Anatomy of a fun 2-day trade (AMC +$60k)

[Dustin]

It absolutely is! I liked your commentary on the chart.

I doubt its as simple as this, but on the surface, it seems like you had targeted AMC to make a move, and had both calls and puts. Then as you said in a post above, add to the winners, never to the losers, and this is what you did. Now clearly you must have had certain strike prices in mind, but it essentially looks like you just had both trades on, let the market pick a direction, and then kept adding. Would you say this is 80% of it?

Also, I don't see the line for the AMC long Calls that you sold which should have been for a loss. Did that just get cut off the trade summary page?

(I'm also reminded of the trades you shared for SNDL where you were just buying and selling puts all day and I guess working the position in and out.)

Yes that's 80% of it, I'll post a chart a bit later with the tight triangle breakdown as someone else also asked. This trade wasn't complicated, the lesson is about pressing when you have conviction.

You don't see the AMC calls that list because that was Thursday. This is Fridays blotter. It was probably a $2k loss if I remember.

 

[Dustin]

@Dustin , thanks for sharing and congrats on the profits.

Maybe I'm having a Homer Simpson moment, but, what am I missing? You bought some long puts on AMC and the stock fell sharply and you made a lot of $$$. Great. What's the learning here? Was your decision based on some indicator/TA whereby you saw the impending fall in the stock? Was it price action? Was it just an incidence of luck?

Yes TA. The first line of the chat I say "this AMC triangle is getting super tight". It could have broken either way, but the bottom line is that it was going to break... It was a beautiful setup. I'll post a chart a bit later.

 

[Dustin]

the learning is that he’s so smart he knew it would be a 100k the day before and instead of trying to make it a 200k day or more, he only earned 50k.

Yes, I apologized to my wife for only hitting half the target.

 

[traider]

I have yet to repay the loan from my wife's boyfriend

 

[TrailerParkTed]

Dustin, did you see my Monday recommendation of NIO $50 Calls saying I was holding? I bought 100 around $1.25 average cost. Yoir trade was excellent, even if you post a $500,000 month like I did(Deleted it immediately under another name.) the haters won’t believe you. You did awesome!

 

[Dustin]

Dustin, did you see my Monday recommendation of NIO $50 Calls saying I was holding? I bought 100 around $1.25 average cost. Yoir trade was excellent, even if you post a $500,000 month like I did(Deleted it immediately under another name.) the haters won’t believe you. You did awesome!

I didn't see that thread, looks like you made about 30k on NIO? Where did the rest of the month come from? MRIN?

 

[newwurldmn]

Dustin, did you see my Monday recommendation of NIO $50 Calls saying I was holding? I bought 100 around $1.25 average cost. Yoir trade was excellent, even if you post a $500,000 month like I did(Deleted it immediately under another name.) the haters won’t believe you. You did awesome!

having multiple nicknames is a violation of the tos here.

 

[Dustin]

A couple people asked about the setup. It's a simple (and very clear) triangle breakdown. Low 40's are possible next week. I'd prefer for it to hang around $50 until mid-week to start building a put position.

 

[TrailerParkTed]

I didn't see that thread, looks like you made about 30k on NIO? Where did the rest of the month come from? MRIN?

$500k was a few years ago, I don’t swing the bat like I use to. Last big month I posted was a little more than half, last year.

 

[Dustin]

$500k was a few years ago, I don’t swing the bat like I use to. Last big month I posted was a little more than half, last year.

Ahh, I've only had one month that big (Jan '21) thanks to GME garbage stocks.