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Long

GLD Scalp Trade...Anticipating an Oversold Bounce Using Options

AMEX:GLD   SPDR GOLD TRUST
91 1 3
On 10/17/2014
With GLD             at 118.6...exited spread for a good profit....Ultimately GLD             hit price target of 120 and bumped it as resistance and started to roll over and exited position to preserve profit for a 24.99% gain

On 10/16/2014
After another look, decided to spread position by selling to open 122 calls and cutting risk premium in half:
Adjusted Position: Bull Call Spread 117/122 November 22
Rational: With around a month remaining on underlying options, simply a risk management technique

On 10/15/2014
Update... GLD             had a great bounce off support and a loser has turned into a winner right now.

Plan to start setting trailing stops and monitor closely hear...a rollover and exit immediately to preserve profits while a break thru 120 and look to hold and ride to next level of resistance and keep raising stops along the way to let the winners run while preserving profit.

On 10/6/2014
Last week GLD             gapped thru support(my exit target)...unfortunately not allowing for a better exit(loss) opportunity and fell right on top of next level of support.
Plan going forward is to wait(plenty of time remaining on options) and see if this level of support holds and look for better exit opportunity. If a bounce does happen over next few days or maybe I wait if this level holds strong, I will exit and salvage remaining time on options.

Unfortunately got caught in a gap thru support where otherwise would have looked to exit if GLD             behaved nicely...but it didn't!!! Now looking for a better exit opportunity.

On 9/29/2014
Technicals - GLD             appears oversold & possibly turning back up as MACD & Stochastics show oversold conditions

Entry=117.25, Target ~120, Exit=116

Bought to Open - GLD             Nov 22 '14 $117 Call

Good Risk/Reward entry...anticipating a relatively quick trade(a few days to maybe a couple weeks) but buying enough time for underlying to move

Plan to exit on significant move up or stick to target exits
Agree, potential dollar pullback as well.
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