Getting quite a few complaints on this thread.. Lets bring this thread back in line.. and on topic.. save the BS for the other forums. "Trading" needs to be on topic, with some degree of civility. Ok thats the warning, below me is the line in the sand. Everything after it should be back on topic. ----------------------------------------------------------------
Agreed. I need the "yes, no, maybe" asap. ps. there is a third scenario for the close which is the most likely.... FLAT.... this scenario is designed to screw all options players as they try to close as close to a strike price as possible.
MON. 9:45 am EST DOW +74 First a warning/disclaimer.... The signals I use have a historical accuracy of >65% for the morning forecasts and >75% for the afternoon calls, please keep that in mind and use your stops as you always would. Now for the nut cuttin... I just recieved the morning signal and it is NEGATIVE calling for WEAK Market action during the morning session, or at least until 12 noon. I'm going short from here with some fresh auggie trip q's puts. Whatever it is that you trade, sell this open guys. Good luck trading. Rennick
ok we'll see past 20 minutes lots of distribution followed by tow large red candles. The sellers yesterday arent quite done after the premarket futures lift. That was a pretty big selloff on high volume last friday.
An update from this long ball I threw last Friday, I sold all 335 contracts for.06 cents in the last half hour. I ended up nearly breaking even on this trade that could have really paid off if the close would have been even weaker. Also, had my timing been better I could have bought those puts for 2 cents and sold them for 6. This would have been a "triple" in about 30 minutes... oh well, it almost worked out It's one of my favorite trades, which has only worked out once for me. I just love the excitement on that one. Rennick
Actually, I'm already out of this trade. I'll run you through it. Once I recieved the WEAK signal I bought the aug qqq 50 put for .75 cents (dow was up 74 approx. when trade went through). After the trade went through I set my sell price at 10% above what I paid, which in this case was 8 cents, so I set my sell order at .83 cents per share. My sell order went through at 10:08 am which turned out to be close to the lows of the day. I'm sitting in cash now, and am waiting to see what the afternoon call says. I learned a long time ago that the best way to trade intraday is set a low 10% goal on any trade by placing a sell order 10 % above what I paid for my contracts. 10% applies to options and would not work with stocks or futures. You would need a smaller goal, but you would also have less risk. In other words I usually shoot for single base hits, not homers. This can be nerve racking on big move days when you get sold out and leave piles of cash sitting on the table. This morning though, it saved my ass. Rennick out
Let this be a lesson to you. Never rely on the trading recommendations of others, know your methodology inside-and-out ... that way it just won't matter what another traders' or a subscription service's opinion of the markets are. Know your own system, and trade it. Good trading, Jimmy Jam
villiage....perhaps you should leave this thread to the adults & people whom actually trade. no sense in knocking something that you can`t do or have trouble comprehending.