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  • All Hail the "Head and Shoulders"

    Today was a fantastic day in the market.  My Day trade paid off today.  I noticed a Head and Shoulders pattern of USG, with a possible downside below $15 but I wanted to make a little on the daily instead of holding through Apr 11.  So instead of going with the May 11 option which would see less movement I went with the

      USG Apr 11 $16 PUT @ 0.45. 

      Of course I was blessed with a movement in my anticipated direction to the turn of a cover at 0.55 for a net profit of ~15% to the portfolio.  I also wanted to mention that I could have held my WHR PUTs from yesterday and added another 10% but I am not very strong at calling the market on pivots so I will stick with what I am comfortable with; taking profits in the middle.

    Tags: USG
    Apr 05 1:33 PM | Link | Comment!
  • Derivatives/Options Trading
    Ok, so good day in the market after a weekend of sweating it out on my first options trade ever.  Of course not looking at risk levels I bought naked puts, probably will not do that for a overnight hold again.  I took WHR Apr 11 $85 puts at $1.66 per last week and sold them today at $1.82 for a net profit to my portfolio of 7%  I started paper trading a few options today to see if I am any good at picking based on intraday action and chart analysis.  I am definitely more comfortable with an options day trade then holding it overnight, especially in the current market environment.  That being said I held my portfolio in cash tonight to setup a couple day trade verticals to continue practicing over the next few days.
      Paper trades today:(some these were higher but this is paper so i'll do the bid at close)
      DNDN Apr 11 $38 PUT @ $1.25 -> cover at close $1.56 (up almost 25%)
      GM Apr 11 $33 CALL @ $0.45 -> cover at close $0.40 (down 8.8%)
      OVTI Apr 11 $33 CALL @ $1.45 -> cover at close $1.70 (up 17.2%)
      RVBD Apr 11 $34 CALL @ $1.20 -> cover at close $1.25 (up 4.1%)

    Three out of Four isn't bad, and I should know better on the GM, stay away from companies with bad books.  All positions were taken at the time I first looked at them and normally would have decided to get into them.

    The Next three I will be tracking based on some longer signals, so far all three are dogs.
      BA May 11 $75 CALL @ $1.80 -> 
      CCJ May 11 $31 CALL @ $1.95 -> 
      RIMM May 11 $52.5 PUT @ $1.76 ->

    That's it for today.  Happy Hunting.
    Apr 04 4:51 PM | Link | Comment!
  • Day 3 - yesterday
    As i thought I was stopped out of my WHR trade at $80.99.  I am thinking I should have put the stop at $79.50 where the bottom resistance is at.  And as i look at the trading this morning I could have closed that position for a $0 loss today if I wanted.  I'm not sure if I like this system, however it may be that my stops are too tight.  I went long TLT at what I thought was a bargin of $92.  We will see where this one goes.  My stop is below that last resistance levels.  I am looking at move to the upside in the $2 per share range.
    Tags: WHR, TLT
    Mar 30 9:39 AM | Link | Comment!
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