The Super Terrific Happy Hour
- Thread starter Max E.
- Start date
I would take the opposite side of that (on fact, I have covered calls at 160). We're not going staying above that one today. This one's going to sell off late afternoon as people find lower risk. Consumer defensive is cheaply valued now providing a stepping stone down from risk.
I seem to be killing it whenever you're having a bad day. This week I posted 3 consecutive top 10 days for the year, and am having my 3rd or 4th best week (including some unrealized gains).
Volatility is not my friend.
...and that FB move is another textbook resistance establishing itself. We should hold 150-165-ish for the coming weeks.
I mightjust be guessing here, but by the sounds of it, You like fading moves more than chasing volatility, this is a very good market for people who trade thaqt way but i think you either got to say im going to trade expanding ranges or im going to fade ranges, my plan has always been to chase expanding ranges.
Admittedly FB trade was probably stupid there was no catalyst, i missed the bull trianngles on the ES and on a bunch of the banks, the banks had a catalyst so they had more potential. FB had no news and low volume so the odds of that working was limited, once again this is a case of boredom costing me money.
I think my biggest problem on days like this is i watch one move after another go by me cause its low volatility, and low volume, then i still get sucked in too chasing something dumb, i limited it this time but im still bleeding the account.
I mean its not a bad week overall for summer time trading finished up about 1500 now when it was all said and done, but i got to not bleed the account with stupid shit like FB.
Nah, my go to is selling volatility with a bullish bias. Not so much this month because of short weeks and vacation. This week I have net long positions with open orders one each at a target...file and forget.
But as a rule of thumb, my good days are when ES guys are bitching about lack of action.
Big moves up means I exit early and leave premium on the table, big moves down....well, that's obvious for a bullish premium seller.
Yeah i have an overall bullish bias, i really like shorting the TVIX, or UVXY on extreme bottoms in the ES, but other than that im usually looking for stocks about to break the range they are in, think a large part of it is because i am so shizophrenic once i get into a trade, im very impatient, i need stuff thats moving quickly, funny thing about FB if i just would have had the balls to do something with size right off the bat, i would have made money, cause i saw it feeling toppy at 160.30 but because i only started with 400 shares, i was like why would i take 80 bucks?
So instead i turned it into a loser, but really what more could i expect than that quick 20 cent pop this late in the day on a low volume stock with no news. My mistake was not taking like 3000 shares instead of 400 so that a 20 tick move would have been acceptable.
Hopefully today's bullish run will signal the all clear you Asia. I'm eager for that TTM trade I let ride to come to fruition.
I'm fearful the NY bulls are going to get slapped down by Bombay. Holding the Bombay 450 resistance though, so that should buoy the bulls.
I'm fearful the NY bulls are going to get slapped down by Bombay. Holding the Bombay 450 resistance though, so that should buoy the bulls.