A profitable journal with all entries/exits posted in advance

[1a2b3cppp]

Price is going nowhere. I'm about ready to sell a SPY call.

Deciding on a good price.

Of course, as soon as I do this, price is going to shoot upward

 

[1a2b3cppp]

9/5:

Open position:
SPY: $284.00

 

[1a2b3cppp]

Gap up outta nowhere! Glad I didn't sell that option yesterday.

We're 7 cents away from the 52 week high.

 

[1a2b3cppp]

52 week highhhhh!

 

[1a2b3cppp]

Thinking very strongly about selling a September 145 call. It's only $73 though which will be about $64 or something after commissions.

 

[1a2b3cppp]

Sept $145 call sold for $74.

Watch price go straight up now

 

[Peternam]

What are your results so far ?

 

[1a2b3cppp]

Quote from Peternam:

What are your results so far ?

Are the charts I post every day not showing up?

 

[1a2b3cppp]

9/6:

Open position:
SPY: $570.00
Call proceeds: $64.75

------------------------------------
$635.75

15 calendar days until option expiry
Max potential SPY value is $144.99 ($692 profit) above which my position will be called away.

 

[cygnetnoir]

Quote from 1a2b3cppp:

15 calendar days until option expiry
Max potential SPY value is $144.99 ($692 profit) above which my position will be called away.

That's a four year high. Selling a call on a breakout to four year highs may not be the best strategy. Had you considered buying a call instead, risking a portion of your open trade equity to lever your profit potential with a limited risk?

I'm not trying to be critical. I mean to offer a serious question. You held the position this long through an extended consolidation, and then you chose to cap your profit potential on a breakout day that looks to be opening the way to a rally back to the all time highs over the next few months.