Morning Update: My Plan for Today
已更新
As you know I am short –5 Nov 4100 Calls from $37 which generated $9,200 in income. ([url=
]Trade Post)
My better judgement says to error on the side of caution today. We're still in an area where the blue count, which is the larger 1-2 down can play out, but price gets close to the 4,000 area. Therefore, I plan to close my short option position once price breaches yesterday's low of 3852.50. That should complete a 5 wave move down. I do expect that price to get breached in the coming hours if my analysis is correct. From there we should expect a 3-wave counter trend retracement. That retracement should not exceed 3912 for any reason whatsoever. If you are short, hopefully you too have precautions in place, and at the least make sure you have stops in place. Wanting to be right on your trade is NOT more important than making money. To stick with an unprofitable trade just because you have conviction, is not a money making endeavor. I repeat this all the time...but unfortunately I speak daily to portions of my followers who simply do not use stops and ride seriously unprofitable trades to their demise. Their fear of being wrong, far outweighs their fear of losing capital. The logic is always, the moment I close our this unprofitable trade, the market will then move in my favor. Whether you know this or not...THAT IS THE OFFICIAL MOTTO OF EVERY TRADER WHO CRASHED AND BURNED.
My plan is to be flat of all positions while observing that retracement. If I re-enter a position, I will post that. What’s important to know if you follow me on trades is that a breach of 3852.50 will close out my short option position. I have no problem re-centering a position once I have more confirmation that my black primary count will play out.
As of now it would cost me $6,200 to close that position out. To make 33% of the total premium in one day is something I am not going to leave on the table when I expect throughout the course of today it will cost me more and more to repurchase.
Being an observer risks nothing. My followers should consider such actions as prudent.
Best to all,
Chris
My better judgement says to error on the side of caution today. We're still in an area where the blue count, which is the larger 1-2 down can play out, but price gets close to the 4,000 area. Therefore, I plan to close my short option position once price breaches yesterday's low of 3852.50. That should complete a 5 wave move down. I do expect that price to get breached in the coming hours if my analysis is correct. From there we should expect a 3-wave counter trend retracement. That retracement should not exceed 3912 for any reason whatsoever. If you are short, hopefully you too have precautions in place, and at the least make sure you have stops in place. Wanting to be right on your trade is NOT more important than making money. To stick with an unprofitable trade just because you have conviction, is not a money making endeavor. I repeat this all the time...but unfortunately I speak daily to portions of my followers who simply do not use stops and ride seriously unprofitable trades to their demise. Their fear of being wrong, far outweighs their fear of losing capital. The logic is always, the moment I close our this unprofitable trade, the market will then move in my favor. Whether you know this or not...THAT IS THE OFFICIAL MOTTO OF EVERY TRADER WHO CRASHED AND BURNED.
My plan is to be flat of all positions while observing that retracement. If I re-enter a position, I will post that. What’s important to know if you follow me on trades is that a breach of 3852.50 will close out my short option position. I have no problem re-centering a position once I have more confirmation that my black primary count will play out.
As of now it would cost me $6,200 to close that position out. To make 33% of the total premium in one day is something I am not going to leave on the table when I expect throughout the course of today it will cost me more and more to repurchase.
Being an observer risks nothing. My followers should consider such actions as prudent.
Best to all,
Chris
交易結束：目標達成
Closed short option trade at $18.75 for 4673.40...ending up keeping $4,527 of the original $9,200 in premium. That's 9.2% ROI in 24 hours. I'll take it.
Go to ewtdaily.com for DETAILED DAILY UPDATES on this ticker, and get a 7-day FREE trial on updates on 27 unique tickers.
免責聲明
這些資訊和出版物並不意味著也不構成TradingView提供或認可的金融、投資、交易或其他類型的意見或建議。請在使用條款閱讀更多資訊。