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Cole
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10 months ago
in One Week Too Early, The Weakness Is Here on StockRake
Man, I hear you. This market is not for the faint of heart. I have a feeling people are getting whipsawed, and that accounts are going bust right not as traders try to figure out where this market is headed.
After about 5 trades, and 2 weeks later, my account is right where I started, having made some money and lost some money. Today, I was short, and made some money, but got out to early. Literally if I had waited an hour more, my profit would have much better. We're talking hours here (when trading options), and it's teaching me a lot about myself and holding true to my positions and targets.
What is your strategy for postion sizing? Do you continue to buy into your winners, and do you scalp profits? Do you use stop orders? Thanks.
After about 5 trades, and 2 weeks later, my account is right where I started, having made some money and lost some money. Today, I was short, and made some money, but got out to early. Literally if I had waited an hour more, my profit would have much better. We're talking hours here (when trading options), and it's teaching me a lot about myself and holding true to my positions and targets.
What is your strategy for postion sizing? Do you continue to buy into your winners, and do you scalp profits? Do you use stop orders? Thanks.
10 months ago
in Sold LTS Getting Jittery Too Much Werthers Candy on StockRake
I agree that it looks like the market may be getting overbought here and ready to roll over. I sold out of my SEP SPY 132 calls today near the high, and took a small short position heading into options expiration and the weekend. Keep up the good work!
10 months ago
in Market Rallied? Whaaaa? on StockRake
Sensei, with all due respect, I think this market is indeed headed higher in the short-term (next 3 trading days or so), and much higher after a small sell-off.
My reasoning is looking at the Stochastics here. The weekly Sto's are just now turning up the heat, after the 60 minute had a chance to reset today.
There is massive Bull firepower on the sides right now, and all the sentiment is quite bearish right now. I am holding long SPY132's for the next few days. If WMT can hit its number, we could get a strong rally tomorrow.
Are you seeing what I am seeing on the monthly and weekly Stochastics for the DOW, SPX, and QQQQ's? I just keep looking at these charts, and all the big sell-offs come after the monthly and or weekly Sto’s are overbought.
Also, the market seems to really have held up well with all the negative news lately, why?
My reasoning is looking at the Stochastics here. The weekly Sto's are just now turning up the heat, after the 60 minute had a chance to reset today.
There is massive Bull firepower on the sides right now, and all the sentiment is quite bearish right now. I am holding long SPY132's for the next few days. If WMT can hit its number, we could get a strong rally tomorrow.
Are you seeing what I am seeing on the monthly and weekly Stochastics for the DOW, SPX, and QQQQ's? I just keep looking at these charts, and all the big sell-offs come after the monthly and or weekly Sto’s are overbought.
Also, the market seems to really have held up well with all the negative news lately, why?
10 months ago
in A Huge Market Move on StockRake
Jumped out of those SEP 126 puts on the weakness this morning and repositioned long into the SEP SPY 132's near the lows of the day. The Market is just too strong right now to be short. Let's see if this rally can regain its legs.
10 months ago
in A Huge Market Move on StockRake
Yes, I agree with the long strategy. Also, I see what you mean about how the market will ignore over-sold conditions in a breakout situation, sometimes for days, so this is something to watch out for.
The other thing to watch out for if you trade options is to try to buy near the lows of the day for your position, and make sure you ride your winners all the way through, and cut your losses fairly quickly. I hate when a exit a trade to early, and I know you have spoken of this. I am working on the discipline though.
It will be interesting to see how things play out short term, especially given some of the resistance we are up against, and the Russain-Georgian conflict.
My plan is to hold my SPY SEP 126 calls though any weakness we see in the next few days, and then look for a long entry into the SPY 132 calls. If the market just continues to bull up, then I will have to cut my losses and re-group for a chance to get long.
I am forecasting though that some of the charts could break back down around SPY 127 before getting the legs to move back up. I guess we will just have to see.
Great calls on the restraunts and retailers btw!! Trading for a living is fantastic if you can take the time to learn the right opportunities.
The other thing to watch out for if you trade options is to try to buy near the lows of the day for your position, and make sure you ride your winners all the way through, and cut your losses fairly quickly. I hate when a exit a trade to early, and I know you have spoken of this. I am working on the discipline though.
It will be interesting to see how things play out short term, especially given some of the resistance we are up against, and the Russain-Georgian conflict.
My plan is to hold my SPY SEP 126 calls though any weakness we see in the next few days, and then look for a long entry into the SPY 132 calls. If the market just continues to bull up, then I will have to cut my losses and re-group for a chance to get long.
I am forecasting though that some of the charts could break back down around SPY 127 before getting the legs to move back up. I guess we will just have to see.
Great calls on the restraunts and retailers btw!! Trading for a living is fantastic if you can take the time to learn the right opportunities.
10 months ago
in Weekly Recap on StockRake
Sensei,
Thanks. Yes, I was able to make a nice profit on the SPY 129 calls. I made a mistake though by going in to the SPY 126's on Friday, instead of waiting until today (Monday). So I am down a little today on those.
When looking at the charts, I am seeing a lot of overbought conditions in the daily and 60 min charts, especially on the Nasdaq. I agree with your chart that you posted, that shows we could get a big down draft in the techs once they finish this final push higher. I just don't see any compelling reasons to go long here, but if the market can sell off a little here I will be looking to go long SPY 132 calls, probably on Wed or so. What are you thoughts here, are you seeing the market overbought here?
Thanks. Yes, I was able to make a nice profit on the SPY 129 calls. I made a mistake though by going in to the SPY 126's on Friday, instead of waiting until today (Monday). So I am down a little today on those.
When looking at the charts, I am seeing a lot of overbought conditions in the daily and 60 min charts, especially on the Nasdaq. I agree with your chart that you posted, that shows we could get a big down draft in the techs once they finish this final push higher. I just don't see any compelling reasons to go long here, but if the market can sell off a little here I will be looking to go long SPY 132 calls, probably on Wed or so. What are you thoughts here, are you seeing the market overbought here?
11 months ago
in TRLG Breakout Goes With My Retailer Theory on StockRake
Sensei...interesting pick with TRLG, but I'm not convinced here man, but I hope it works for you (maybe you should pick up a pair of their jeans for when you listen to the cranberries)...:)
Just wanted to share that I had a great day today with some XLF Sept. $20 puts that I bought yesterday and this morning near the lows for a 60% return by selling 5 mins before the close today. Thought you would like to hear about that, becuause you have had some great option wins as well.
Peace!
Just wanted to share that I had a great day today with some XLF Sept. $20 puts that I bought yesterday and this morning near the lows for a 60% return by selling 5 mins before the close today. Thought you would like to hear about that, becuause you have had some great option wins as well.
Peace!
11 months ago
in Today Was Awesome on StockRake
Sensei, nice job today on your profits. I have been following your blog now for over a year, and really enjoy it. Today, I sat on the sidelines, as I don't like to make trades when the fed is going to speak because of volitility. Tomorrow I will be a buyer of SPY calls on any weakness, I was thinking the 130 calls looked good. Anyway keep up the great work on your kick ass blog!!
