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Allistah's Weekly Options Seller Journal
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Allistah's Weekly Options Seller Journal

  #81 (permalink)
Trading for Fun
Bay Area, CA
Futures Experience: Intermediate
Platform: Think or Swim
Favorite Futures: YM, ES, 6E Futures, Weekly Vertical Spreads
Allistah's Avatar
Posts: 136 since Jun 2010
Thanks: 5 given, 64 received

Hey all --

It looks like we are set up for a bearish week. Thats my assessment. Bearish on the weekly, daily, and hourly. The arrows are point to key fib lines and divergences.

I read a book by Robert Miner. He teaches you how to use multiple fib lines from different data on the chart and helps you pick the areas that are most likely to be support or resistance. When they group up, they're a lot stronger. The arrows are pointing out these groups. Some of the other areas with single lines can still be strong, but when you have groups, it's sort of confirmation that those are strong areas.

I'll be looking for more entries in the next two days and thats it for the week. I won't take any trades after Tuesday. It will be hard to do on Tuesday but if I get the credit I'll do it. Most likely the credits aren't there on Tuesday. Too much theta has decayed at that point.

So we will see if anything shows an entry tomorrow. I will work hard to only take good entries and pay attention to not take entries that don't make sense.

Here is my chart for the Dow. We will see what tomorrow brings! :-)

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  #82 (permalink)
Trading for Fun
Bay Area, CA
Futures Experience: Intermediate
Platform: Think or Swim
Favorite Futures: YM, ES, 6E Futures, Weekly Vertical Spreads
Allistah's Avatar
Posts: 136 since Jun 2010
Thanks: 5 given, 64 received

Back when we had only monthly options it was common practice to say to close down the trade if you were able to capture 80% of the max profit. Now that we have weekly options I don't know what I should be doing. Right now I wait until almost expiration to close them but only if there is a problem with it.

I was thinking of maybe putting in sell orders to close the spread early but just wanted to hear what others opinions were on the matter. If I sell a spread for $2.25, at what would a good number be to buy it back at? 0.05? 0.01?


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