QQQ at $99.91 Strong resistance at $100.00 Bought 15 contracts QQQ 101.00 Sept20 calls at $0.04 QQQ price target $101.50+ Alibaba (BABA) IPO this week, will the hype boost the market? QQQ has been in a tight trading range since August 27, when will it break out? Will QQQ make a run for its all time high of $117.00? Is this a top for the market? Perhaps buying the QQQ 101.00C/99.00P Sept20 strangle at $0.30 might be better? Questions,questions,questions, but what are the answers? Likes and timely comments from the peanut gallery are welcome. EDIT: Typo in the title. Should be 15 contracts, not 10.
Im not saying you wont make money on this trade but this is precisely part of your problem, you react late, the buy was 2-3 days ago.
Based on hindsight you are correct, we all have 20/20 hindsight. TWTR, PCLN, TSLA are much better options to trade using hindsight, the payoff is much higher than QQQ options.
What was the strike? What was the expiry? What was the ask? What was the bid? Those are important details for a marketable trade.
UPDATE QQQ at $100.28 Position still open I have entered a limit order to sell at $0.50 I need QQQ to move +1.22% for the limit order to be filled
OPTION EXPIRY UPDATE The Sept 20 101.00 calls have expired worthless. P/L -$60.00 (-100%) QQQ 5-Day Chart Red Dot: September 17, bought 15 contracts QQQ 101.00 Sept20 calls at $0.04 Trade 1: http://www.elitetrader.com/et/index...ontracts-qqq-100-weekly-calls-at-0-07.286150/ P/L -$70.00 (-100%) Trade 2: http://www.elitetrader.com/et/index...-10-likes-if-this-trade-is-successful.286441/ P/L -$60.00 (-100%) Trade 3: This thread. P/L -$60.00 (-100%) Trade 4: To be announced, probably next week. Total P/L: -$190.00 (-100%)
This is what happens when you let greed take over. Think about it you went long at 4 cents you could have closed your position for a profit, but you were waiting for top dollar.