Search results

My trading roomie and I did the counter-trend exhaustion short with 5 lots @ 84.39 and we're still holding. :)

Don't take this too lightly, but you have a real edge here if you can push through the psych barrier.

When I first started trading, I would often search for stocks that had fallen badly over period of time to buy calls and high flyers (like this one) to buy puts. It was a good strategy and I had a couple home runs, but nothing like this one!

Stochs are the last thing to use to choose a reversal point off a strong move.

Sometimes you can get within a point of a turn. I called a profit target on a trade not long ago that turned out to be 1 tick from the day's pivot low, called almost 3 hours in advance of price getting there. There's a guy who was calling pivot points on ES Journal well in advance and very often...

Thanks, that makes sense. I thought they had an earnings call and guided down. The .50 premium makes a lot more sense now.

What I found interesting was my chart of the options shows $100 puts going for around .50 yesterday. I would've thought the pre-earnings vola on a high flyer like that would've commanded more premium. Put sellers were left holding their own body bag; $100 puts as high as $28 today. Is my...

I saw that, too. Somebotty wanted to keep a lid on things, but the bulls were having none of it :D

Yesterday, 1:14pm ET - four sold @ 82.86, one @ 82.85, off an 82.85 limit order. It was definitely more liquid near that high today, plus earlier in the day than yesterday's trade. I saw one print over 100 on my DOM and another around 40 on the way up.

I know which (price) action novel you're reading at night :p Nice trading! Hey, wanted to let you know something funny: The day before yesterday I posted here about how a doji bar following a move was like a self-contained range and should be played as a breakout, preferably in the...

How did that little girl get Goldman Sachs market playbook???

Speaking of multiple contracts, can EON, Schiz, SK, Star and you other heavy hitters share with me whether the way multiple lots get filled has any bearing on price reaction. Yesterday, my entry was with a limit order and 1 contract filled at limit and the other 4 filled 1 tick better than my...

OK, I didn't whine and am not going to whine. But why is it that I have no problem trading 5 lots on a pure counter-trend trade, then revert back to 1 lot once the trend confirms a reversal? I had 4 trades following the LH put in around noon ET, extracted 80 ticks out of it, and all with 1 lot.

Using an anticipatory strategy based on some things I've been testing using the 1-min chart, I got short @ 83.57 just before price got to the 83.65 level. I'm pretty sure this was the first anticipatory trade I've ever done live in CL. It turned out really well, but felt strange and scary, not...

Ha ha. EON I know you shorted that high, it was your classic setup!

LMAO! There are very specific conditions under which I'll do that particular play. It's not something I could "code" so to speak. It's extremely discretionary. My stop was 4 ticks, BTW, very low risk. I'm totally rethinking that whole scale-out strategy... I did trade it some more but only 1...

I will be sad if that turns out to be the last swing high of the year :p Nahhh, Goldman will prop it higher!

She was long @ 82.64 based on the "if inventories are bearish buy the dip and target 100 ticks" strategy. She was happy as a clam to exit at 83.04 and consider a re-entry. She was supposed to be long at 83.14 or 83.17 (was that a perfect bear trap setup or what?), but she took a break. She...

Preston, I've given this a lot of thought and had many conversations with my fellow traders about it and decided that for my particular trading style, I'm most comfortable all in/all out. I'm assuming the same fixed risk whether I'm trading 1 or 5, and I don't want to dilute my reward. If...

Joe, I'm curious why you chose a price and direction in advance of the ISM report. After the news, there was a tightly-contained range between 10:05 and 10:20am ET where you could choose to enter in the direction of the breakout.