Trading options - SLA - Day job

[Jericho574]

BIDU round 2

Weekly- Large hinge
Daily- Bottom of a channel

Here’s the (short-term) story I’m reading-

It is buyers that dictate the price at all times. If there are lots of buy orders then price must go up. If there are not a lot of buy orders, then the market must lower the price until buyers like the price and fill those sell orders. Price is obviously trading inside a range. Buyers seem to like the price near the bottom. Every time price is down there, they step in. Buyers are accumulating shares. They decided it was time to make a move so yesterday they stopped buying and let price go down to snatch up those last few shares at a discount price. Now they have a lot of shares and essentially drained the sellers. Now that there’s not a lot of supply circulating, price has no choice but to go up…thus immediately after yesterdays “drop and rise”, price gaps up and takes off this morning. Price broke through the channel but ended at the top. We shall see if it breaks out.

Up 80%

**I decreased my trade size and have a month of theta**

 

[Jericho574]

BIDU update- Daily channel got slaughtered but there's a fairly large weekly hinge that's it's been hanging out on. I'll sit on my hands.

 

[Jericho574]

SNAP- Crossed DL, entered after RET. Up 350%....todays RET hurt, but it's not broken so I sit on my hands.

 

[Jericho574]

CMG- This was from last week. Took a flier on a pretty hard drop that reversed on the weekly hinge. I only had a couple days until expiration so I wasn't going to wait on my exit if I got a pop. Got the pop and exited near the HOD. The next day it exploded but I'll take my 400% and be happy.

According to SLA, I would've re-entered on yesterdays RET. You can see how that would've worked out