I think a "Support the Coach Phil Hedges" Fund would be a worthwhile endeavor. When needed just put some money together for me to buy some hedges to push the market the other way. You guys can finance this by simply going long some options in the opposite direction of my hedges so it might not cost you anything. Market moving to low? Collect money for me to buy some puts and then buy some calls to pay for it and watch the market drift higher almost instantly. Protect your positions and cash in the calls to finance the fund and do this as many times as it takes to get out of your spreads with a profit. It is so easy, my 12-year old cousin is doing it. When the light is green donate money for Phil to buy calls, when the light is red, donate money for Phil to buy puts. Start living the life you deserve and [insert picture of me on a yacht with Jessica Alba] having it all!
Now you just need to add the $2000 seminar, the $100 monthly software charge and you too can have an infommercial! ryan
Hello, Hey Coach nice thread first of all! I'm not an option trader per say as most here. My comment as a trader who trys to view charts objectively and then create if then scenarios, is in reference to your chart. The channel you've drawn is good, may I suggest adding a line to connect the two lower pokes out, making a triangle. With higher lows and the lower highs, price range is contracting in here, forming a triangle. A triangle can be a continuation of the prevailing trend, or fail. This traps buyers and can lead to a forceful down move. It may also poke out both sides to shake out longs and shorts, before tipping its hand. Lastly it could just morph into another pattern, or continuation of existing channel or create a larger one. That's the wonderful thing about trading the psychology of market participants, one never knows with certainty what will occur. However, the possibilities to watch for can be noted and appropriate action planned to take advantage of the movement. Ideally for you and those in a similiar situation, remaining range bound without an adverse move toward your strikes, gives the desired outcome. Good Luck to All and Good Trading! Kelly
Well that was a nice bull fake... Looks like the top turning bearish might get some steam here. We will see what the carry through is the last hour of the day and into tomorrow....
Careful Coach. Could be that you don't have to take a position. Just you mentioning the words bull FAKE could cause the market to switch again. LOL
Never knew you were so influential huh!?! They should put you on the economic calendar with the other market movers.
Looks like it faded into the bear move I expected yesterday. Tomorrow and the week to come will be quite telling. Seems the bulls are losing some steam and that was a main reason I went into the calls yesterday. Wish I waited one more day to get in them earleir today lol.