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Not sure on your math here. That's just a Max Possible Loss for 1 trade. Say, -$200 for a $10K account. A pretty standard loss tolerance for most traders. It means you must have a total loss 50 trades in a row to get wiped out. But you're not limited to winning only that much per year...

Good points about the VIX, volatility and time. This is why I've stopped doing ICs on individual stocks. Do all my ICs on SPY now, because it's the least volatile vehicle I know of, which is also very liquid and pays OK credits. I also won't trade a Credit Spread with more than a 2/1...

Every single Dip/Pullback/Correction/Bull Flag on this 3 year AAPL chart was a buying opportunity. And I bet every single time it felt horrible! "The Trend Is Your Friend" Full Stop. :)

After an IC is set up I'll let it do its thing until 30 days before Expiration. This is when the Rapid Time Decay begins. (see attached graph) If either leg goes In The Money after that, I'll close the leg out to avoid a Max Loss. So with the November 150/151/130/129 SPY Iron Condors, SPY...

If one had opened both legs at the same time today, with a 20 point range, the total credit would have been .32 less .06 commission = net .26 = 38.24% gain over 3 months = 12.75% per month. Going for just 2.68% net gain per month, one could have had a 33 point range, which is 65% wider...

Opened the Upper Legs of some November SPY Iron Condors today. Sold 150/151 Bear Call Spreads into Resistance at 140.02. Is 150 high enough? Time will tell. Will now wait for a Pullback to a Higher Low in the Uptrend (around 135?), and then Open the Lower Legs. Probably with 130/129 Bear...

So at this time are you also Fleming Snopes?

So are you claiming to be Jack Hershey? I want to know whether I should Complain only about him or about you too. This kind of "Troll Theatre" ruins ET for those of us coming here to converse with other traders and possibly learn something. :mad: :mad:

Right when everyone hates it, shorts it, buys Puts, and says it's going to 10, what happens? SNAP-BACK!! :eek:

So you're talkin' 'bout Soulful Support and Righteous Resistance? Of course if you make enough $ trading, the women will be there. Check out the scene with Bud Fox in the 2nd "Wall St." movie! :cool:

Very cool. Those yellowed pages look like the original edition! Saying "I read somewhere" = forgot about having his book! A re-read is in order.... Thanks for the memory trigger. :)

Tell it like it is. :cool:

I mostly trade longer time frames (2-6 months), so my lines tend to look more like this... :) I read somewhere Jesse Livermore didn't use charts at all. He could remember all the price levels for each stock in his math-whiz mind! :eek:

Good points indeed. :cool:

Thanks. That was quick? Looks like a lot of work to me.... :)

Yes, most Reco services just do the chart reading for their customers. But that's the most fun part for me, so why pay them to do it? Could you expand on: "So perhaps you might want to reconsider how PA uses lines to make its progress?" I can see the angle of the uptrend channel in my mind...

As you can see from the price labels of the "higher lows" in the June-August uptrend: connecting 1309.27 to 1266.74, or 1325.41 to 1266.74, or 1329.24 to 1266.74 will give you 3 different angled lines. Also, none of those angled lines predict where the next "higher low" actually came to be...

Guessing: commonly refers to a conjecture or estimation. To "guess" is to make a prediction without sufficient information or knowledge. Hypothesis: a proposed explanation for a phenomenon. For a hypothesis to be a scientific hypothesis, the scientific method requires that one can test it...

Resistance at 600? What resistance? :D Could it be AAPL got a little help from its friend CRUS? Will 600 turn into support, and then hold through August 17th? Probability Calculator currently reads: 60.20% :cool:

AAPL: Long Term Uptrend