Most things are closed tomorrow, including the stock market. Oh well, with my new, improved system. I should be able to trade all weekdays now.. since I just let em expire. I do still have to keep an eye on my daytrade counter though, in case I ever need to close a trade manually.
I was pretty sure people would want to go into Easter weekend on a high note.. so I was expecting a bull market.. and that's what I got..
a little bear activity
UP trend for sure, but price had started to move around some.
I decided to enter a few minutes later..
The strike price I sold was NOT the delta 10 or lower that I try for, but price was stuck between the strikes I would trade.. I ended up at delta 13.. this was ok to me since I felt very confident in the bigger trend.
Here is how it looked right after I entered..
I never plan these things, as far as technical analysis goes, but notice how my strike (thick red line) falls right at the top of past UP move (acts as resistance), and bounced below it for a bit, then price finally broke up over it, and that level now became support. I was 95% sure price wouldn't break this level..
Ahhhh, 5 minutes later my trade hit the much desired defcon 3 level..
and 36 minutes after that, I looked at it and it was down to defcon 2..
I find this interesting.. When I first started trading oprions, this would freak me out and cause stress..
*At the start of power hour, price decided to take a dip.. like a fast, pretty big drop! This would be terrible for the trade, IF I had just entered it.. but since I had a good hour plus of positive movement already, this drop only caused my trade to go up to a delta of 6, or a 6% chance of failure.. or, as Iike to see it, a 94% chance of PROFIT! :P
Here's my p/l at that time..
since I had 2 contracts going.. both for $60 each.
Here's another snap of that situation.. see that price, even though it was falling hard at the time, was way above my strike price, which was well above the low of day which happened like 4am, and that was way above my stop.
:P my broker finally admitted that I had won this trade, they (their platform) jumps my open stop order to current price.. meaning 'ok, u got us'
🤠😎🏝️
