tipere445
Long

A good spot for a call/straddle

AMEX:SPY   SPDR S&P 500 ETF TRUST
Short term
Im opening a call position here and will close if the channel breaks.
Trade active: I'm closing half my position here, which garanty me a break even at worst.
Comment: We already closed half the position for 100% profit. The 260 breakout occurred this morning. This is what we are looking at for the remaining.
Comment: Something to watch carefully; I talked about money moving from bonds to stocks and vice-versa. So, we had a breakdown in #TLT this morning but now the gap filled and the support is being tested. If it was to hold and bull, SPY would likely fall.
Comment: SPY is in a wedge; could be a flat day. Still early, but the last 15 minutes could tell us the direction for tomorrow.
Comment: I'm opening a small put position with today expiration (very risky). I just wanna play the wedge, i remain long for the end of the week unless channel is broken.
Comment: Stop loss. I closed my day trade (puts) on SPY. -25%
Trade closed manually: I closed the remaining of the position.
Trade results
Half @ +100%
Other half @ +117%
Return on trade: +108.5%
Take a look at this idea. Channel inside a channel on top of yet another channel, all a bear flag.
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tipere445 DaddySawbucks
@DaddySawbucks, Interesting, i did not see it this way. We should see within the next 2 days.
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@tipere445, I think we gonna close the gap from Monday with another gap up on Tuesday- an Exhaustion Gap. I been waiting for this since last week. Good chance for you to close for a tidy trade. I'll add to my position and wait for it to backfill. Most of these gaps been getting filled same day, but we got a big one 8 Jan still begging to fill. Notice the futures prices are trading up to last week's high, same prices we had a few days back- churning, no real advance. It will pullback. It is a bear flag.
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I see H&S for 9-14 Jan... pretty sure we on the right shoulder... I been plenty wrong b4 though, GL!
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tipere445 DaddySawbucks
@DaddySawbucks, yes i see that. I'm taking a shot here. Being on the channel, worst case scenario is big gap down open, but it's always like that with options! I like the idea because it is a no brainer; channel breaks i close, otherwise i hold.
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@tipere445, Bon chance mon ami!
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