rlim
Short

1.53 for 57 DTE SPY calls 200/205

AMEX:SPY   SPDR S&P 500 ETF
spy
52 8 0
spy
SPY             fell from 201 to 190 in 5 days, step ladder like.
drawing a channel, we are currently at a supply line.
In the last hour, SPY             has been hitting resistance at the supply line.

I decided this is a good position to go short.
The risk, there may be supply at 190.5 area, the most recent low.
VIX             is high enough for me to take a strike 7 points away at 200 for 1.53
I could have went farther to a less risky strike for my usual .86 (204/209), however I think there will be resistance at 200-201 area.
And I am feeling greedy.
VIX @ 23
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Longer trend is downwards, but might be near large support @190
Reply
Day 1 wrong. Currently trading above channel. Tested 195 and reversed lower.

NOV SPY 200/205 @ 1.71

Breakdown Delta Gamma Theta Vega
NOV SPY 200 -.68 0.03 -.04 .24
205 -.87 0.02 -.02 .15

VIX @ 20.8
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rlim rlim
Maybe I should have read the bounce from 190 as a successful turn around from a strong support area. Especially when it closed near the top of the range at the end of the day.
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rlim rlim
was using the put information, here is the correct information with calls

Breakdown, delta, gamma, theta, vega
Nov SPY 200 calls, .34, .03, -.04, .28
Nov SPY 205 calls, .19, .02, -.03, .21
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closed position for .82
SPY @ 187.5
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rlim rlim
We are close to a possible support at 187.4
Don't want to lose the gain if there is a recovery.

Total gain is 1.53-.82=.71
Reply
Trade went well overall.
Trade went against me at first, gapping out of the channel, rallying to the previous gap at 195. Essentially filling the gap, then returned to the channel.
Currently teasing possible support at 187.4.

If there is no support, we will possibly see next support at 181.

1. How can I make more money from winners?
2. How can I lose less money from losers?
3. How can I get more trade ideas?
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