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The Newmont Diary


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The Newmont Diary

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  #11 (permalink)
Market Wizard
Coos County New Hampshire
 
Experience: Intermediate
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Posts: 1,552 since Feb 2010
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NEM had a gap open and started to run away. With the puts above and the calls below, I was is a losing situation. I did not know when NEM would stop and/or reverse. So I did a Buy Write above me at 47 which had the May 18th 47 calls.



Well, NEM hit a brick wall at 47 and a little, and stopped. Then reversed. Later on I rolled my 47 calls to next Friday. I ended the day with 1000 shares. 800 will be called for 80 cents and next Monday I will start the week with 200.



NEM last transaction as I write was $45.46. $1.50 below my calls.

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  #12 (permalink)
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Hi, thanks for sharing.. sounds great .. first journal i find with basic option plays, my favorite ..

but this chart also sounds like a great candidate for a straight long Put (ATM - front month) for a quick profit.. price action keeps below your "daily" MA on the chart and never crosses it.
have you considered to add some June ATM puts to your position for couple days? if no, can you share reason why not?
thanks,
RedK

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  #13 (permalink)
Market Wizard
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RedK View Post
Hi, thanks for sharing.. sounds great .. first journal i find with basic option plays, my favorite ..

but this chart also sounds like a great candidate for a straight long Put (ATM - front month) for a quick profit.. price action keeps below your "daily" MA on the chart and never crosses it.
have you considered to add some June ATM puts to your position for couple days? if no, can you share reason why not?
thanks,
RedK

@RedK , no I didn't consider using June ATM puts. I am not very successful at trading ATM long options. So I adopted the RadioActive Strategy. Using the Dec 60 puts married to NEM, I calculated my potential loss (risk). Then, I write the weekly calls to gain income. It should take 4 to 8 weeks in call income to cover the put loss. And then I have 4 to 5 months of call writing with no downside risk. If NEM moves towards 60, the premium on the puts will fatten and at the right time I can roll my puts higher and longer. The trick is to trade shares against the call strike. Anything higher than the strike plus premium is potential loss.

My daily chart illustrates NEM as a short (long put) candidate. Price has been moving up the past many days and crossed the 25 MA on Monday. Could go with a long put or put spread if the daily stoch roll over. Maybe?

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  #14 (permalink)
Market Wizard
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I didn't trade NEM on Monday. Right from the start NEM jumped to my call strike with a wide bid/ask spread.



I had a lot of activity in my household and being Monday (early in the week), I decided to sit back and wait. Several times I entered a STPLMT above the market price, but it never executed. So this morning it looks like NEM will open down some. After yesterday's jump up, then trading sideways. Open maybe just below the strike of 47.


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  #15 (permalink)
Market Wizard
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As per the charts, the opening salvo was up, then it failed into a shake out. Like a fool I bought the jump up open scenario and wrote 2 47 calls on the start of the shake out. Check the charts, only to have price return to the opening price and move higher, HHs and HLs into the 48s. Wild price movement, only for mid day and afternoon price ground back to 47. Because I have only a 1000 share magazine, I hesitated to buy more like a deer in the head lights. But from experience, I don't panic and don't talk to the trading voices in my head. I am lucky now, back to 47.




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  #16 (permalink)
Market Wizard
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opening took it down for a few minutes. my buy point is the blue arrow on a STPLMT. my stop is at the ZLEMA or Gamma lines.



but I didn't take the trade, I am comfortable around the 47 mark and not a wild west open

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  #17 (permalink)
Market Wizard
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As of the prior post, the trade was stopped per the red arrow. If you watch the 5 min vid, it shows NEM bottoming out on a second long, but the 5 min limit hit. The trade was stopped at B/E on a ZLEMA stop. Chump change if you moved your stop along the bottom of higher candles.



NEM_video_2.swf

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  #18 (permalink)
Market Wizard
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this is what I love about the BallBuster chart: along as the XX lays at the 0 or sticks to the 100, just stay with the trade with a stop just beyond the gamma line or bollinger band. the XX just relates a quality of price and it's movement. combine that with price action and .............................



the last short was the red arrow which is below the low of the first pair of red candles.

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  #19 (permalink)
Market Wizard
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here's the rest of the story:


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  #20 (permalink)
Market Wizard
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as one might think the end of the earth had hit the markets. just when you might think NEM was headed for the skids; look again:


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