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Let's Trade Options

  • #12,321
  • Mar 10, 2016 11:39am Mar 10, 2016 11:39am
Quoting StrayDog
What a crazy shit rollercoster today
just need to see JY let the hawk fly next week ---- then see if oil buy rumor/sell fact can pivot to the sell foot when markets see oil rally was based on smoke....then maybe we can get some more juicy wollatilitee
"If The Fool persists in his Folly he will become wise." - William Blake
  • #12,322
  • Mar 10, 2016 2:07pm Mar 10, 2016 2:07pm
Quoting The Fool
....... The $36/45/54 UVXY call fly below has a 58c mid. The $35/45/55 has a 90c mid. The downside is it will be harder to fill a fly with wings on the odd strikes....
filled it at 55c, coulda got in for 10c less, let it ride....need some more....was trying to fill a variety of UVXY bull call verts for too cheap, no dice....
"If The Fool persists in his Folly he will become wise." - William Blake
  • #12,323
  • Mar 10, 2016 2:19pm Mar 10, 2016 2:19pm
The Fool, how do you now trade options? Is there somewhere in this thread of 617 pages that outlines how you now trade? I have read the first few pages and the last few pages and not sure whether your trading at the beginning has now changed significantly. What instruments' options do you now trade, how do you do your analysis, do you just do spreads or other strategies, your risk management etc? Many thanks
  • #12,324
  • Mar 10, 2016 2:48pm Mar 10, 2016 2:48pm
danjuma, I am clearly posting many of the trades that I do as they are taken. If you have looked at the last 5-10 pages or so, I am sure you will have seen some of the trades I have taken recently.

This is a thread in the "Interactive Trading" section of the forum, where I am seeking communication with other active options traders. If you are trading options, feel free to post some trades.
"If The Fool persists in his Folly he will become wise." - William Blake
  • #12,325
  • Mar 10, 2016 3:01pm Mar 10, 2016 3:01pm
Quoting The Fool
danjuma, I am clearly posting many of the trades that I do as they are taken. If you have looked at the last 5-10 pages or so, I am sure you will have seen some of the trades I have taken recently. This is a thread in the "Interactive Trading" section of the forum, where I am seeking communication with other active options traders. If you are trading options, feel free to post some trades.
Okay, understood. Thanks
  • #12,326
  • Mar 10, 2016 6:30pm Mar 10, 2016 6:30pm
Quoting StrayDog
What a crazy shit rollercoster today {image}
Kind of frustrating, but I'm mostly hand sitting in anticipation of FOMC, thinking that we'll see more jackass sideways until then.
Fireworks are fun ... as long as you don't blow your fingers off.
  • #12,327
  • Mar 10, 2016 6:31pm Mar 10, 2016 6:31pm
Quoting ZebraSquirl
Gotsta go where the volatility takes ya: XOP April 22nd 24/33 short strangle Probability of Profit: 70% Max Profit: $107/contract Buying Power Effect: Undefined Break Evens: 22.93/34.07 Will look for a fill tomorrow ... .
Filled for 1.05.
Fireworks are fun ... as long as you don't blow your fingers off.
  • #12,328
  • Mar 10, 2016 6:32pm Mar 10, 2016 6:32pm
Quoting ZebraSquirl
Sold March 18th NDX 4425/4450/4100/4125 iron condor for a 7.01 credit. An engagement trade in this sideways market. I'll rip that puppy's ears off at something approaching 25% max profit and run.
Out of this thing today at 20% max profit ... . When you hit 20% in two days, you take that crap and run, especially on a beast like NDX ... .
Fireworks are fun ... as long as you don't blow your fingers off.
  • #12,329
  • Mar 10, 2016 7:37pm Mar 10, 2016 7:37pm
Quoting danjuma
The Fool, how do you now trade options? Is there somewhere in this thread of 617 pages that outlines how you now trade? I have read the first few pages and the last few pages and not sure whether your trading at the beginning has now changed significantly. What instruments' options do you now trade, how do you do your analysis, do you just do spreads or other strategies, your risk management etc? Many thanks
You might want to start with TastyTrade. Loads of education there ... . Unfortunately, the vast majority of it is in video format, so be prepared to spend time watching video ... .
Fireworks are fun ... as long as you don't blow your fingers off.
  • #12,330
  • Mar 10, 2016 7:44pm Mar 10, 2016 7:44pm
Quoting The Fool
{quote} I am in the same boat as you w/ Mar SPY bear calls $198/201 - just need a good dip down $195 way soon and I can bail with small loss, at worst. I will be tempted to wait until the FOMC, but will have to eat a yard o shit if neither of those binary events help me out. Oh well, that spread is the last of about 10 total for Mar expiry and all the rest are gone with some range of profits in the bank. A big loss or expensive roll will wipe out a big chunk of those gains, though.....so, yeah, fingers crossed.....
Did some cheap, "f it" rolling of my troubled March SPY short call verticals on the weakness we briefly had today (I should say, "cheaper", cuz I did them on the dip) -- out to the April 1st expiry to give them more time with this sideways here and sold a put side against ... . I get itchy with this stuff that's just too close for comfort, especially with price bopping back and forth across my short call strikes of some of these spreads over and over again over the past several days ... . Pick a freakin' direction already ... .
Fireworks are fun ... as long as you don't blow your fingers off.
  • #12,331
  • Mar 10, 2016 7:47pm Mar 10, 2016 7:47pm
Quoting ZebraSquirl
{quote} I'm also hanging onto four different March SPY short call spreads that are "on the edge." I was hoping that I would only have to roll one -- a 194/197, but "there may be others" ... . Lol. It's kind of "damned if you do/damned if you don't" rolling situation here before Draghi/FOMC. It dips, I could get out of these. It bounces, it'll be more expensive to roll. I'm just opting for being mechanical here, waiting until 4 DTE or so, and then seeing what can be done with those spreads at that point. Naturally, I'm hoping for a dip, but it'll...
So much for the mechanical; getting "itchy" always seems to beat out being mechanical ... .
Fireworks are fun ... as long as you don't blow your fingers off.
  • #12,332
  • Mar 11, 2016 1:34am Mar 11, 2016 1:34am
Not a great week especially yesterday. A lot of slippage and missed a lot of great opportunities. The worst thing is all those slippage lowered my profit. That's disgusting. Hopefully next week better.
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  • #12,333
  • Mar 11, 2016 2:33am Mar 11, 2016 2:33am
Quoting ZebraSquirl
{quote} Did some cheap, "f it" rolling of my troubled March SPY short call verticals on the weakness we briefly had today .................. . Pick a freakin' direction already ... .
I will hang in til next week, probly pay the price....spoos looking to gap up 20 Friday....I have to bet the vol collapse will complete and we will see US equities rally for weeks with (what else?) all the CB's of the world keeping the punch bowl full. ....Low vix to return and beg the speculator to set up cheap spreads for a Jun FOMC/Brexit party.
"If The Fool persists in his Folly he will become wise." - William Blake
  • #12,334
  • Mar 11, 2016 3:06am Mar 11, 2016 3:06am
rally for US equities I fear will break out and make some very good bull moves....just need a dovish Fed next week and continuing rally in oil. Given those, we could see SnP > 2,100 by early April.
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"If The Fool persists in his Folly he will become wise." - William Blake
  • #12,335
  • Mar 11, 2016 9:44am Mar 11, 2016 9:44am
Quoting Cecil Gee
{quote} its just based on technicals I look for when entering any trade in options but it coincides with all the above you mentioned and more, anything can trigger, I'm just looking at the VIX which is 21 and change and a fall to 10 isn't that far away. It can stay at those levels for months but the method I'm using is telling me volatility is setting up more than what we've had so far
Another possible breakdown below 15.64 on the VIX has set up, if it can then the 10 will be the much better scenario for a global equity fall
  • #12,336
  • Mar 11, 2016 9:45am Mar 11, 2016 9:45am
Quoting Cecil Gee
{quote} might be right as I saw VIX 15$ puts large order yesterday think it was Junes exp
heading that way
  • #12,337
  • Mar 11, 2016 10:13am Mar 11, 2016 10:13am
Quoting Cecil Gee
{quote} GDX down to $19.42, may extend time or roll, i will see where we are on Thursday and my put is worth 48c Market Vectors Gold Miners ETF (GDX) -NYSEArca 19.42 {image} 0.98(4.80%) 21:00 |After Hours: : 19.41 {image} 0.01 (0.05%) 21:01 - Nasdaq Real Time Price
rolled in 3rd Friday of March, xtra cost of 24c so total 44 c plus comms
  • #12,338
  • Mar 11, 2016 10:21am Mar 11, 2016 10:21am
S/P just about to touch its 200 on daily chart, may retreat some on first approach at 2019
  • #12,339
  • Mar 11, 2016 10:35am Mar 11, 2016 10:35am
Quoting Cecil Gee
S/P just about to touch its 200 on daily chart, may retreat some on first approach at 2019
DOW took out its 200 question now is can it close above, how much longer can the VIX remain above 15.64
  • #12,340
  • Mar 11, 2016 1:06pm Mar 11, 2016 1:06pm
Quoting Cecil Gee
S/P just about to touch its 200 on daily chart, may retreat some on first approach at 2019
Retreated just a few points from there (managed to short for a "massive" 2 points) ... I am thinking what will happen today in final hour of trading. After that colossal bear trap yesterday... that many people are short, me included (I covered mine and took a loss).
They will close positions, majority of them will... volume was pretty high yesterday. Market is stalling now, and it will probably run higher because of forcing to cover before weekend. Some pullback maybe on Monday and then sideways until FOMC. Idk.

I had some /ES put spreads yesterday, that went from 1.55 to 2.80 but I was "sure" that Friday is going to be a total bloodshed. Sold one part @ 2.50 but larger part will expire worthless today.
Hope is dangerous in this game.
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