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If you are hell bent on Elliot,check out Elwave by prognosis software.. As an owner of Advanced Get,have you ever wondered why they refuse to put in a backtester/simulator into the program?? Advanced Get is quite possibly the biggest rip off on thye market

Do you really need the wave count??? You pay thru the nose for somethingbthat doesnt work... If you love wave analysis,Check out Neoticker EOD in conjunction with Wave Runner.I havent checked out wave runner,but I have heard some good things about it.. For the money,you cant go wrong with...

T-Dog,IMHO this magical topic really boils down to ones "Entry Efficiency"(For long positions,Highest price minus the entry price, divided by highest price minus the lowest price.) If you have a winning system that shows an average Entry Efficiency,then scale in...And before I get jumped...

Well said...When trading discretionary,I often look for buy zones based on Fib retracements or some other voodo of a higher time frame,and then base entries on a breakout/ma cross of a lower time frame..IMHO,its the safest most prudent way to seek trade retracemets/extensions

Lets add 1 condition... In either position,if the option doubles you liquidate...

Thanks for clearing that up.I was mystified...

Pardon me for jumping in very late.. Let me phrase the question to Mav a bit differently.For argument sake,we are trading a stocks options with no skew.I am considering selling a delta 30 put vs buying a delta 30 call.I look at the options vol,and I see they are trading over historical.Would...

Austin,you lost me on the residual risk should AAPL trade below 195..I fully understand the assignment on the short put,which would lead to apx 3-4 weeks of carrying cost worst case scenario.Is that what you are refeering to??The carry?

Surf,I am only interested in this as I have often wondered how some of these funds acheive the type of returns they do without blowing up.I like to look at things in a non leveraged universe,just to compare apples to apples. This little give and take has been enlightening,and unfortunately we...

Pekelo,you know much better than that..You dont sell a 65% of spot with 1.5 years till expiration for time decay.Thats absurd.

T-Dog,I am afraid not.As you can see there is alot of finger pointing at those nasty evil folks over at the CME who waited for the right time to bump up the margin on the Barefoot Wonder.

So on average he collected apx 120Bps..... The respective deltas on those options are apx .01 and .03.... 15,000 contracts x .02(Avg delta) x 250(multiplier)=Delta long 75,000 S&P.. Delta Long 75,000 S&P =300 futures!!!!!Thats right.Vic chose to sell 15,000 puts with an underlying notional...

Anyone know what the cap hit his for a 1 year 65% of spot option?? Other than margin arbitrage,I can imagine why that maniac loaded up the truck and sold them for 50 bps or so.

Surf,I have to hand it to you... When you like someone,you stick with that person thru thick and thin....

The problem with Vics supporters is their testimonies are almost as daming as Vics P&L. Vic is no fool.I give credit to Vic for exploiting the margining system and having more guts than brains to sell garbage options which require little to no margin capital..If I wasnt risk adverse,I too...

When you say THEY,are you referring to the CME,the clearing agents or some other entity? I would imagine that any sophisticated investor would be fully aware of those type of events and possibly account for it in their decision making process. You are correct that it is conjecture,but it is...

Multiple tactics with negative correlation?? More to the point..Is it fair what the exchanges did??Not particuarly,but it does prevent traders such as Vic from taking down investors plus the clearing agent,and serves as a defacto risk manager,albeit a bit late.. Its a good point you bring...

Surf,if there is truth that Vic was short 15,000 65% of spot puts,I would seriously reconsider your choice of trading Idols..

Well said Austin.I was only questioning cash/futures option to gauge the size of his hubris/folly.A multiplier of 250 for futures options as opposed to 100 for the cash is significant as far as that goes. I for one would not consider backing up the truck and selling 1 year plus,apx 65% of...

Cant be the Aug 08 as there are none,assuming they are future options.Read where they may have been the Dec of 08..Anyone know??