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glad you made out on that trade. I wonder if a strategy of selling progressively higher call strikes would work even in a rising market. For example, you sell a 1050 call when the price is around 1020, then if it hits 1050 you buy a future and sell a 1060 strike, if it hits 1060 you buy a...

Pabst. May you have many more (and post them on ET too) :D

is what you are getting paid for true enough. In the case of this strategy would selling options at higher strikes as the price moves against you be considered doubling up (averaging down usually a no no) or because of the depreciation due to time value erosion and due to the nature of the...

can be a very lucrative strategy (especially in a range bound market as we have had on the SP last few months before it broke out) with good money management. It allows you to increase your probability of a profitable trade substantially while allowing allot of leeway regarding accurate...

do you just keep selling them at higher strikes? At what point do you cover and how do you cover or do you even cover at all? Money mangement skills must be very developed to survive long with that strategy. Just for fun 1080-1100.

Have a full short position on the NQ(1369) and still long gold.

today on the NQ. Everything looks like we have more upside coming and likleyhood is that any break is going to come later rather than sooner, maybe even as late as early next year. Flood of late stage buyers (suckers) coming in and high fliers look like they are starting a blow off phase...

how much do you need to turn this 50K into and how soon? Define desperate? Time frame and consequences for not hitting a home run which is what I assume you think you need. Is the local bookie after you or is it Citibank or is it simply a lifestyle change that you want to put off for a while?

so many sectors took the job numbers in stride and so many of the high flyers still seem to high flying(indeed going parabolic on increasing volume) without any kind of real pull back(in fact the pull backs are getting shorter and more shallow). Also SP breakout occurred on better than average...

Credit where it is due.

your journal is off to a very good start. Was watching the Euro last night/this morning, you pretty much nailed it as well as the retracement today. Very nice trade. Good calls on the SP and NQ too.

the rare time that I happen upon them they are good for a laugh! Especially when they get frantic about something or other.

blow off top may make it to 1025 but imo it is far more likely that 115 will hold. The substantial decline that will follow is what I am waiting to trade, am not comfortable being long here with any size.

I have found that if I keep my eye on enough markets/stocks a high quality set up will occur in at least one (usually more) at any given time. If your preferred market is not offering you any opportunities it is a good time to start researching another market rather than trading low quality...

worst: lost $50K in the swiss franc back in 1988 in about a minute on a false embassy bombing report out of Reuters. Was trading in the pit at the time and was a cocky little shit, deserved it.

Like I said it looked like a double top. Short 20 es at 1010 (thanks Bling Bling that first short gave me the confidence to put on the others), another 20 at 1005, another 20 at 997. Am I pleased, yes and no. I missed the whole move in the bonds. How often does a trade like that come along...

"Learn how to stay out of the market first. Then learn to get out when you are in a place you did not intend to be. Learn to enter by making the market move to your tool as it proves to you that you placed the order in the correct place for a trend to come to."

anyone know of a trading room in BCN?

I like your style. Your posts are an education, thanks.

The market looks toppy here and is going down, but it may go up first to a new high and then go down. Either way I am right so why don't you just congratulate me now for my amazingly gutsy market call! No need to wait until the market picks a direction as I am right either way! No takers...