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Man, I sure can pick em!
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Man, I sure can pick em!

  #1 (permalink)
Trading for Fun
Baltimore MD
 
Futures Experience: Intermediate
Platform: TOS
Favorite Futures: Futures
 
Posts: 54 since Jun 2013
Thanks: 12 given, 13 received

Man, I sure can pick em!

I may have the worst luck in the history of trading. I have been looking into credit spreads recently. Yesterday I picked one in a decent uptrend and sold a January bull put spread that had an 83% chance of finishing OTM and received a $0.57 credit. Awesome! This morning ... Not so much.

Anyone care to guess what the underlying was?

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  #2 (permalink)
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  #3 (permalink)
Trading for Fun
Baltimore MD
 
Futures Experience: Intermediate
Platform: TOS
Favorite Futures: Futures
 
Posts: 54 since Jun 2013
Thanks: 12 given, 13 received


Ok. I won't keep you in suspense. It was NFLX. It was almost like they waited for me to sell the option before they downgraded the stock today.

So for you options traders with some experience: the underlying is now very close to my short side of the spread (335). When it touches 335 I will be buying the spread back to prevent further loss.

Do you think I should roll the spread down to a lower strike, or just take my lumps as this downgrade could be the beginning of a larger correction?

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  #4 (permalink)
Elite Member
Georgia, US
 
Futures Experience: None
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josh's Avatar
 
Posts: 4,897 since Jan 2011
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Ok so 335 is the short side, what is the long side? And is this the monthly Jan, or a weekly?


Last edited by josh; January 7th, 2014 at 09:20 PM.
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  #5 (permalink)
Trading for Fun
Baltimore MD
 
Futures Experience: Intermediate
Platform: TOS
Favorite Futures: Futures
 
Posts: 54 since Jun 2013
Thanks: 12 given, 13 received


josh View Post
Ok so 335 is the short side, what is the long side? And is this the monthly Jan, or a weekly?

The long side is 330. Jan 2014 (Monthly) 9 days until expiration.

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  #6 (permalink)
Trading for Fun
Baltimore MD
 
Futures Experience: Intermediate
Platform: TOS
Favorite Futures: Futures
 
Posts: 54 since Jun 2013
Thanks: 12 given, 13 received

Bought to close on a pullback today. Paid 1.25, so roughly a 1:1 R:R.

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