For Directional traders
- Thread starter palawan
- Start date
My sentiments exactly. Those last ones I set at my purchase price, the day after I bought them. When I first buy a pos'n, I usually set the stops about 40% below purchase price, that low only to allow for some movement. If things aren't swinging too much intraday, I like to set a trailing stop, real close if I think the position will peak soon. Otherwise, I feel much better when I can set a stop at my purchase price after a day or 2 of movement away from the purchase price when I first set the stop low. I get to my trading desk twice a day - at day's open, and at close. If I were not able to be at my desk when I wanted to, I'd set my stop according to whether I thought I should allow lots of movement to stay in the trend, or whether I wanted to get out at the slightest movement away from the desired direction. On the last positions, I had been losing in my account and was a little uneasy about the certainty of the direction, so I set my stops at purchase price. At the time I set them, the options had already moved about 45% higher in price than what I bought them at. And in this case, I'm sure glad I did, because they proceded to lose money after being stopped out. But you need to know I'm a beginner and haven't made any money yet at this game.
I wasn't in ECA-TC today and that was fine - not very big movement. GOOG stock opened higher than I expected on my put, but I knew it wasn't going to stay gapped up, so I waited til it came down and the put increased in value just past purchase price, then closed it since the high open told me it's uptrending and I didn't care how much I made on it, I was just happy to get out even. Turns out I could have ridden it for a $50 profit and not been holding unreasonably long - the low was as high off yesterday's bottom as today's open was on yesterday's high. Anyway, bought a call at that point which proceded to lose some money because the volatilty dropped off quite a bit and stayed pretty low key the rest of the day. That's OK, $301.50 is a good point to get bullish for now I think. I would rather have bought the cheaper 330 call - better return rate and leaves cash left over to play ECA-TC. I will switch on the next day's high as long as the trend is confirmed. I'm rather despondent - no matter what I do, my acc't is half of what it was over week ago.
Sold 1 GOOG OCT290 put @ $7.60
Bought 1 GOOG OCT320 call @ $7.20, was $6.80 at day's end.
Sold 1 GOOG OCT290 put @ $7.60
Bought 1 GOOG OCT320 call @ $7.20, was $6.80 at day's end.
Rob,
hang in there... this week was also not so good for me. it's a loss of about $1250. i'll try to close some positions next week and try to be more selective.
i am planning to load up on the SPY calls, though. still trying to pick which strike and which month would be best. i can't believe how low the short position of the commercial traders on the S&P is, currently.
Good luck to you and your trading. it's a tough market out there.
hang in there... this week was also not so good for me. it's a loss of about $1250. i'll try to close some positions next week and try to be more selective.
i am planning to load up on the SPY calls, though. still trying to pick which strike and which month would be best. i can't believe how low the short position of the commercial traders on the S&P is, currently.
Good luck to you and your trading. it's a tough market out there.
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Agree with the probability that 2004 high of $40.68,qqqq will be exceeded, probably 42,43 area or more ;
4th quarter is usually strongest for qqqq .[all qqqq data]
And monthly buy volume is still trending up like price;
however OCT tends to be weakest month Nasdaqqq,
think it maybe more of a roller coaster than usual perhaps to get that 4th quarter price of $ 42/43 or more cool:
Quote from murray t turtle:
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Agree with the probability that 2004 high of $40.68,qqqq will be exceeded, probably 42,43 area or more ;
4th quarter is usually strongest for qqqq .[all qqqq data]
And monthly buy volume is still trending up like price;
however OCT tends to be weakest month Nasdaqqq,
think it maybe more of a roller coaster than usual perhaps to get that 4th quarter price of $ 42/43 or more cool:
I think I might revise my projection for the QQQQs, the chart is starting to look a fair bit weaker than it was previously, so now I'm no longer as confident about the $41-$42 projection for October.
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Yes;
it will probably hit/exceed $41-42 plus,
may take longer than OCT.
Some homebuilders closed well yesterday ,
open well today,
but TOL looks like a polar bear, dosent seem to be able to hold 200dma
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Yes,AUG was weak & thought 38.5 area would hold & it did NOT;
however as strong as JUL, SEPT was ,
OCT projections may be right for 43 area,or 4th quarter anyway.
Micron Tech [not a stock tip] rocketed up ;
gap held suprisingly , but still maybe more weather risk ,
than normal.