The market was in one of its moods today.. First, it did just the opposite of what it was supposed to. Then it was stubborn and hardly moved at all. Lastly, it was stingy and wouldn't let me get out at a very slight profit.. I had to settle for the BE.
I did glance at the marketwatch, just cuz that is my habit, but I didn't even look at it more that .05 seconds.
Here's what the hourly chart looked like.. strong bull..
clear bull run going on all morning. slight pullback now.
Things looked good on the 15m..
I wanted in right away, so I jumped to the option chain.
I don't like to go any higher that the delta 16 strike price, but the credit offered at that price was a bit too low. I just entered my minimum I would take, .60, and let the order work. Price hovered just below what I needed to enter, at times even showing the credit I wanted.. but, there does need to be an actual trader on the other end of a trade, so I had to wait for someone to take that leap.
It took about 5 minutes, but price did eventually drop down enough to trigger my order. In fact, price decided to take a little nap and dropped about half way down to hitting my stop! I thought it might just be another quick loss. :( What is up with this market right now??
Price stayed under my entry point for many minutes, but eventually decay started kicking in and gave me a positive p/l, despite the lower position.
The time was approaching for me to close this trade. I had about a 1% hope that price would jump up and hit my target, but I did adjust my closing order to try for .25. The most I saw on this trade was about .20 profit, but mostly I remember seeing this..
this in my phone.. tos mobile.
After a few minutes of price NOT really moving, I adjust my exit order to .10, then to .05. No go, despite seeing the p/l steadily at $10, nobody was willing to pay that for my trade. I ended closing at market, which was exactly where I started.
Fast forward to just before market closed and it turns out I should've let the trade run, maybe just adjust my stop.
However, I have learned to err on the side of caution.. a big player could have decided to tank the market real fast and take out some stops. (see how price already seemed coiled and ready for a big drop, right at the end?)
Well, I'll just call it good practice today. Maybe tomorrow will get me positive for the week.. :)
