Alice in Optionsland

[taowave]

Exactly

Bleh, I'll revisit this thread on Jan 21st when his long leg expires, see the outcome.

Sincerely confused,

ON.

 

[qlai]

If you had that trade on 500x,I think you would be singing a different tune!!

Yeah but we both know, there was no imbedded edge in that trade. There was lots of luck there. I don’t think it’s repeatable.

 

[taowave]

My guess is you would have scaled out if your size was bigger.

Still a sweet trade

 

[qlai]

My guess is you would have scaled out if your size was bigger

Oh definitely.

 

[qlai]

If the move down is contained, I will try selling another put as far down and as short duration as possible(something like 990/950 calendar). I would still like to have “lottery ticket” left over.

Really wanted TSLA to test the 900's before selling anything, but no luck today. Today being Friday and high chance market will rebound over the weekend, decided to get what I could and sold 950 weekly put:

 

[Overnight]

Really wanted TSLA to test the 900's before selling anything, but no luck today. Today being Friday and high chance market will rebound over the weekend, decided to get what I could and sold 950 weekly put:

View attachment 272370

The market will not rebound on Monday. I know this, as I am long.

 

[qlai]

I had a “tough” decision to make. Below were the choices :
Sell 7DTE 990 put for about 40
Sell 14DTE 950 put for about 37
Sell 7DTE 950 put for about 25

The first two would guarantee that this trade would be break even and still keep that lottery ticket. Still not sure if I made the right choice here (getting a bit greedy here)

 

[qlai]

Was I glad I didn't choose $990 earlier. TSLA hit $950 for a moment yesterday which was quite a surprise.

Closed the short leg early. Hopefully, will get a chance to re-short.

Booked PnL: ~$6K
DTE on long leg: 45

 

[qlai]

The market will not rebound on Monday. I know this, as I am long.

Please tell me you made some money since

 

[Overnight]

Please tell me you made some money since

I couldn't, because I didn't leave myself any dry powder after my entries two weeks ago. It's been a long ride down, and only today at EOD are two positions barely poking into profit. The life of a swing trader.