It’s been a long week, and yet I had it easier than most of you did, being on the road for a portion of it. Seems like there were some highs and lows, but overall the tone of the group and participation was pretty positive. From the likes of it, you guys have been making great strides in a pretty complex and complicated environment. Well done.
I think it’s important to speak a few words on this. See, I’ve worked my ass off to get to this point. I don’t sleep much, I study markets everyday I watch them, and I personally know thousands of charts like the back of my hand. In my work, I am confident, because I know the process and the long thought out trading plans that back the trades I take. I respect the market for what it is, and know that at any point I lack respect, I get humbled.
For those that have followed along with me, or know me from days long past, you know this isn’t a fluke. We have multiple stretches like this several times throughout the year. It’s because like most traders, after a long enough career, you start to tap into the pulse of the market. You start to see how it thinks, can anticipate behaviors, and at all times know what the risk appetite is. If I wasn’t tapped in, I wouldn’t have been pounding the table on the likes of these china internet stocks and solar stocks we’ve been killing from back in late July, early August.
I’m loving to see the success everyone is having. Most importantly, I think the principles we’ve been working on support good trading habits. In other words, the skills and processes we work on via After Hours with Option Addict are a discipline, and when applied to a trading system will generally yield positive results.
Be happy about the fruits of your labor, but never fail to respect the market or the challenge of successful trading. Work hard, for the more time you spend at this, eventually you will become unconsciously competent.
See you Monday,
OA
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The OA is a class act, top hat, top shelf all the way.
We rookies know its a long road ahead. easy to get distracted .. big enemy is emotions.
Jeff to you a big ‘ Thank you’.
Not easy to consistently make money in the market, at least for me. That’s my goal to learn, be confident and consistent. Thanks for being a great teacher OA.
What’s next? GOOD WEEKDAY?
Good Monday, Tuesday, Wednesday, Thursday, Friday…
Good day, Good Bye, Good Buy, Good Riddance, Good Shit, Good Show, Good Night Moon…
Goodnight cow jumping over the moon.
Good Golly Miss Molly, Good Grief, Good Lord, Good God.
and finally
Damn it feels GOOD to be a Gangsta!!!
Yeah, that was the grande finale.
Very well said OA, your last paragraph says it in a nut shell. That is worth posting next to the sentiment chart on my wall. It is hard to imagine the sacrifices you have made to get to where you are today. I have met one craftsman in my time, he is very passionate about his work, and as yourself an excellent teacher. You Sir, are a craftsman of the market and an excellent coach. Thanks for your sacrifices and putting it out there, you are appreciated more than you know.
And I can’t help the poor if I’m one of them/
So I got rich and gave back/
To me that’s the win, win/
The next time you see the homie and his rims spin/
Just know my mind is working just like them/
(The rims that is)
-Jay Z
Made grips and grips on FSLR. Paid for sub many many times over. And more to come.
JIGGA!!
http://rapgenius.com/Jay-z-moment-of-clarity-lyrics
I signed up for a month to give Jeff a chance to earn a longer term commitment from me. This guy is the real deal, I don’t drop the big bucks for just anyone. When my month trial is over, I am signing up for a year. I have learned some things I would never have picked up on my own. Anyone that is on the fence, drop 50 bucks for a month and see for yourself. A years subscription works out to about a buck a day. Don’t be a piker and retard all in one.
Great testimonial material right there. Even my closest enemies would agree..I am definitely worth a buck a day.
Hey OA, Curious on your thoughts on your plan for AAPL? I know you bought weekly $500’s, but curious if it doesn’t make the full move you think it will by like Thursday, do you sell and move to the next week so the time decay doesn’t effect it as much? Thanks. Excited for this week and this month.
strategizing about this myself as well
FCX anyone?
Define a price that AAPL shouldn’t hit to determine where you are wrong…or, use a time stop in case you are early.
Thanks
“It’s because like most traders, after a long enough career, you start to tap into the pulse of the market. You start to see how it thinks, can anticipate behaviors, and at all times know what the risk appetite is.”
Sounds like the Matrix when Neo has the information downloaded and suddenly he says “I know Kung Fu”. Or the moment when he realizes he is “the One” and can “see the code”.
Back in high school when everyone was popping red pills…I scored a blue one.
Why on earth were you taking Viagra in high school ?
Or is it you were simply looking for an erection (spike) in the market lasting 2-4 hours ?
If true, this explains much about your trading strategy…and market “pulse” takes on a new meaning.
Damn – here I am in an investment trading and option picks room and already the sex/porn spam has begun.
And I suippose the stock trading room is simply a shill for Cialis (longer term “satisfaction” ?
Beware talk of naked straddles
And I spose “iron butterfly” is yet page 842 of the Kama Sutra ?
And don’t get me started on uncovered “puts”.
I knew upon submitting that comment that I was doomed.
Guys…what should I do if the market is set to open lower, but AAPL is being bid higher?
aapl…price target raised to 600..buy more calls
Um – buy more AAPL with the confirmation you were correct ?
That’s what the hell I’m doing…
buy CRUS?
On a more serious note, having not been in a situation before where after hours trading is already gapping up – how should I place my option order ? I’m in 500’s as of Friday – weekend analysis (and the revised price target) has me wanting 505’s. They are already up .35 after hours – should I bid that, or bid Friday’s ask and hope it fills ?
Color me confused, excited, and tired (it’s 5 in the morning here on the Pacific rim).
Ian, Once again we’re in the same trade. I’m throwing Friday’s ask out there, not trying to chase this.
I bid 1.10 – filled @ 1.00.
Today is gonna be a wild ride – DOW already down 150.
OA, are you rolling over for next week given time decay and washington asshats?
No need to do this…it would defeat the purpose of buying a weekly.
what we need is another Icahn tweet like last time…..only this time we’re still holding our calls.
I was a little early, but AAPL was the right call. I initially said it could get past 500 on this move. 510-520
YGE looks sexy with an 8 handle
Looks like it may hit another 52 week high today – 3d day in a row.
CRUS looks like a weak bull shakeout in progress.
Don’t know why I even say it, because I seem to say it every day! But OA… you are AMAZING. 🙂
Nice Apple Call.
At the risk of souncing impertinent…..
Um – does anyone have a target for AAPL, or is this one of those “strap in, hold on, and enjoy the ride” trades ?
My target for today is sell half over 501.53 – or 499.68 at close
FENG holding up well… again.
Lanforce – Meal Plan for Monday
AAPL & Cinnamon Oatmeal
AAPL, Chicken & Walnut Salad
Pork Chops with AAPL sauce
(AAPL pie for dessert, of course)
Get that Raffi stuff goin’.
AAPL’s and Bananas!
materials (agriculture) is holding up nicelyl. can we cover the POT, MOS potential in AHWOA today OA?
Tom, I was there last Monday, said POT was a buy. Wouldn’t touch it here.
i remember your golden rule of not chasing after the initial pop. I am just too caught of the volume pocket 33 to 37.50. Thank you for the advice as always.
Yes, exactly, This is why I gave it out last Monday..the entry was much better to play for the volume pocket.
NBG and GAME poppin’ off.
But I might need to cut FRO at some point.
Bot some FB weekly 53s
FWIW – my 51 weeklies crashed and burned last week. Good Luck !
strong work OA, do you still like the China internets, i.e. (DANG)? anybody, thx.
still in it.. followed OA on this entry. since the entry was early enough i can afford to let it ride. IT just looks like it is pulling back a bit but the overall chart still looks okay. if it dips more (today and tomorrow), might revisit it again.
I own DANG
OA – I know you like this space. What do you think of ACAD as a (potential) long term buy and hold ? I need something in this price range to replace BBY, which has pretty much run its course.
Love that idea
UPL breaking out.
Good morning FSLR…
sold a pair of my Oct 25 weekly 45s at 2.35 from .85
Just curious – with a target of 50 and plenty of time left to Oct 25, why did you do this ?
b/c it’s now a free trade and should the market collapse, I won’t be kicking myself for not taking something off the board
Maybe cuz it was an up at 4am morning and I’m out of coffee, but I don’t get the math on this.
Even with a conservative target of 48, the RR is .85/4.00 PLUS the 1.50 you’ve already made.
Plus even on Black Thursday last week the stock only dipped about a buck and came skating back and then some the next day.
I’m long Oct 45’s BTW – just trying to understand the thinking.
No prob – my thinking was money in pocket to start off a week. I’ve still got on some of the position for free and I’ve rewarded myself.
Plus, I’m newish to this style of option trading. I’m perfectly fine with bailing too soon if it means the funds I’m allocating here are growing and I’m learning something.
It’s all good – and I hope it does go to 48/50 – that’d be sweet
OA. my first ridiculous gain. 500% from YGE. haven’t booked it yet but just wanted to say a BIG FAT THANK YOU!!!
I’m officially changing my internal target of 9 to the OA target of 10 for YGE.
After all, he DOES have the time machine…
OA, thoughts on a TSLA entry? Looks like it could go to make a double top with its recent 194/195 high.
Too far removed from its low. Suicidal location here between the high and the low. 1-to-1 RR.