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Post by cosmic on Aug 2, 2010 15:06:20 GMT -5
This was the move that Green Arrow was predicting last week. I got thrown when the sequential changed, and I had to live by the rules of that trade. One thing that caught my attention, and made me quick on the trigger, is that the pattern that was playing out is a larger version of an earlier pattern. And this larger pattern was playing out more quickly - what took weeks to form last time took days to form this time. Ergo, logic said if we could barely hold support, we had the possibility for a fast move down.
Alas, I missed some of the MPG run, having sold last week. I bought some this morning and traded it for .10, and am very satisfied, but could have gobbled up an extra .15 on the move, and given the position size it would have been nice. Ah well. Shame on me.
No other trades and Green Arrow is confirming again with the sequential shifting. Buy the dips is in effect for 1-2% pullbacks. Any more than that and tight stops are in place. Will update the Green Arrow post with the new charts later. Still holding LVS straddle and it's functioning well.
Hope everyone made some money today and will do so tomorrow. Members, please post your results along with your RDA of smileys!
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Post by tajmahal9898 on Aug 2, 2010 15:10:02 GMT -5
one trade -
long 100 Aug 29 calls at 2.49 -- down 15 cents or (1,500) right now..
didn't sell AMAT -- still holding 31K shares.... down 6.2K
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Post by Rich on Aug 2, 2010 15:10:41 GMT -5
You were right on about 1100, Cos. APPLAUSE!!! Bought and sold MGM and FAS calls, perfect trades both, got every penny I could squeeze out of them. Man, that hasn't happened for a while
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Post by sloop on Aug 2, 2010 15:10:50 GMT -5
thanks to the green mold on that bread this morning.
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Post by trading4dough on Aug 2, 2010 15:11:26 GMT -5
This was the move that Green Arrow was predicting last week. I got thrown when the sequential changed, and I had to live by the rules of that trade. One thing that caught my attention, and made me quick on the trigger, is that the pattern that was playing out is a larger version of an earlier pattern. And this larger pattern was playing out more quickly - what took weeks to form last time took days to form this time. Ergo, logic said if we could barely hold support, we had the possibility for a fast move down. Alas, I missed some of the MPG run, having sold last week. I bought some this morning and traded it for .10, and am very satisfied, but could have gobbled up an extra .15 on the move, and given the position size it would have been nice. Ah well. Shame on me. No other trades and Green Arrow is confirming again with the sequential shifting. Buy the dips is in effect for 1-2% pullbacks. Any more than that and tight stops are in place. Will update the Green Arrow post with the new charts later. Still holding LVS straddle and it's functioning well. Hope everyone made some money today and will do so tomorrow. Members, please post your results along with your RDA of smileys! Just wanted to say ...................... Thanks for all that you do my friend
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Post by ask2lern on Aug 2, 2010 15:21:01 GMT -5
Well once again I got the poll wrong ....................Opened a SPY 112 PUT Position avgd down and sold for a %-11.8% .........Opend a SPY 113 PUT position currently + 3.6%...................holding o/n .................Sold MPEL for +5.6% gain................SDS down nicely (my new vxx )....................Still holding along with PUTS mentioned AIB and CASH................Exalt for Cos.....................Live to trade another day.....................GLTA
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Post by Clinton SPX on Aug 2, 2010 15:26:16 GMT -5
2 trades, both green, all is well
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Post by demanuel2001 on Aug 2, 2010 15:40:52 GMT -5
Another big up day - about $45k. Did a mini-scalp of LVS. Beyond that, I bought back my short Aug $27 calls (took a loss on those) - then sold Aug $29 calls to hold against my long Aug $28 calls. Bought back some short Aug $26 and $27 puts and sold some Sep $29 puts. Lots of shuffling around today - but net net I took some money off the table but also opened the door for further upside delta possibilities.
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Post by timber on Aug 2, 2010 15:59:13 GMT -5
great day here i knew exactly how it would turn out...almost to the penny again
sold 6 arna puts early on...i wont do puts again until i understand them...still 25 percent on the trade
shorted faz and vxx early on to just hold with the rest....im up HUGE ON these two shorts....yea
i also sold my yrcw for a nice scalp and shorted arna now and holding for call tomorrow...im hoping for a tank again
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Post by tajmahal9898 on Aug 2, 2010 16:22:38 GMT -5
Another big up day - about $45k. Did a mini-scalp of LVS. Beyond that, I bought back my short Aug $27 calls (took a loss on those) - then sold Aug $29 calls to hold against my long Aug $28 calls. Bought back some short Aug $26 and $27 puts and sold some Sep $29 puts. Lots of shuffling around today - but net net I took some money off the table but also opened the door for further upside delta possibilities. congrats demanuel2001 . If you are comfortable, could you please share contents (quantify) your current portfolio, # of contracts/shares - I will leverage this information for self education and learning purpose. Thanks in advance and congrats once again.
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Post by brosin on Aug 2, 2010 16:29:39 GMT -5
Held my ARNA short, +10% today to get back to even But I can't complain. Shorted myself and my desire to not post for awhile here in AH. That was a big enough dip. I'm just glad Abdogman is back in action and that we cleared all that up. Next time someone has a problem with something I said, PLEASE post your disapproval in timely fashion so we can get it sorted out. I love this place but sometimes get the feeling it is not mutual
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Post by demanuel2001 on Aug 2, 2010 16:33:51 GMT -5
I'll not give you the whole portfolio but here is my LVS positions. I DO NOT RECOMMEND ANYONE COPYING ME. I got into this position over a long time and already have almost $400k in LVS gains. I have LOTS of options experience and I have LOTS of cash and equity backing up this position. In one week I lost $170K mostly driven by this type of LVS position - SO BE WARNED!
Long 15,500 shares Long 100 Aug $29 call contracts (i.e. options on a total of 10,000 shares) Short 40 Aug $22 put contracts Short 60 Aug $23 put contracts Short 40 Aug $24 put contracts Short 20 Aug $25 put contracts Short 80 Aug $26 put contracts Short 40 Aug $22 put contracts Short 100 Aug $30 call contracts Short 40 Sep $24 put contracts Short 120 Sep $25 put contracts Short 40 Sep $28 put contracts
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Post by tajmahal9898 on Aug 2, 2010 16:34:07 GMT -5
Next time someone has a problem with something I said, PLEASE post your disapproval in timely fashion so we can get it sorted out. I love this place but sometimes get the feeling it is not mutual What happened Bro ? Who is troubling you..
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Post by brosin on Aug 2, 2010 16:38:22 GMT -5
Next time someone has a problem with something I said, PLEASE post your disapproval in timely fashion so we can get it sorted out. I love this place but sometimes get the feeling it is not mutual What happened Bro ? Who is troubling you.. Nothing worth mentioning, just a misunderstanding. I didn't have my sarcasm meter turned up high enough when posting on Thursday I don't think. Been having a rough go of it lately around here and been too defensive I think. Need to not think I'm under attack all the time.
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yjfang
Broker/Dealer
Posts: 525
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Post by yjfang on Aug 2, 2010 16:54:22 GMT -5
Used today's rally to execute some short August covered calls at strikes slightly higher than market, that I had put out there for a few days against my FAS, ERX, and TYH positions. Got near the high of the day on two but middle of the range on other. Not a sad person today
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Post by tajmahal9898 on Aug 2, 2010 17:03:30 GMT -5
I'll not give you the whole portfolio but here is my LVS positions. I DO NOT RECOMMEND ANYONE COPYING ME. I got into this position over a long time and already have almost $400k in LVS gains. I have LOTS of options experience and I have LOTS of cash and equity backing up this position. In one week I lost $170K mostly driven by this type of LVS position - SO BE WARNED! Long 15,500 shares Long 100 Aug $29 call contracts (i.e. options on a total of 10,000 shares) Short 40 Aug $22 put contracts Short 60 Aug $23 put contracts Short 40 Aug $24 put contracts Short 20 Aug $25 put contracts Short 80 Aug $26 put contracts Short 40 Aug $22 put contracts Short 100 Aug $30 call contracts Short 40 Sep $24 put contracts Short 120 Sep $25 put contracts Short 40 Sep $28 put contracts Thanks Demanuel2001 -- quick review of the FAS portion of the portfolio indicates that you have 15,500 shares 100 long Aug Calls 580 short Aug/Sep Puts -- vertical/calendar spread. You have a very bullish position. High Delta/ negative Gamma Not sure what you entry point is but you stand to make additional 100K if FAS touches 26.59. Similarly if FAS touches 22.32, portfolio value could decrease by 100K.. Thanks again for sharing the information.. There is a minor typo in the data above, Short 40 Aug $22 put contracts is listed twice..
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Post by torrentio1 on Aug 2, 2010 17:32:56 GMT -5
I took the day off and just now completed general review of the session -will finish detailed review this evening. Looks like a bullish market up portfolio up session. In my opinion, everything up to this point has been consolidation and today may well be the beginning of the breakout and run scenario I have been suggested coming in many chart patterns and indicators --the period of impatiently waiting for this may be over... We shall see... Hope all did well!!!! ;D ;D ;D ;D P.S. I remain ALL in and remain ALL bullish. ;D
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Post by theMIST on Aug 2, 2010 18:26:48 GMT -5
Today has been an awful day for me. I bought a boat load of FAS on Friday (sub $22) in my IRA to only have the trades CANCELLED on me today. After arguing with my broker, they refuse to undue the cancellations. It seems that Wachovia/Wells Fargo is getting strict with trading and are putting restrictions on accounts due to too many day trades (even though its a cash account and I have well over $25k in the account). Freaking Unbelievable!
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Post by exabi on Aug 2, 2010 18:36:54 GMT -5
Today has been an awful day for me. I bought a boat load of FAS on Friday (sub $22) in my IRA to only have the trades CANCELLED on me today. After arguing with my broker, they refuse to undue the cancellations. It seems that Wachovia/Wells Fargo is getting strict with trading and are putting restrictions on accounts due to too many day trades (even though its a cash account and I have well over $25k in the account). Freaking Unbelievable! Looks like you got tagged as a PDT in your IRA account...unfortunately, regardless of the amount in your IRA, it is not marginable, which is prerequisite to prevent PDT and T+3 issues. I did not realize they could cancel trades however. If in fact you have been tagged as a PDT, you may face trading restrictions which will allow you only to sell, but not buy for 90 days I think.
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Post by timber on Aug 2, 2010 19:06:07 GMT -5
yes 90 days unless its his first time
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Post by theMIST on Aug 2, 2010 20:27:51 GMT -5
The restriction is for 90 days. During this time I can buy and sell but ONLY with settled funds. For instance, if I have all my funds in FAS and decide to sell, I have to wait 3 days for settlement before I can buy again. This absolutely sucks. At this point, I'm thinking of changing brokers after my trades settle after close tomorrow. I was even thinking of doing a withdrawal to move funds over to trading account. I can then return the funds within 60 days to avoid a taxable event. Unfortunately, the trading account is subject to cap gains. Not sure what I'm going to do. Was so upset today. Just trying to bounceback mentally and am trying not to be wreckless.
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Post by brosin on Aug 2, 2010 20:35:58 GMT -5
The restriction is for 90 days. During this time I can buy and sell but ONLY with settled funds. For instance, if I have all my funds in FAS and decide to sell, I have to wait 3 days for settlement before I can buy again. This absolutely sucks. At this point, I'm thinking of changing brokers after my trades settle after close tomorrow. I was even thinking of doing a withdrawal to move funds over to trading account. I can then return the funds within 60 days to avoid a taxable event. Unfortunately, the trading account is subject to cap gains. Not sure what I'm going to do. Was so upset today. Just trying to bounceback mentally and am trying not to be wreckless. Sorry to hear about your troubles Mistright. Hang in there, you'll get through it! Trading with settled funds isn't the worst thing. Forces you to think good and hard about a plan and then executing it. I believe that even if you trade brokers, the designation / suspension thing will follow you as I think it's a SEC rule. Could be wrong there though as I have only asked questions about the day trader stuff (got the Message of Death once telling me to submit $25K but it was my first warning and on my brother's account under his name a few years back when I traded his money - I didn't even know about the rule prior to that).
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Post by jack on Aug 2, 2010 20:46:48 GMT -5
The restriction is for 90 days. During this time I can buy and sell but ONLY with settled funds. For instance, if I have all my funds in FAS and decide to sell, I have to wait 3 days for settlement before I can buy again. This absolutely sucks. At this point, I'm thinking of changing brokers after my trades settle after close tomorrow. I was even thinking of doing a withdrawal to move funds over to trading account. I can then return the funds within 60 days to avoid a taxable event. Unfortunately, the trading account is subject to cap gains. Not sure what I'm going to do. Was so upset today. Just trying to bounceback mentally and am trying not to be wreckless. That sucks...sorry. My kid works for Wachovia and says she's fed up with them because they have NO INTEGRITY. Get a new brokerage acct imo and GL.
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Post by timber on Aug 2, 2010 20:53:48 GMT -5
get another broker
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Post by theMIST on Aug 2, 2010 21:04:25 GMT -5
Thanks guys for the support. Really could use it.
Brosin, funny that you called me by my old username. Just today I was thinking of switching it back. Obama username getting played out. LOL
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Post by jack on Aug 2, 2010 22:43:03 GMT -5
Thanks guys for the support. Really could use it. Brosin, funny that you called me by my old username. Just today I was thinking of switching it back. Obama username getting played out. LOL 2nd statement is the understatement of the frickin' year buddy.
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Post by theMIST on Aug 3, 2010 7:01:11 GMT -5
LMAO
Changed username to theMIST. Good Luck Trading today!
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Post by cosmic on Aug 3, 2010 7:26:56 GMT -5
LMAO Changed username to theMIST. Good Luck Trading today! Now I just think about prehistoric bugs and creepy things in the fog. lol The Wachovia thing is more related to the buyout by Wells Fargo, as I have an account with them. I always thought, in an IRA, that you could only trade with settled funds. Maybe I misunderstood that part. It sounds like you have a case of saying to them "Why didn't you stop me" because you are dealing with a broker? If the broker is Full-Service, it is THEIR JOB AND DUTY to stop you, and you have a negligence issue there to exploit. Go get 'em, Misty
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Post by ask2lern on Aug 3, 2010 8:05:40 GMT -5
LMAO Changed username to theMIST. Good Luck Trading today! Now I just think about prehistoric bugs and creepy things in the fog. lol The Wachovia thing is more related to the buyout by Wells Fargo, as I have an account with them. I always thought, in an IRA, that you could only trade with settled funds. Maybe I misunderstood that part. It sounds like you have a case of saying to them "Why didn't you stop me" because you are dealing with a broker? If the broker is Full-Service, it is THEIR JOB AND DUTY to stop you, and you have a negligence issue there to exploit. Go get 'em, Misty You can buy with unsettled funds in an IRA but you cant sell the security until the funds from the sell transaction settle t+3 so you cant day trade it.............................GL
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Post by exabi on Aug 3, 2010 8:18:25 GMT -5
I don't think there is a distinction between a pure cash account and an IRA cash account in regards to free riding and good faith violations.....but I could be wrong. en.wikipedia.org/wiki/Free_ridingFree riding Violation The Securities and Exchange Commission states "In a cash account, you must pay for the purchase of a stock before you can sell it. If you buy and sell a stock before paying for it, you are free riding, which violates the credit extension provisions of the Federal Reserve Board. If you free ride, your broker must freeze your account for 90 days." If someone is trading rapidly and using all the cash available in the account to buy and sell, that person will likely get a "freeriding violation." Freeriding is subject to a mandatory 90-day cash-up-front restriction. Clients can still trade, but they lose the ability to make purchases with unsettled sale proceeds. Good Faith and Free riding The main difference between a good faith violation and free riding is the eventual deposit of funds to cover the buy. In free riding the buyer sells the security without ever depositing the funds to pay for the initial purchase. The Federal Reserve considers a good faith violation an "abuse of credit" and requires the broker keep track of them. If the trader gets three violations in one year, the broker is required to restrict the account. This is compared to the free riding violation which results in an automatic restriction.
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