My option trades

falconview · May 17, 2012

I was all set to trade a HORIZONTAL CALENDAR and a CONDOR tomorrow. Got myself all psyched up about it, and wondering if I would get the order blank filled in properly in TOS. Having made a mess of it the last two beginning times I did so. Anyway I was all set to do so. But this strong market drop has made me change my mind. IÂ´m dithering here, wondering how to trade this? I still donÂ´t know enough about Verticals to do a Bear Put Spread. I know how to do a straight long buying of Puts. But Ive let this bear drop get along to far, so probably will just not trade this week. I had thought of putting on a STRADDLE. That requires a congestion period, so that is going to have to wait as well.
I was kind of wondering if you could make any money in a CONDOR where the inside sold strikes were TWO strikes apart? Only ever done them one strike apart. Not at all sure how to approach this market drop? Don Bright is always on about SELLING, and the CONDOR is the only thing I can think of and have any very small experience to do that. For a five day trade. I could conceivably trade a straight buy, but not being allowed to close out in one day for my account size, that is IFFY as IÂ´m expecting a reversal. Guess IÂ´ll just sit and watch.
I think for a STRADDLE I need VIX to be 25 or better?

Trader13 · May 17, 2012

Most of us would be lucky to know as much about options trading on our best day as atticus does on his worst.

qqqoptions · May 17, 2012

Quote from qqqoptions:
05-14-12 05:18 PM

FaceBook (FB) this Friday, options probally within a few weeks. In the mean time SOCL could be interesting to buy options on. My recommendation is: Buy SOCL Jun 2012 15.00 calls @ $0.70 sometime this week before FB's IPO.

http://finance.yahoo.com/q?s=SOCL120616C00015000
CAUTION: The above trade is extremely speculative.

"Facebook prices IPO at $38"

Here we go ....... first FaceBook (FB) IPO related option trade posted to ET. Looking to sell early next week, but might bail out tomorrow.

Doobs789 · May 17, 2012

Did anyone play CRM's earnings?

Market action was pretty pathetic today. Although, the June VIX 20/25/30 Fly that I posted earlier is starting to kick in.

probe1957 · May 17, 2012

Quote from Trader13:

Most of us would be lucky to know as much about options trading on our best day as atticus does on his worst.

He is so far advanced over me that all I can say is he certainly does seem to have earned a lot of respect on the board.

One thing for sure, that clown formerly known as forexforex doesn't have a clue and couldn't carry atticus's jock.

qqqoptions · May 17, 2012

Quote from ryanpatrick:
05-08-12 11:42 AM
I am putting order in on PCLN May 19, 2012 660/650 put spread at $3.00

Quote from qqqoptions:
05-17-12 12:42 PM
Took awhile but this trade finally paid off. Up about $2.00, are you going to go for the full $7.00?

Looks like ryanpatrick is hanging on to the end on this one, It's either all or none. Above $660.00 this thread is toast as I don't believe ryanpatrick will be back, below $657.00 he might continue. The PCLN trade was his last posted trade: http://www.elitetrader.com/vb/showthread.php?s=&postid=3520892#post3520892

2,115 replies and 120,597 views, I believe that's an ET record for a thread in the option section.

ammo · May 17, 2012

Quote from falconview:

As a novice,

At the moment I donÂ´t know what to do with this bear drop. Probably nothing but watch. thats a smart move,trade what you know sit and keep learning for free what you don't...Unfortunately my June goal of $10,000 is now not going to be reached...... in trading, i don't believe you should have goals,that's like selling ten with a target of five,it gets to six and goes back to ten,you didnt get out because it didnt reach your goal,goal's can be an extra weight diverting your attention from the market .

ryanpatrick · May 18, 2012

Who's in FB today?

I was down to $400, and put $312.99 in the PCLN may 660/650 put spread. I've been holding this one for the past week, so there really were no need for any updates, and even as the options expire today with PCLN clearly below $650, I'm only getting $700 back at market price. They are pretty crappy at pricing. I'll look to set a limit order and try to get as close to $1000 as I can.

probe1957 · May 18, 2012

Quote from qqqoptions:

You still posting? I thought you were leaving.

You have, if I am not mistaken, a certain degree of expertise in leaving and coming back, don't you?

You tool.

ryanpatrick · May 18, 2012

Quote from probe1957:

You have, if I am not mistaken, a certain degree of expertise in leaving and coming back, don't you?

You tool.

My last trade was the PCLN spread on Wednesday of last week. With $128 left after that trade what else was I going to do lol. I believed in that trade so I had to wait it out and take the full loss or get something back. It showed signs of selling off on Tuesday and Wednesday keeping my hopes high, then Thursday came with a huge drop and I just got out today at $850-12.99 comm. on that 1 contract. So yea, I've got some ammo for next week. Thought I was a goner last Friday when PCLN wouldn't folow through. I'll see what I can find for next week though, but it was a thriller watching PCLN closely for the past week and my account going from as low as $200 to $960 now. I'm still at a loss from the $1220 I put back in play, but I have the chance to pull through again.