The Official Options Thread

[lane121]

Originally Posted by Blazed

Powell speaks @ noon. Still seeing sell signals on the daily and weekly that are currently being ignored by the market. Will keep watching these until the market gets back to normal conditions.

SPX 5650 key level / 5600 bottom (5592 support) *also watching 5576 if we get some nice selling before, during, or after Powell* / 5680 top (5690 resistance)

Watching:

SPY: no clear levels.

TSLA: 250/252 area bounce

DJT: 1 hour 21ema bounce (high risk)

NFLX earnings this week will be huge for the market. A lot of data this week too. Should be a huge week.

Got a late start today, but following this. I would have been off on the levels today though, becasue of the implied top.

[Blazed]

Originally Posted by lane121

Got a late start today, but following this. I would have been off on the levels today though, becasue of the implied top.

Implied top/bottom is just the tradable range based off expected opening print but when it’s not a whole psych # be careful at them.

Be patient and let volume confirm, see how close next level/ATR is, or wait for it to turn into an intraday s/r level. These types of areas are easy to get smoked on.

[Blazed]

Be patient here @ 5650 - break and retest either way

[Blazed]

Waiting on this next volume bar to close in 4 mins

Also @ NQ resistance. So we'll see.

Powell in an hour

[lane121]

Dang, I was already in on 3 SPY put contracts a little after 10:30 est based on getting to the key level, the lowering buying on the 9:45 - 10:15 candles, SPY closing below the 562.80 ATR multiple times, and being outside SPY bollinger. I got out when the 10:55 SPX 5 minute candle closed above 5655 for a $87 loss. Seemed like a great set up with multiple confirmations.

[Blazed]

Originally Posted by Blazed

Be patient here @ 5650 - break and retest either way

Originally Posted by Blazed

Waiting on this next volume bar to close in 4 mins

Also @ NQ resistance. So we'll see.

Powell in an hour

Locked in gains from this trade so far $5.4k. Lets see what the runners do.


Be patient here @ 5650 - break and retest either way✅- patience paid.

Waiting on this next volume bar to close in 4 mins✅- closed strong green so no puts.

9:45 volume closed strong and tend is up.




Entered calls off the 5650 retest. Trimmed @ 5660 ATR and letting the runners run.

Next trim @ 5670 or stop out @ break below 5655





The break and retest is the easiest way to enter a trade off volume. Just gotta be patient and wait for the retest after the bar closes.

[Blazed]

Originally Posted by Blazed

Locked in gains from this trade so far $5.4k. Lets see what the runners do.


Be patient here @ 5650 - break and retest either way✅- patience paid.

Waiting on this next volume bar to close in 4 mins✅- closed strong green so no puts.

9:45 volume closed strong and tend is up.




Entered calls off the 5650 retest. Trimmed @ 5660 ATR and letting the runners run.

Next trim @ 5670 or stop out @ break below 5655





The break and retest is the easiest way to enter a trade off volume. Just gotta be patient and wait for the retest after the bar closes.

Got stopped out on that drop.

Gains from this trade $6.7k

Now just waiting for Powell

[Blazed]

Originally Posted by lane121

Dang, I was already in on 3 SPY put contracts a little after 10:30 est based on getting to the key level, the lowering buying on the 9:45 - 10:15 candles, SPY closing below the 562.80 ATR multiple times, and being outside SPY bollinger. I got out when the 10:55 SPX 5 minute candle closed above 5655 for a $87 loss. Seemed like a great set up with multiple confirmations.

Trend & volume. Trend was up and in a market that's disconnected from reality I don't like fighting the trend even @ key levels.

The 9:30 volume was strong, 9:45 volume was strong (both had low volume) which is why I said be patient @ the key level to see which direction they wanted to push it. Also why I waited for a break and retest of key level.

All good though, it's a process and these days are great to have for educational purposes going forward.

[Blazed]

Originally Posted by Blazed

Powell speaks @ noon. Still seeing sell signals on the daily and weekly that are currently being ignored by the market. Will keep watching these until the market gets back to normal conditions.

SPX 5650 key level / 5600 bottom (5592 support) *also watching 5576 if we get some nice selling before, during, or after Powell* / 5680 top (5690 resistance)

Watching:

SPY: no clear levels.

TSLA: 250/252 area bounce

DJT: 1 hour 21ema bounce (high risk)

NFLX earnings this week will be huge for the market. A lot of data this week too. Should be a huge week.

Still seeing sell signals on the daily and weekly that are currently being ignored by the market.✅- Market didn't ignore it today.

Nice sell off from HOD. I didn't catch puts, but beautiful drop.

Only a matter of time before the big flush.

Can't wait.

[Blazed]

Went light on some calls.

Saw we were holding the 5626 ATR and buyers stepped in.

All out @ 5643 ATR. Level to level.

Gains for today $8.4k.

Calling it a day here.

Retail sales & home builder confidence tomorrow.

Back at it tomorrow.

[lane121]

Home builder confidence index @ 10 (no trades before then for me)

SPX top 5700, key level 5650, bottom 5600 (might also be the same as yesterday though)

Not seeing anything on SPY I like at the moment.

META: Watching for a possible 511 area reject

MSFT: Watching for a possible 457 area reject

Also, BRK.B is overbought on the daily/weekly

[Blazed]

Not liking the market this morning.

Took TSLA puts.

Gains from TSLA: $2.2k

Took SPX calls.

Took an L. held too long, didn't trim, went against trend/volume: (-$650)

Gains for day: $1.5k

No more trades unless range breaks (5650 key level & 5631 ATR) or one of those levels is hit

[lane121]

What/when I traded: 3 SPY 564P contracts @ 10:10 (est) based on the 10:09 candle retesting.

Reason for entering trade:

SPX had broken and closed below the 5642 ATR on the 1 minute candle and had retested @ 10:09 and closed below the 5642 ATR as well. Additionally, we were in a down trend at the time and SPY 15 minute candle appeared to be closing under the 562 ATR.

Exit plan:

Cut if SPX 5 minute candle closes above the 5642 ATR. If not, trim/sell at the 5631 SPX ATR.

Where I sold:

I ended up selling when I switched back to the 5 minute SPX chart and the candle closed above the ATR on the 10:15 SPX candle. Total loss on that trade $60. Total profit for the day $50 (bought 4 Berk B puts and profited $110)

I was also watching for big orders blocks around the data drop and these ones stuck out to me, which made me think we would head lower.

[Blazed]

Originally Posted by Blazed

Not liking the market this morning.

Took TSLA puts.

Gains from TSLA: $2.2k

Took SPX calls.

Took an L. held too long, didn't trim, went against trend/volume: (-$650)

Gains for day: $1.5k

No more trades unless range breaks (5650 key level & 5631 ATR) or one of those levels is hit

No more trades unless range breaks (5650 key level & 5631 ATR) or one of those levels is hit✅- entered calls @ the break above and retest of 5650. All out @ 5660 ATR for 10 a point move.

Gains from this trade $4.8k





Break above & retest. All out @ 5660 ATR - level to level. Full exit, no runners as I'm not liking how the market is moving. So took my money and ran.

With screen time you will start to recognize these types of plays and patterns.

Once you master that, that's when the real money starts coming in.





VIX expiration tomorrow, NFLX Thursday, and OPEX Friday.

[Blazed]

Originally Posted by lane121

What/when I traded: 3 SPY 564P contracts @ 10:10 (est) based on the 10:09 candle retesting.

Reason for entering trade:

SPX had broken and closed below the 5642 ATR on the 1 minute candle and had retested @ 10:09 and closed below the 5642 ATR as well. Additionally, we were in a down trend at the time and SPY 15 minute candle appeared to be closing under the 562 ATR.

Exit plan:

Cut if SPX 5 minute candle closes above the 5642 ATR. If not, trim/sell at the 5631 SPX ATR.

Where I sold:

I ended up selling when I switched back to the 5 minute SPX chart and the candle closed above the ATR on the 10:15 SPX candle. Total loss on that trade $60. Total profit for the day $50 (bought 4 Berk B puts and profited $110)

I was also watching for big orders blocks around the data drop and these ones stuck out to me, which made me think we would head lower.

Great trades and catch on the order blocks. Right before data they started some aggressive selling.

Good call on BRK too, I started watching it but got focused on TSLA.

[lane121]

SPX top 5650, key level 5600, bottom 5550

NVDA: Watching for a possible 117.50-118 area bounce

MSFT: Watching for a possible 441 area bounce

[Blazed]

Originally Posted by lane121

SPX top 5650, key level 5600, bottom 5550

NVDA: Watching for a possible 117.50-118 area bounce

MSFT: Watching for a possible 441 area bounce

Nice levels!

gap @ 5639

[lane121]

Originally Posted by Blazed

Nice levels!

gap @ 5639

Forgot the gap, thanks!

[ajlaxmn]

Originally Posted by lane121

SPX top 5650, key level 5600, bottom 5550

NVDA: Watching for a possible 117.50-118 area bounce

MSFT: Watching for a possible 441 area bounce

Late to the game. Following these, good levels. Noted the Gap from blaze. Been on vacation all last week and getting back into work this work. Noticeable slacking in all things relating to the market. Shame on me, only myself to blame.

Took four SPY 550 P 17JAN25 Expiration, similar to Blaze, but with the same mentality as when I took the 550 C with 28JUN24 expiration, just can't imagine the market going up for 6 more months. Money I can lose, not worried about it. Going to follow key S/R areas and trim as needed, would like to keep at least two runners.

[Blazed]

U.S. CHIP STOCKS FALL AFTER REPORT SAYS BIDEN ADMINISTRATION CONSIDERS TOUGHER TRADE RULES IN CHIP CRACKDOWN ON CHINA

NVIDIA FALLS 4%, SUPER MICRO DOWN 5%, AMD FALLS 5.6%, QUALCOMM DOWN 6.1%

NVDA should go back and touch 100-105 area soon (obviously not today). I will add full position there and hedge my position.

[Blazed]

Originally Posted by Blazed

NVDA should go back and touch 100-105 area soon (obviously not today). I will add full position there and hedge my position.

I don't like editing

Forgot this.

Looking for a mean (20dayma) revision after we lose 120

Add spot. This is why I don't FOMO into trades.

I have my add spots and wait for them to hit. If I miss it, I miss it. On to the next trade.

[Blazed]

In puts off the 5622 ATR. Trimmed @ 5610 > 5600 next. Looking to lose 5600 with runners

Watch 5600. Hasn't been a super solid level be patient.

[Blazed]

Originally Posted by Blazed

In puts off the 5622 ATR. Trimmed @ 5610 > 5600 next. Looking to lose 5600 with runners

Watch 5600. Hasn't been a super solid level be patient.

All out of runners.

ATR's ftw.

Locked in gains from this trade $7.3k

Entered, trimmed @ 5610 > trimmed @ 5598 > still have 2 runners. Will cut above 5612.

[Blazed]

Originally Posted by Blazed

In puts off the 5622 ATR. Trimmed @ 5610 > 5600 next. Looking to lose 5600 with runners

Watch 5600. Hasn't been a super solid level be patient.

All out of runners.

ATR's ftw.

Locked in gains from this trade $7.3k

Entered, trimmed @ 5610 > trimmed @ 5598 > still have 2 runners. Will cut above 5612. (cut while typing this up) all out.

[lane121]

Originally Posted by lane121

SPX top 5650, key level 5600, bottom 5550

NVDA: Watching for a possible 117.50-118 area bounce

MSFT: Watching for a possible 441 area bounce

Didn't take these, but it'll help build confidence with charting. MSFT bounced exactly @ 441 in the morning. I was watching MSFT on the screen, SPX/SPY and I had TV open looking at NVDA. I should know better lol. I still think I would have missed the SPX move. Though, volume clearly showed that buyers were slowing before the candle close. I just thought we would have chopped around more this morning. Another opportunity to look over this weekend and to focus on more screen time.