Weinstein Trading and Fading

On Tuesday I made one trade with ACHN, Faded the move higher during it's first move above $11.50.

Took out +.34 (profit target was .40) when it build a base around the sub $11.50 area.

Good day overall.

Still long RIMM covered calls.
 
Quote from JB3:

Well, it was a good buy. And now that it is near $15, the risk vs. reward now has swung back into getting out of the trade, and booking profits...and finding another stock to trade. It's not pure luck like a coin flip. There was actual fundamental reasons to buy to make a quick profit, and that's what trading is all about. That's all I'm going to say, and leave Robert to run his thread without my drivel anymore.
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Hey JB3,

You're welcome to post your comments anytime.

Best to you and yours this year

Robert
 
Quote from beginnerjohn:

Happy New Year Robert to you and your family mate !
Keep up the good work.

All the best
John
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Hey John,

Happy New Year to you and yours as well !!

I keep plugging away. Having more fun then ever before

Best

Robert
 
Quote from Robert Weinstein:

On Tuesday I made one trade with ACHN, Faded the move higher during it's first move above $11.50.

Took out +.34 (profit target was .40) when it build a base around the sub $11.50 area.

Good day overall.

Still long RIMM covered calls.
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I suppose you sold out of this position at $18.
 
Quote from mastacoli71:

I suppose you sold out of this position at $18.
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no, I am still long rimm calls. I been writing weeklys up until about 10 or so days ago and I wrote the April 15s.

I am currently underwater with RIMM, but not by a whole lot as the covered calls have brought my basis to around $14.50ish

The current price is near the carry away dead price so I see little downside risk relative to an upside bounce on good news.

Still is starting to look much like COCO did last year. Only with COCO I sold every bounce and bought back most of the drops. I may add some RIMM to bring my basis down further and write calls against it. upon a bounce let it go and if it fades back lower pick some more up.

The problem I have with this strategy is Rimm at some point is likely to move up over $20 again and a lot will be left on the table if I am only writing covered calls. I will have to see what the premium levels look like to decide.
 
I have been running some back of the envelope numbers on nat gas and also studying the situation with supply and demand with oil and it appears oil is headed for a major drop, although not overnight (which I prefer anyway)

Next week I am going to spend more time on this but oil is once again in my focus
 
Quote from Robert Weinstein:

no, I am still long rimm calls. I been writing weeklys up until about 10 or so days ago and I wrote the April 15s.

I am currently underwater with RIMM, but not by a whole lot as the covered calls have brought my basis to around $14.50ish

The current price is near the carry away dead price so I see little downside risk relative to an upside bounce on good news.

Still is starting to look much like COCO did last year. Only with COCO I sold every bounce and bought back most of the drops. I may add some RIMM to bring my basis down further and write calls against it. upon a bounce let it go and if it fades back lower pick some more up.

The problem I have with this strategy is Rimm at some point is likely to move up over $20 again and a lot will be left on the table if I am only writing covered calls. I will have to see what the premium levels look like to decide.
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Hope it works out for you. Good luck.
 
Quote from shopster:

dual 5.7 trending cahunas to a r n'p short.

s

:cool:
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there goes Pootie Tang again...randomly posting charts out of nowhere that no one really cares about....and in his own rambling dialect
 
Quote from HurricaneUS:

What is context?

I'll leave you to ponder this question...but i'll get you at least started with some pieces....momentum....intuition......etc...etc..etc
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Anything beats the drivel drooling out the side of your yap.

s
 
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