Wise trader!
My Options Play
- Thread starter Multioption
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Problem with VZ is that uninformed technical traders would think the stock has bottomed and thus keep buying, the resultant effect being that the stock would systematically go up and then trend sideways after some time.
Daily Chart: Downtrend mode
Weekly chart: undecided
intraday: uptrend
fur sure it could PB on Monday... thus... I am looking at possibly selling the front 30c -- however -- since I "believe/think" we likely rally beginning in early Nov (next week) and also "believe" VZ goes to 32.50 or above-- do not want to limit potential upside in Dec 30c
> keep CVX on radar screen
was going to PM you (or post on this thread) for traders to enter CVX calls @ LOD
either Nov 55c
or
leg into:
+Dec60c
- Nov60c
(for -0-)
I was + CVX Dec 60c --- short CVX Nov 60c. Closed all my short Nov at .25 - thus I now have a "free" trade on +Dec 60 calls
will look to re-open (sell) Nov 60c IF or when CVX rallies above 57.50
also long CVX 55p calendar (-1.00) with intention of rolling into Nov or Dec 60p post earnings.
TA: looks like a (potential) DB on CVX @55 with meas-obj of 64+ (not the most symmetrical DB but it may play out). The 2nd potential "bottom" today was established on 'reasonably' high volume.
Comments on CVX ?
I don't rush to trade after taking a loss, no matter how small it is. Losses, to me, implies that something is wrong with my mental frame at the time the losing trade was called. So, I try to calm down while staying away from the market.
I admire your courage and disposition towards the market. You are a frequent trader but I am not!
On the VZ Nov 32.50p/30p I lost: my stop loss was just hit at $31.5
. I could've gotten out yesterday with a smaller loss, but that was not my trade plan and I stuck with my plan .The "win" referred only to yesterday's chart example where I entered on the MACD bearish divergence at 31.06 and exit at closing at 30.76 (1% gain). It was an answer to a remark about being certain about a trade. At 11:45 am PST I wrote:
Then at closing I wrote:
Now I'm certain it dropped
was long QCOM Nov 42.50c
sold at 3.10-3.30 (+120%)
then sold short Nov 45C at 1.4-1.55
so far so good - not a bad swing trade
BUT
for some reason YESTERDAY I sold the 45 straddle -- in other words-- legged into the 45p near lows (ratioed more calls than puts luckily) AND got hit today with the B.S. news - and a gap lower of >2
the ONE trade too many (and in hindsight we see a potential DT on QCOMs' chart) which reached it's m/Obj today
I try to be as unemotional as possible. I stick with my trading plan except when something is really obvious. I frequently reassess (daily on daily charts, Sundays on weekly charts) and decide to do nothing, close early, fade out, pyramid or roll (I consider my options in this order). I bring closer my stop order when the trade goes for me; almost never I relax it.
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