My option trades

I consider this new call trade in my last post riskier then most, because the SPX already broke to new highs yesterday, so the market tendency might be a stronger pullback then this mornings
wimpy dip (see attached SPX chart).
 

Attachments

Aaaah! Been waiting for this short down move. Next xover going up will be a CALL TRADE I betcha.

Still no breakout yet for my trade. Probably tomorrow?
 
Quote from RichardRimes:
Apology to the op as this thread no longer seems to be his......
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I think he is still sick from the bad apples (AAPL). I recommended applesauce (QQQ) to get the apple taste without the risk of the apples, but he went for the apples instead. I expect him to be back shortly once he gets the apples out of his system, maybe try some applesauce instead.


:)
 
Quote from ForexForex:


I think he is still sick from the bad apples (AAPL). I recommended applesauce (QQQ) to get the apple taste without the risk of the apples, but he went for the apples instead. I expect him to be back shortly once he gets the apples out of his system, maybe try some applesauce instead.


:)
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It is hard to believe he wouldn't pay attention to your, always stellar, advice. You're such a tool.
 
Jeff

I imagine your sweating your CALLS right now?

I´ve been comparing the SPY readings to my standard QQQ. SPY of course swings harder than the QQQ. I get readings on SPY on my system, when I don´t show anything on the QQQ,

QQQ right now is sort of sideways, and the directional changes minimal and not worth making trades, as the band is too narrow.

On the other hand this morning, the SPY is more definite and perhaps a trade in SPY would pay? I¨m not going to make it though, as I´m going to wait for a reverse if there comes one. I will watch SPY though, for the reverse signal, rather than the QQQ which is not that sensitive to small moves. Right now it is sit on my hands and do nothing signal.

We got a 10 point move in the GAP in the futures. Sometimes that will mean it will close by the end of the day, other times it means that the down trend would continue. So, sit on my hands and watch; is the signal I will take.
 
Jeff

I don´t see anything happening in less than 2 or 3 hours, as to a decision time. So time to go make my breakfast here and do my leisurely abolutions. It´s 8:18 a.m. by my Wednesday morning clock on the computer.
Cloudy day outside my open front door, so cannot judge the time by the sun.
 
Bought 3 67 QQQ PUTS at $2.25

Wanted 10 contracts this morning, but got a signal and I´m not at all sure down is the way to go? So I decided to be careful with just 3 contracts in PUTS as I´m really looking for CALLS.
We are touching last week´s low. Not yet penetrated.
 
Quote from jeffalvinson:
04-03-12 07:47 AM
New system trade:
SPY April 141 calls
Buy No. 1: 1.85 (I am filled on Buy No. 1)
Sell Limit: 2.40 (+30%) or if it tanks before hitting sell limit then
Buy No. 2: 1.40, then sell all at 2.00
Stop: 1.11
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__________________________________________________

The new system finally took a big hit!
"I guess the system couldn't read the news yesterday about the Fed having no new plans for additional stimulus."

Attached is updated results.
 

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Looking from the viewpoint of my own system. You were premature with your entry. You apparently according to my reading, got suckered with a small false breakout.
I dont quite know how your system reads, but I trade hourly charts and if I trade on a signal within the hour, because it looks so good, I have found I get burned. So I let my bar chart complete the time frame that I´m running. BEFORE I make a trade and read the signal as completed. Often the good signal will disappear on my chart, when it is in the middle of the time frame bar chart.
 
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