Traders Playground

Buying Swing: added SPY 114 weekly calls at 1.83 OVERSIZED and covered the SPY 116 weekly calls at 1.04 area. Also bought SPY 117 weekly calls at .65 area OVERSIZED. Bought GLD 180 weekly puts at 1.26 OVERSIZED . Then sold SPY 117 weekly calls at .91 then shorting this position same contract amount as the long on 114 weekly calls. This is a recap of todays strategy, it has been a bizzy day and have sent out tweets but have not had the time to explain the strategy of today in more detail , so here it is. This morning after we saw a strong market move passed 10 am data the first trade was to make the 114 weekly calls position larger by first buying another oversized 114 weekly calls stake at 1.83, and this was part of a debit spread with the short 116 weekly calls that we covered at 1.04. Also to further focus bullishly after on my formulas the first multi day buy signal that I have seen in 2 weeks on the markets I also bought 117 weekly calls at .65 area. Now going back to when we covered the short on 116 weekly calls this removed the protection and intern made the bullish position on SPY 114 weekly calls twice as big from 2x oversized all the way up to 4x oversized and 5x when you add todays first add on this lower risk option. I did not mind ending up with a 5x oversized stake on the 114 weekly calls simply since at the time the 114 weekly calls were almost in the money so the volatility was much less and we now had the 117 weekly calls and that was our higher risk position with also larger volatility on our bullish positioning. Now as the day went on we did very well since SPY and the markets tock off as we were expecting and our very large bullish positioning has worked out as well as we could of hoped. Now with very large profits my final move has here been to protect those profits partially by locking in the profits on the 117 weekly calls we entered today then shorting the same contract amount at .91, same amount as we are long on the SPY114 weekly calls. This creates a new debit spread right around the market highs because I see the possibility of a market shake here and wish to be protected against premium loss but if we move back up and pass the day highs , would again fast cover the 117 weekly puts and buy back the same contract amount long that we had previously. One more thing that we did along the way was go bearish GOLD trough a long on GLD 180 weekly puts at 1.26, and that is just one position with no vertical legs. OK thats a mouthfull , I have tweeted every step in less detail as it was made , this is the synapsis of the strategy thus far ).

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 !!