I am back to trading after a break. I consider myself a beginner. I trade major patterns, such as ascending triangles and head-shoulders. I mess up every day, but learn a lot too. I will post my trades and my reasons here, if nothing else just so I can look back later and see what I have done wrong or right. I would greatly appreciate any constructive criticism. Please no trashing TA. If you don't like TA just ignore me. Thanks!
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NewB's trading journal
- Thread starter baggerlord
- Start date
June 4- Bought ASD Oct 80 call@1.45. Reason, huge ascending triangle with confirmed penetration on both weekly and daily charts. Target price of $90.
I have traded stocks for about 2 years(I'm a youngun). I am completely new to options, but limited capital makes them attractive. I trade for major moves and am willing to hold for a few months if need be. I will post my charts once I figure out how. I saw a thread on it just now so I will go read it and then post my charts.
Trajan, I don't plan on buying very many out of the money options, but in this case I did because it has a delta of 37.5, and for how cheap this option is it seemed worthwhile. Today, on a 1.4% stock move my option is up 20% so it is providing excellent leverage. I know today is an unusually good market day so this may be the reason though.
6/5 Sold SDS and ASD for 19% gain. I changed my mind about holding them because I don't think this current rally is sustainable. I am waiting for a resolution in either direction before taking too many long-term positions.
Bought EAGL AUG 15 Put @1.16. Reason: Descending triangle, with intraday penetration.(I am betting on a downturn in the market).
Bought EAGL AUG 15 Put @1.16. Reason: Descending triangle, with intraday penetration.(I am betting on a downturn in the market).