Jump to content



Photo

Options play


  • Please log in to reply
7 replies to this topic

#1 NAV

NAV

    Member

  • Traders-Talk User
  • 14,731 posts

Posted 15 July 2008 - 09:11 AM

Bought Aug calls around SPX 1200 level. Risking 4% of my account. No stop. Technical reason - SPX 1200 was the measured move target on daily charts. Tactical reason - Bounce is inevitable. Even if we crash a spike reversal will bail me out at breakeven or profits. We shall see. :bye:

Edited by NAV, 15 July 2008 - 09:15 AM.

It's not the knowing that is difficult, but the doing


#2 SemiBizz

SemiBizz

    Member

  • Traders-Talk User
  • 20,384 posts

Posted 15 July 2008 - 09:22 AM

You see a pattern in there somewhere? :lol:

Posted Image

Must be the bacon....

Posted Image Posted Image Posted Image Posted Image Posted Image Posted Image
Price and Volume Forensics Specialist

Richard Wyckoff - "Whenever you find hope or fear warping judgment, close out your position"

Volume is the only vote that matters... the ultimate sentiment poll.

http://twitter.com/tradingcoach1

#3 NAV

NAV

    Member

  • Traders-Talk User
  • 14,731 posts

Posted 15 July 2008 - 09:36 AM

Semi,

No pattern. When was the last time you saw 2800 decliners vs 200 advancers ? :o

Capitulation

P.S - Intraday, we could visit 1180. Or maybe not. Certainly, not for the faint of the heart.

Edited by NAV, 15 July 2008 - 09:37 AM.

It's not the knowing that is difficult, but the doing


#4 hitoya

hitoya

    Member

  • Traders-Talk User
  • 494 posts

Posted 15 July 2008 - 09:37 AM

Good thought. I was thinking about risking 10% of my account for the call. But as I have been waiting for a while, I like to wait a couple more days before jumping in. This is getting interesting.

Bought Aug calls around SPX 1200 level. Risking 4% of my account. No stop.

Technical reason - SPX 1200 was the measured move target on daily charts.
Tactical reason - Bounce is inevitable. Even if we crash a spike reversal will bail me out at breakeven or profits.

We shall see.

:bye:



#5 hiker

hiker

    independent trader

  • TT Member*
  • 12,108 posts

Posted 15 July 2008 - 09:39 AM

simple SPX weekly -

http://investorshub....age_id=30704439
why is it important to wear sunglasses, even on cloudy days?

UV damage to the eyes is cumulative during the lifetime

blindness from UV damage to the eyes is preventable for the current younger generations -

elvis wore shades - by the Cleveland Clinic

#6 SemiBizz

SemiBizz

    Member

  • Traders-Talk User
  • 20,384 posts

Posted 15 July 2008 - 09:40 AM

Well, you got the round number bounce, but you had a volume spike low that needs to be tested. And the main theme here in my way of thinking is that 2155 Nasdaq... Maybe SPX can hold here while that gets under way, but FNM still needs to test 6.68 also...
Price and Volume Forensics Specialist

Richard Wyckoff - "Whenever you find hope or fear warping judgment, close out your position"

Volume is the only vote that matters... the ultimate sentiment poll.

http://twitter.com/tradingcoach1

#7 NAV

NAV

    Member

  • Traders-Talk User
  • 14,731 posts

Posted 15 July 2008 - 09:53 AM


"In general, healthy economic growth depends on well-functioning financial markets. Consequently, helping the financial markets to return to more normal functioning will continue to be a top priority," - Bernanke


"Helping" being the key operative. Now, where's the PPT ? :lol:

It's not the knowing that is difficult, but the doing


#8 jdjimenez

jdjimenez

    Member

  • Traders-Talk User
  • 1,242 posts

Posted 15 July 2008 - 10:51 AM


"In general, healthy economic growth depends on well-functioning financial markets. Consequently, helping the financial markets to return to more normal functioning will continue to be a top priority," - Bernanke


"Helping" being the key operative. Now, where's the PPT ? :lol:


Reminds me of that old Burger King commercial.

WHERE'S THE BEEF?!

JDJ