Traders Playground

Selling Swing: locking in 5x oversized profits by selling 600 weekly calls at 5.10 - 4.95 and buying 610 calls at .85 area . Were using todays push up as an opportunity to exit the long leg of a credit spread working against us but since we have the long 585 leg its helping. Exited the leg and entered the 610 leg latter keeping me naked for a bit, that was risky. Now if we pass day highs will buy same contract amount long the 605 calls. Ideally would like to exit the 595 calls short closer to 4 buck area bare in mind we have a big loss on that short but by moving the long leg out farther we locked in profits on one side only to erase the losses on the other. Also looking to lock in the profits on the 585 trough 590 calls debit spread that is at max profit though I should of in hindsight exited the long leg and added to a new long leg perhaps 610 at the time. This may be confusing if you have not followed strategy on the audio cc from friday for this week.

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 !!