For Directional traders

Quote from Rob on Business:

I don't have access to a chart program that let's me see candle patterns for a specific historic period other than the past up to this point - I was wondering if downturns on your XAU have characteristic clear candles scattered throughout the downtrend like there are darks in the uptrend. If that were so, I'd say it's good for some more downturn and hold your pos'n. But, I've never traded that stuff.
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I was actually only looking a MACD, Stoch, RSI and Volume on a 6 month scale for XAU.

How'd you do today? I got skunked, except for my GOOG call (.GGDKL) that was up $870! Thanks Rob for getting me in.

Hope some volume final gets interested in these swings, so the market can pick a direction.

Be careful out there and good luck!
 
Quote from qiuniu:

How'd you do today? I got skunked, except for my GOOG call (.GGDKL) that was up $870! Thanks Rob for getting me in.
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Hi. Glad I could be of help. Yes, I did make some money yesterday and today. I've been very timid about being in GOOG though lately, and today missed the big rally between 0840-0900MST. I'd held a NOV390 call overnight I bought yesterday @ $5.90 15mins. before close, and sold this a.m. at 0840MST @ $7.80 after the NASDAQ had been sideways for the last 20mins. at minus 10, just before the stock shot up past $380, taking the call with it to $10! I can't daytrade U.S. markets otherwise I would've got right back in a minute after I sold. Oh well, as Cramer says, better than a stick in the eye! Can you imagine, though, having held the original 390 from when I first bought it @ $2.50 and selling it today...!
 
Quote from Rob on Business:

Can you imagine, though, having held the original 390 from when I first bought it @ $2.50 and selling it today...!
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I have a few that I just can't even get close to thinking about in retrospect, I know how it is.

I can't believe how expensive in comparison my 360 I bought is.

I think you're in Canada, there some law that keeps you from daytrading in the US?

Slept in and didn't catch anything in this updraft!

That GOOG is still riding in my direction!

Good luck out there!
 
Quote from qiuniu:

I have a few that I just can't even get close to thinking about in retrospect, I know how it is.

I can't believe how expensive in comparison my 360 I bought is.

I think you're in Canada, there some law that keeps you from daytrading in the US?

Slept in and didn't catch anything in this updraft!

That GOOG is still riding in my direction!
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You must have a steadier hand than I - I couldn't hold my calls when GOOG dipped in the first hour yesterday with such a strong NASDAQ climb and so bought a put, but lost on both counts as I traded them again for a call this a.m. when stock was up over $5, and then it sat below that the rest of the day! I sometimes wonder if I should buy a spread both ways when I'm uncertain of the direction and then sell off the one when I'm sure of where it's going. Good for you for holding on! I'm sure I shouldn't be babysitting my pos'ns like I have been lately - I'd resolved a while ago to set my stops and let them go, checking only twice a day. It's hard not to look when I'm at home!

There are regs (Canadian I guess ) that don't let me daytrade US. pos'ns if my acc't is less than $25k. I can daytrade Canadian pos'ns as much as I want - and was working ECA-TC quite a bit until the crash Oct.3. That's ok, I need the discipline anyway!

I made a nice profit on my GGC calls this last week, am still holding - a pick by Cramer. TXN is finally rallying as well, will be glad to break even.

I think I'm going to read up some with the books CNMS2 mentioned and maybe the one you did as well. I'm getting antsy over not knowing enough about where things are going and how to find good picks. I don't really know what to look for other than top gainers or losers any given day. There must be a screening process I can use looking for stocks with low P/E's for instance, with good option volume, and for finding market trends, but I don't know how yet. We got our first snow the other day and I don't want to have to go working for someone else - unless they're trading!

Happy trades...
 
I have looked at the spread thing, but the more I look at it the more I know I don't know. Pros say buy this call and sell this put at such and such. Or sell this call to offset this put. I just can't stomach what happens if this position goes shooting to the moon and I got to cover someone excerising the option? Maybe once I make enough to quit my day job...If you find a good plan let me know.

My day job is selling books, so I think that the best way to limit risk is reading. The Markman book has a section on a program he wrote for the MSN money site: stockscouter. He shows you how to scan stocks looking for certain stuff, it might help.

If you haven't read Cramer's book I thought it was worth it, and it was easy and quick. Had some good stuff on market rotation and interest rates and it even has a section on options.

I was going to get the one that that guy posted but Gary B. Smith's book showed up first and his my favorite commentator.

I read the Street.com's Real Money everyday as well as Schaefer's research and check in with this forum.

I actually slept in today so I didn't look at my GOOG postion until an hour before the bell, one of the disadvantages to living on the West coast, I work nights and the damn market wakes up at 6:30.

Good luck out there.
 
Yes, that's a good idea as well - to read Cramer's book. He's said a couple of times he used to trade options for a living - wonder why he doesn't still... Calls for tree removal are dropping off for the season, I'll be hungrily looking for ways to make dollars on the market, and otherwise if I have to. I'm looking forward to the day I can actually take funds OUT of my acc't! I've vowed not to put anymore in - I've got to make it with what I have, or turn my back.


Bought a QCOM call first thing as well as 3 ESLR calls - a stock I was interested in previously and that Cramer said to buy after E.R. They're both looking good after E.R. In my past experience with it, its calls didn't return that well with the stock movement and I forgot about it - but am trying the longer term approach with Dec. calls OTM for both.


When I spoke of spreads, I loosely used the term to mean buying, not selling (or writing) two opposing positions on an underlying - a call and a put - that would work against each other but also offset losses of one another if the stock moved opposite to expected. Then when the movement is in line with expectations, sell off or close the one pos'n and ride the remaining one to profit. Theoretical only - I haven't ever tried it. That way you're not obligated to fulfill an exercise - that happens only when you sell or write an option outright. And I haven't ever tried that either.


Happy trades...
 
Is anyone out there having trouble logging into IB this weekend? I can't seem to and don't know why, since I updated my TWS and Java applet. According to their website, the TWS is available Sun. noon EST.
 
I don't usually go around touting any stock or option but, take a look at NUS XW.
This is a Dec. put and if I am wrong I will definitely get out. At a 50% loss or when I determine that I am wrong----I get out!!! The thing that attracted me to it was the insiders were dumping the stock up till September 2005. Couple that with weak fundamentals----I think that is another negative. Add to that a weak industry group. Maybe, tomorrow it may go south like I expected. Looking for a steep drop but, of course, no guarantees.
So far, it is behaving like my IRF MG which even rose then dropped over $6.00 two Fridays ago. I got in IRF MG at $2.65 and sold out at $8.20 for 209%
Maybe, this one is also going to be a huge winner as well.
 
Quote from smallfil:

I don't usually go around touting any stock or option but, take a look at NUS XW.
So far, it is behaving like my IRF MG which even rose then dropped over $6.00 two Fridays ago. I got in IRF MG at $2.65 and sold out at $8.20 for 209%
Maybe, this one is also going to be a huge winner as well.
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What is it about those ones that made you so confident they'd dump when they did (will)? I can't see any pattern in IRF and am not sure about NUS con'ting down. I'm just looking for clues into reading winning trades.
 
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