made a following mistake -> got into the trade, didn't like it after a while, closed on b/e. Later I entered the exact same trade and lost. FUBAR. Never ever do that. If your initial gut saved you from a shitty trade, don't enter again. Psychologically very poor week for me, influenced by things outside and inside trading, and the results shows that. Just pure frustration.

For some opps I didn't take a trade, like LNKD short (look at it now). Poor timing on indices bear call spreads, leaving the account for the weekend with nice unrealized loss also. One step forward, one step backward. This learning curve can be a bitch. At the end, it should be rewarding. Now I can fully understand how lucky I was to start trading stocks in 2004, and experience a full raging bull market. But, you can't live from "old glory", nobody can for a long time. I can hardly wait going to vacation, and I am not a very big fun of a seaside...
Hope is dangerous in this game.
  • #9,729
  • Jul 31, 2015 2:30pm Jul 31, 2015 2:30pm
Quoting The Fool
big full moon (a blue moon?) and the last day of July: if Friday SPY closes green, August will close green....and vice versa.
red looking red, red August here we come. Have a good time at the beach, SDog.
"If The Fool persists in his Folly he will become wise." - William Blake
  • #9,730
  • Jul 31, 2015 2:36pm Jul 31, 2015 2:36pm
Quoting The Fool
{quote} red looking red, red August here we come. Have a good time at the beach, SDog.
Fuck tha beach, mon.

Me like red color, oh me like... give me more red candles, more, more... Ya mon, gimme nice birthday present, give red candle. A big one.

Attached Image


I am going on vacay from Aug 20th... Greece this time (switched from Turkey to Greece), to Cephalonia again.
Hope is dangerous in this game.
  • #9,731
  • Jul 31, 2015 2:46pm Jul 31, 2015 2:46pm
What, your birfday coming up? Yeah, me likey red, too - I need to see some fast hard dippage in August - I don't want to be sitting on these f'in $214, $215 SPY short legs til 9/31 - sheesh.

Good job helping out the Greeks with some tourist euros.
"If The Fool persists in his Folly he will become wise." - William Blake
  • #9,732
  • Jul 31, 2015 5:35pm Jul 31, 2015 5:35pm
Quoting The Fool
What, your birfday coming up? Yeah, me likey red, too - I need to see some fast hard dippage in August - I don't want to be sitting on these f'in $214, $215 SPY short legs til 9/31 - sheesh. Good job helping out the Greeks with some tourist euros.
I'm beginning to call this "the annoying shit cycle." First, fear that we'll break through that pesky 203 level; now fear that we'll break that pesky 213. Yeesh. Just goes to show, slap on the iron condor regardless of whatchya think. One of the sides will expire worthless, guaranteed ... . Now, I'm bag holding a bunch of short call verts, good strike prices and all, but I missed the up move by not matching them with short put verts, and I sure ain't gonna put on short put verts now at these levels. Oh, well, at least I can see perfectly in hindsight ... .
Fireworks are fun ... as long as you don't blow your fingers off.
  • #9,733
  • Jul 31, 2015 5:42pm Jul 31, 2015 5:42pm
Quoting ZebraSquirl
but I missed the up move by not matching them with short put verts, and I sure ain't gonna put on short put verts now at these levels. Oh, well, at least I can see perfectly in hindsight ... .
hang on, maybe Aug w/slide back to knock on the lower band - if we get below SPY $205 I might try to IC but more likely would just bail for decent % profit.
"If The Fool persists in his Folly he will become wise." - William Blake
  • #9,734
  • Jul 31, 2015 5:48pm Jul 31, 2015 5:48pm
Quoting The Fool
hang on, maybe Aug w/slide back to knock on the lower band
flows from equities to bonds is a persistent theme for August - if we keep seeing oil suck down and if the USD can make a show of strength, I'd spec this August will be no different.....flows to the long bonds (TLT) already underway thru past weeks....
"If The Fool persists in his Folly he will become wise." - William Blake
  • #9,735
  • Jul 31, 2015 5:54pm Jul 31, 2015 5:54pm
Quoting Cecil Gee
{quote} waiting on Euro, FXE to do a 8 month strangle that should be enough time to take it out of ranges that's been laid down over the last couple of months, FXY the YEN will be the next big move, don't ask me direction cus I don't know or bothered, tha is the beauty of trading options
I've been goofing around with potential FXE setups for a few days ... . Mostly calendars ... . I just can't seem to find a calendar set-up that I like ... .

I would prefer doing something like laddered short-call verts, but the volatility just isn't there right now ... .
Fireworks are fun ... as long as you don't blow your fingers off.
  • #9,736
  • Jul 31, 2015 9:33pm Jul 31, 2015 9:33pm
Quoting The Fool
{quote} flows from equities to bonds is a persistent theme for August - if we keep seeing oil suck down and if the USD can make a show of strength, I'd spec this August will be no different.....flows to the long bonds (TLT) already underway thru past weeks....
http://www.bloomberg.com/news/articl...-two-year-high

super bull TLT for August?
"If The Fool persists in his Folly he will become wise." - William Blake
  • #9,737
  • Jul 31, 2015 11:39pm Jul 31, 2015 11:39pm
Long vol out to Dec catches both the Sept and the Dec FOMC. UVXY spiked to $45-$50 and stayed > a week during the Greek endmess. A rate hike or fear thereof would do all that and more? Problem with UVXY is filling anywhere near the mid, but you can just keep trying Dec verticals and see what will fill. If anybody knows the trick to filling these down low near the mid please share.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 2015-07-31_UVXY0.png Size: 65 KB
Click to Enlarge Name: 2015-07-31_UVXY.png Size: 52 KB
"If The Fool persists in his Folly he will become wise." - William Blake
  • #9,738
  • Jul 31, 2015 11:50pm Jul 31, 2015 11:50pm
wide spread UVXY bflys have that lotto ticket payoff but still the same problem of filling low....I think your chances increase as iv starts to ramp up which is why I show a $40 bottom strike. Put these on and let them ride on a low fill target and it might happen with the right flux of iv on a lucky day. Even so, a Dec bfly that catches a late Sept vix spike won't pay much...better to wait a bit for the Oct UVXY options to roll up if you are fishing for a spike post Sept FOMC
Attached Image (click to enlarge)
Click to Enlarge Name: 2015-07-31_ubfly.png Size: 58 KB
"If The Fool persists in his Folly he will become wise." - William Blake
  • #9,739
  • Jul 31, 2015 11:59pm Jul 31, 2015 11:59pm
Quoting The Fool
Long vol out to Dec
all ideas above ditto for VXX, but much better liquidity and chances for reasonable fills. Lotto factor somewhat muted but still there
Attached Image (click to enlarge)
Click to Enlarge Name: 2015-07-31_vxx.png Size: 61 KB
"If The Fool persists in his Folly he will become wise." - William Blake
  • #9,740
  • Aug 1, 2015 1:38am Aug 1, 2015 1:38am
Quoting ZebraSquirl
I've been goofing around with potential FXE setups for a few days ...Mostly calendars ....
We should talk about combining spot fx and fx options trades. Wait I need to dilute my tequila with cold lime juice. Been hot as hell here....driving up from PDX yesterday it was 106 deg.....
"If The Fool persists in his Folly he will become wise." - William Blake
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