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Using Options for Swing Trading


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Using Options for Swing Trading

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  #131 (permalink)
Market Wizard
Chicago, Illinois
 
Experience: Intermediate
Platform: Tradingview
Broker: ThinkOrSwim
Trading: Forex, Stock & Options
 
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Posts: 539 since May 2011
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Bermudan Option View Post
Just bought 5 weekly $121 puts @ $0.37/ct on an AON gamble. My reasoning is that the GLD market will tank before the week is over now that the hedge against the default is dead in the water. (It was a terrible hedge anyways as the GLD sold off for the last week or two)

These options expired worthless. I have no issues with trying to fade the move higher by GLD but in the future I need to tackle it in a more efficient way. I am gonna go thru my Tradervue stats and crunch the #s for my all-or-nothing trades. Something tells me I am losing money each time a stray from my current setup...

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  #132 (permalink)
Market Wizard
Chicago, Illinois
 
Experience: Intermediate
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Bermudan Option View Post
Last trade of the day. Using a weekly option here, because it doesn't take long for me to be proven right/wrong w/ the tight ascending triangle formed on the daily. :


Not really expecting a breakout today. Potentially a gap higher on Monday's open maybe? Definitely want som Oil exploration exposure since I closed that SD position out prematurely.

Pretty sure I am done opening any new positions for the day now. Two of my accounts ran out of buying power anyhow, and I will have two day trading strikes against me in my 2ndary account after I close out my STX trade by the EOD

Things are really good today but could have been great.

DVN ran in a major way @ the open, but started to retraced. I wanted to view the charts before I sold some options but Tradingview was not working for some reason. Pulled it up on my ToS mobile app but have given back over $1000 in gains.

Weekly options FTW fwiw. Took 4 contracts off the table in profits and have two options still open. I will try to show a screenshot of the chart once Tradingview is operational again.


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  #133 (permalink)
Market Wizard
Chicago, Illinois
 
Experience: Intermediate
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My charting website is not working. Can't enter any new positions. Will have to stick to tape reading for my current position by watching the ticker prices. Grrrrrrr


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  #134 (permalink)
Market Wizard
Chicago, Illinois
 
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Posts: 539 since May 2011
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Missed a pullback on APOL. Would have bought on a test of the $20.66 - $20.70 area. Would have used weeklies though and would have exited the trade by the EOD today or tomorrow because of an upcoming Earnings Report.


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  #135 (permalink)
Legendary Data Wizard!!!
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Bermudan Option View Post
My charting website is not working. Can't enter any new positions. Will have to stick to tape reading for my current position by watching the ticker prices. Grrrrrrr

This would be a good backup: FreeStockCharts.com - Web's Best Streaming Realtime Stock Charts - Free

Robert

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You make your own opportunities in life.
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  #136 (permalink)
Market Wizard
Chicago, Illinois
 
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Silver Dragon View Post

Thanks for the suggestion. Unfortunately, I am at work and my computer is somehow not configured to handle that page. Need to update my flash probably. It stays stuck on 'loading'. Looks like I will use investing.com (no volume @ all shown though) and twiddle my thumbs until the tradingview website is back up. Only existing position that might require action now is DRYS but I have some stops already in place so nothing really to do manually.

I think I will have to be content with my gains in DVN for now anyways. No point in trading under this mindset right now. I was kinda panicking earlier and I just want to make sure I have mentally digested the $$$ I left on the table with DVN so that I can move on without trying to 'win' my paper-profits back.

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  #137 (permalink)
Market Wizard
Chicago, Illinois
 
Experience: Intermediate
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Broker: ThinkOrSwim
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Bermudan Option View Post
My charting website is not working. Can't enter any new positions. Will have to stick to tape reading for my current position by watching the ticker prices. Grrrrrrr


Closed out of DVN completely after a break of the trendline. I can't manage the position effectively with my current mindset and charting abilities so I will have to be content with current profits

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  #138 (permalink)
Market Wizard
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Bermudan Option View Post
Entered 12 Nov $2.5 Calls on DRYS


Stopped out of this. Had some in my Roth IRA that was stopped out this morning as well on the pullback. C'est la vie. Everything else appears to be okay thus far:

Positions
BRCD
AA
STP
MGM
ATVI

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  #139 (permalink)
Market Wizard
Chicago, Illinois
 
Experience: Intermediate
Platform: Tradingview
Broker: ThinkOrSwim
Trading: Forex, Stock & Options
 
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Posts: 539 since May 2011
Thanks: 544 given, 318 received

Charts up and running again. Watching WFT currently. Tried to break out earlier and encountered some price rejection. I think that it might continue to retrace lower intraday so I will be cautious in my entry, but I am bullish long term:


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  #140 (permalink)
Market Wizard
Chicago, Illinois
 
Experience: Intermediate
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Posts: 539 since May 2011
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Bermudan Option View Post
Flat on STX again. $44 before commission so like $20 profit. Meh. First time using a market order to exit the market in forever. I felt so dirty lol.


Unsure how I feel about this trade in retrospect. In theory the break of the trendline was a good reason for exiting, but it was not my reasoning for entry, which is why my stop was not located at the trendline, it was @ $49.22. The stop was never touched and I undoubtedly left +$600 on the table here. I need to remember my three point checklist the next time I get into a position like this:
  • Does volume confirm my theory
  • Does price action confirm my theory
  • Does the reward outweigh the risk

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