iceman's options trading journal

Quote from iceman1:

PD

in IRA long 6 PD AI (Jan 145c)

entered @ 7.50 TIGHT stop


only reason = playing the gap lower (from this morning) to fill or partially fill tomorrow or Monday - thus a TIGHT stop as this stock is very overbought.

Notice how it almost filled the small gap higher from 1/3/06-1/04/06 with this move. NOW IF I was paying more attention instead of having WAY TOO MANY open positions to follow------ I would have scored another $1100 on my PD puts-- however I am short calls on PD in my regular accounts which I DID NOT close -but which were underwater until today- so that is some consolation-

--- but not much!


---- got out WAY TO EARLY on the 155 puts - left over 1000 on the table on a SIX lot!

--- will post my thoughts on early exits ! It is the one area for improvement - but with me there is a concrete reason for it which I will share for whatever benefit it might be for others. Doesn't pay to be a great trader (or should I say you CAN'T be) IF you continue to leave too much on the table --- after making repeated surgical entries!

Ice
:cool:
More...


PD

:eek: (go figure)


sold only 1/3 PD AI (Jan 145c) @ 9 - after exiting too soon yesterday on my puts play-- and SURE ENOUGH this time -wouldn't you know it -- the damn stock headed slightly lower as soon as I exited.

Well- the plan is- PD will trade back to <155 - so let's be patient and see if we can get at least + 2.50 on the145c or more


CME

sold 380c @ 4.5

buying Jan 240p @ 1.10 - looking to leg condor with 350p or 360p/c


BBY

damn - I DIDN'T HONOR MY GUT on this one and sure enough it is heading into the fricking gap. Darn it.

I got suckered into selling some call premium since I was underwater on my short front month 4750p and some March calls

AAPL

Hmmmmm-- interesting how this one didn't blast off this morning!

HOLDING my short AAPl stock (paired with Jan 75p)

NTES

still strongly sugggest getting into a long straddle/strangle - this one is going to move BIG in Q1. I treid to add mroe call today- but it didnt cooperate and head lower- yet
 
GOOG

long 5 Feb06 420 puts @ 7.65 avg.

will try to neutralize -- or better yet get a credit on selling 410- or better yet- Feb 400 puts


this has to be the MOST insane stock since the BUBBLE
 
CME

still long 370c calls (spread with 380c)

bought 8 CME Jan 370p @ 5.30

order to sell @ 6.30 (or I may sell on market close - and start over again Monday- although my gut says take them home and see if I can catch 2+ on some decent gap lower Monday)

already traded CME 370p puts once today -- in @ 5.90- sold @ 6.70 for +$502- while holding my long 370 calls.

in IRA #2

MNX

long

5 mnx NP (mini NDx 180 puts) @ 7.10 avg

trying to scale in to buy 4 more @6.70 -- of course the MMs don't want to fill me on the bid. I expect these ptus to work out VERY well even if NDX sees 1750 first (mini-NDX = 175)

IF so, I will continue scaling in 180 and also 185 puts.





patience works - and I am great at it-- that is, letting the market come to me-- however once in positions-- my biggest flaw is not being able to follow momentum as I usually get too "rational" too soon-- and thereby inadvertently outhink the top/bottom of the market!

Gotta work on that this 2006 year
 
Quote from iceman1:

CME

still long 370c calls (spread with 380c)

bought 8 CME Jan 370p @ 5.30

order to sell @ 6.30 (or I may sell on market close - and start over again Monday- although my gut says take them home and see if I can catch 2+ on some decent gap lower Monday)

already traded CME 370p puts once today -- in @ 5.90- sold @ 6.70 for +$502- while holding my long 370 calls.

in IRA #2

MNX

long

5 mnx NP (mini NDx 180 puts)

trying to scale in to buy 4 more

(@ 7.10 avg)



patience works - and I am great at it-- however my bigest flaw is not being able to follow momentum as I usually get too "rational" too soon-- and thereby inadvertently outihink the top/bottom of the market/equity/future!

Gotta work on that this 2006 year
More...

Darn-- screwed up :eek:

managing so many open positions today- I sold the damn CME 370 puts @ 6 for + .70 instead of 6.30 (bid now only 5.80 however). Saw my pricing error & tried to amend but was filled - think I would have gotten the 6.30

looking to re-enter Jan 370 puts on CME

still made almost $900 on CME puts alone (5-8 lots)


"biggest problem" for me (and why I exited the PD puts this week WAY too soon and left almost $1100 on the table (see above post) --- IS having TOO many open positions. I'd do much much better trading 10-50 lots in two- four (maybe 5) positions.

But the way I am doing it now with scores of positions in multiple accounts-- I am my own slippage. Dummy!

:eek: :D:D
 
Quote from iceman1:

PD

:eek: (go figure)


sold only 1/3 PD AI (Jan 145c) @ 9 - after exiting too soon yesterday on my puts play-- and SURE ENOUGH this time -wouldn't you know it -- the damn stock headed slightly lower as soon as I exited.

Well- the plan is- PD will trade back to <155 - so let's be patient and see if we can get at least + 2.50 on the145c or more


CME

sold 380c @ 4.5

buying Jan 240p @ 1.10 - looking to leg condor with 350p or 360p/c


BBY

damn - I DIDN'T HONOR MY GUT on this one and sure enough it is heading into the fricking gap. Darn it.

I got suckered into selling some call premium since I was underwater on my short front month 4750p and some March calls

AAPL

Hmmmmm-- interesting how this one didn't blast off this morning!

HOLDING my short AAPl stock (paired with Jan 75p)

NTES

still strongly sugggest getting into a long straddle/strangle - this one is going to move BIG in Q1. I treid to add more call today- but it didnt cooperate and head lower- yet
More...

sold remaining calls on PD @ 10.05 !

Yes! (look at current bid on PD Jan 145c)

(took almost $1250 more out of PD - and we're talking a SIX lot on this one -- coupled with the $900 from last PD trade (just this week AND in both directions). Let's face it - anyone can mistake a Bull market for brains - but if you can make money both directions- and in the long, short term & intraday --- you likely got a long life line in the trading biz. Non?


AAPL

short stock not working out today-- should have covered and held short 75 puts -- and then looked to re-enter short AAPL later next week. Oh well. Still holding short AAPL. But did close all my short 6750 puts (for .40 for approx +$1.10 per x 14)

now - IF I can get an opportunity to sell the Jan 70p I MAY do it-

but since AAPL reports on Jan 18th- I think it (may) get clobbered during THAT expiry weeky. What bellweather sets a damn earning release for the Thursday of expiration in the first month of a New Year? Sounds like manipulation to me. :D

Looking for AAPL to get hammered in late January - bank on it !


NTES

nice move to >60

backed off a little -- so I sold some premium (i.e. closed my short jan 55p and sold front 60 straddle for 3.80). May end up eating some stock here.

still long NTES Feb 55p @ 2.70/long March 60c @ 2.95
 
Some trading thoughts for the weekend (had these as my ET signature before the spamers forced ET to discontinue them) :


You can make it to the Hall of Fame getting base hits or home runs... but you gotta protect the plate!

Patient traders obtain better prices than impatient traders do because they are willing to search longer and harder to arrange their trades at favorable terms. Impatient traders pay for the privilege of trading when they want to trade... Larry Harris, Trading & Exchanges.

...it was never my thinking that made the big money for me. It was always my sitting. Got that? My sitting tight! I've known many men who were right at exactly the right time, and began buying or selling stocks when prices were at the very level which should have showed the greatest profit... their experience matched mine... they made no real money. Men who can be right and sit tight are uncommon... but it is only after a stock operator has firmly grasped this that he can make big money. The market does not beat them they beat themselves, because though they have brains they cannot sit tight! Reminiscences (ch. V)
 
Quote from iceman1:



NTES

still strongly sugggest getting into a long straddle/strangle - this one is going to move BIG in Q1. I treid to add mroe call today- but it didnt cooperate and head lower- yet
More...


NTES


hope some traders got into a NTES straddle or strangle as I sugggested/advised --- NTES looking good again today in early trading = +3

of course I am looking for it to trade around 60 +/- a point or so -- into next week. so I can collect full value on my 60 straddle - but we will see. My gut says it trades to >62

remember that Monday is a (trading) Holiday
 
Quote from iceman1:

GOOG

long 5 Feb06 420 puts @ 7.65 avg.

will try to neutralize -- or better yet get a credit on selling 410- or better yet- Feb 400 puts


this has to be the MOST insane stock since the BUBBLE
More...

GOOG puts bid 8.60

trying to sell Feb 410p for >7.50
 
Quote from iceman1:

in IRA #2

MNX

long

5 mnx NP (mini NDx 180 puts) @ 7.10 avg

trying to scale in to buy 4 more @6.70 -- of course the MMs don't want to fill me on the bid. I expect these ptus to work out VERY well even if NDX sees 1750 first (mini-NDX = 175)

IF so, I will continue scaling in 180 and also 185 puts.


More...


tried to add more MNX Feb 180p but the offer never came down to 6.50 - (my entry target). In any event my "feeling" is that NDX seeks out the 1750 level (i.e. mnx 175) - at which point I will triple my size on 180 or 185 MNX puts

only thing that bothers me a little is the p/c ratio was >.55 on Friday - not a big number so far as contrary indications (since the current level and m/avg on the p/c ratio in the 'old days' would be in bearish territory anyway for a few weeks now)

But it is higher than recent levels which were mostly in the .45-.50 area - so that may mean higher price levels on the broader markets. Then again in a hedge fund era its possible that today's high/low p/c ratios should be interpreted differently than in pre-2000 days - perhaps it is no longer a contrary indocator but a leading indicator.
 
Quote from iceman1:

GOOG puts bid 8.60

trying to sell Feb 410p for >7.50
More...

scratched GOOG puts for b/e - guess I should have taken the 8.60 bid for a few bucks.

will be vigilent in looking to re-enter-- after the mania subsides :D
 
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