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Using Options for Swing Trading


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Using Options for Swing Trading

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  #141 (permalink)
Market Wizard
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After I finished my review on the STX trade, I saw an opportunity for a new trade on STX lol.


I have 16 contracts @ $1.84 w/ a 12 cent stop or so on the weeklies that expire by the end of the week. This is a very very very speculative position imo. Much more than I am used to but with the signal showing on the 1m chart, I don't need much time to be proven right/wrong. I am gonna be probably closing out at least a portion @ the end of the day if I am not stopped out.

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  #142 (permalink)
Market Wizard
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Bermudan Option View Post
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:


Bit the bullet and bought 12 contracts

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  #143 (permalink)
Market Wizard
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Bermudan Option View Post
After I finished my review on the STX trade, I saw an opportunity for a new trade on STX lol.


I have 16 contracts @ $1.84 w/ a 12 cent stop or so on the weeklies that expire by the end of the week. This is a very very very speculative position imo. Much more than I am used to but with the signal showing on the 1m chart, I don't need much time to be proven right/wrong. I am gonna be probably closing out at least a portion @ the end of the day if I am not stopped out.

Stopped out of the trade and encountered $0.07 slippage at $16/cent. So on a $200 trade I lost like $315. Meh.

My Think or Swim account now has three day trades in two trading days so I have to be careful what I trade if I choose to use the account for anything else. Might transfer some money to a different account anyways, I don't need that much in this account since it is a backup with higher commission than my other accounts.

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  #144 (permalink)
Market Wizard
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Quick update.

Missed a pullback in NVDA:




Update on Alcoa (raised the profit target a little)

Bermudan Option View Post
One final trade on AA. Now lets see if the markets collapse tomorrow




STP: Doing good since my entry. Slow moving so far but looking good today

Bermudan Option View Post
Grabbed some STP calls and faded the gap lower to start the day.




So now, even if there is a selloff, the main trendline will have to be broken prior to me being stopped out



Edit:
Just got stopped out of MGM on a pullback intraday

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  #145 (permalink)
Market Wizard
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Grabbed some NVDA on the pullback.


Missed my shot to reopen a position on SD and to add to my position in BRCD. Ahhh well


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  #146 (permalink)
Market Wizard
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Bermudan Option View Post
Missed my shot to reopen a position on SD and to add to my position in BRCD. Ahhh well

Got into SD on another slight dip


EDIT
Added to my BRCD position. Now have a total of 19 options



Stopped out of my WFT trade. Experienced some slippage as well

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  #147 (permalink)
Market Wizard
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Quick update.
Update on Alcoa (raised the profit target a little)

Took 7 contracts off the table. 4 contracts still open



Contributing factor for me closing out the position was a decent amount of profit taking on the short term timeframe

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  #148 (permalink)
Market Wizard
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Grabbed 9 contracts on SU. Got stopped out of a position last month but gonna give it a shot again

Here is the 4 hr chart



OTOH, here is the longer term pattern on the Weekly chart... I see a double bottom breakout that still hast the potential to happen:

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  #149 (permalink)
Market Wizard
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Bermudan Option View Post
Took 7 contracts off the table. 4 contracts still open



Contributing factor for me closing out the position was a decent amount of profit taking on the short term timeframe

Completely flat on Alcoa


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  #150 (permalink)
Market Wizard
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Parabolic move overall.


I am glad that I let some options ride overall so I was able to take advantage of the continuation of the move higher. Huge up day for Alcoa. I am bullish on Basic Materials and I will look for another liquid representative to trade

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