Traders Playground

Buying Swing: today the market fell after a strong pre market so on the fall that was hurting the the long SPY 132 calls position from yesterday I first tried to add SPY 132 weekly calls at .65 bringing up the stake to a 2x oversized stake during the opening hour. Now after that we were up to a 3x oversized and losing market bullish position, so after waiting for a possible positive setup we then shorted SPY 126 weekly puts at .90-.95 area vertical trough SPY 124 weekly puts at .55 area 3x oversized. We were close to the day lows and there I had a mental stop on the short side of the spread and once we lost it we covered the 126 weekly puts short at 1.03-.06 but we held the long on 124 weekly puts that we had entered into at .55 and they are now .70b so we have erased the loss of the short on puts. Now that we still hold the long I will wait to again short the 126 weekly puts if we see a positive setup reemerge . By the way I have already added one last SPY 132 weekly calls position at .30 that one is not protected making the long SPY position 4x oversized. Obviusly for the day am very red but now just wait for strength to reemerge then again as mentioned will go short same contract amount of the 126 weekly puts

This trade is one part of a larger strategy so please look back at Previous posts to see the whole picture. AND IF YOU ARE NEW, PAPER TRADE FOR AT LEAST A FEW MONTHS because this is ADVANCED OPTIONS TRADING !!