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While no one think Fed will raise rate tomorrow, does anyone here expect that Fed might change their tone, even a little bit ?

Puts below 1.4 are so cheap that they are not worth selling. I would rather sell put spead then short those puts. The reason I closed out my naked puts was because I completely forgot about the news regardng Greece/Spain/Ireland when I initiated those trades.

Market has been discounting the news as they come, but no more. Nobody knows for sure how market is going to react if Greece actually goes bankruptcy. The thing with bad news is that when you think one piece of bad news has been discounted, another one follows. We don't have control over any of...

That is very good point ! If this past year taught me anything, it is that anything bad that can happen will happen and always happen at the moment when I expected the least. I guess I was too wrapped up in my little trade to see the big picture. I just closed out my position, in at 161...

What kind of extreme move do you have in mind after EUR has already dropped 500 points from recent high ? another 500 points drop ?

I expect EUR fut to drop below 1.46 to around 1.4588, I enter a GTC sell order at 161 on Jan 1.46 put.

The GTC Buy order was hit early this morning at 3:28:39 EST. 0.0104 GLOBEX(USD) 03:28:39 EST on Fri, 11 Dec 2009. Position closed with a tiny gain.

At the time you are assigned, the calls you try to sell will look so cheap that you might change your mind about selling them. Also remember the reason you sell puts is because you are somewhat bullish on them to begin with. So what you just described is one of those trades that sound fine...

Yours is a short vega, negative theta strategy. On Dec 28, which is 20 days from Dec 8, if nothing else changes, your trade will incur a loss of $16288.25 just from the time decay itself. If IV jumps suddently tomorrow, you will incur more loss. See attached graph

When Good luck is needed, it is the time to close out. I just placed GTC buy order at 0.0103, which means anytime from now on, if EUR March futures ever reaches 1.4780, my position will be closed. ( it is trading at 1.4738 at this moment ) I originally planned to hold the position for...

Not that dramatic, I plan to hold for a couple of weeks :)

I used IB. Their GTC order for futures options works well, also the comm. is acceptable.

Yes, they are.

Let's see if it touches 1.46 tommorrow.

The premium is actually 0.0120, translates into 0.0120 * 125000 USD or 120 * 12.5 USD, that is 1500 USD

Yes, 25 pips too early :-} I expected EUR to drop between 1.46 and 1.47 before reversing above 1.48 near term. I could be in for a big surprise. Let's see.

Thanks for correcting this.

Sold some 1.46 Jan puts at 120 today, let's see if EUR will drop through 1.45, that is a 5% drop from the recent high.

Probably not that important from a trader's prospective. I have not paid attention to option symbol for more than ten years, at least.

Here is what saw regarding sc.to.