QQQ at $98.96 Bought 10 contracts QQQ 100.00 Oct03 calls at $0.24 QQQ has been in a tight trading range for 1 month Strong resistance at $100.00 QQQ price target $101.00+ This is my 5th - and last - attempt at catching a QQQ breakout above $100.00. All 4 previous trades were placed on a Wednesday, 2 days before expiry. This trade has been moved to Tuesday because it's the last day of this quarter and November 1st could be a big mover for the markets - last year QQQ was up 1% on November 1, 2013. Lets see what the next 3 days brings. Will I get that breakout? Wed Aug 27 3:43 PM - QQQ at $99.45 Bought 10 contracts QQQ 100.00 Aug29 calls at $0.07 P/L (-$70.00 -100%) Wed Sep 10 3:49 PM - QQQ at $100.02 Bought 15 contracts QQQ 101.00 Sep12 calls at $0.04 P/L (-60.00 -100%) Wed Sep 17 3:15 PM - QQQ at $99.91 Bought 15 contracts QQQ 101.00 Sep20 calls at $0.04 P/L (-60.00 -100%) Wed Sep 24 3:42 PM - QQQ at $99.83 Bought 5 contracts QQQ 100.50 Sep26 calls at $0.14 P/L (-70.00 -100%) Total P/L: -$260.00 (-100%) This thread is now open to timely comments and likes from the ET Peanut Gallery.
OP, what happened to editing your post, changing "buy" to "sell" and then claiming a win as you have done in the past? Get with the program, will ya?
IMO, when you want to follow the trend, YOU MUST wait retracements. Here, USD90/92 zone COULD be a good price IF 90 HOLDS. Old RESISTANCE becomes SUPPORT. MA200 in yellow would be a SUPPORT too. Daily RSI is just BELOW 50 (49.68), IMO good timing for a CORRECTION.
FF, your timing seems to be off. With decent timing anything is possible. Add a little option strat. and you can improve odds.