Market Curiosity: Exploring Markets And Systems

February 2, 2011

Long SLW again, and again a bit too early. +24%

Filed under: +06 to +25%, Long Calls — Tags: , , — Jeff Fitzmyers @ 10:03 am

This is a continuation of Long SLW on EMA back test +15% Where the calls were sold due to a gap open at strong resistance. Sold the June 35 calls for 3.20 on avoiding a potential large down draft due to an astro configuration (related to silver, not SLW) and the idea of buying them back at a lower price. It currently does not look like price is going to fall much so the first intent was met. But I bought back too soon at 3.15 (could buy now for $2.90):

– Price of silver and SLW seemed in demand.
– Price got close to the 10 EMA on the 60 min chart and reversed sharply.
– This is my first time trying this and obviously I don’t have formal rules. Adding them on the How I Trade post.
– I had to leave for an hour and have yet to master buying options on a triggered stock price.
– I was concerned about others’ opinion if I had to buy back at a higher price. Time to re-grok Dr. Will Joel Friedman’s The Five Businesses And An Inner Meter On Manipulation Minding Your Own Business And Leaving ‘Nobody’s Business’ Alone

A major way to abandon operating out of real choice is to become entangled in nobody’s business or in “giving someone the business,” instead of minding your own business… [W]hat you think of me and what I think of you are neither my business nor yours!

Once I am not present, I can’t possibly make workable decisions. Fortunately, I essentially have the same position and an education.

And possibly starting to see a bit of divergence, SLW leading silver, which I very tentatively take to be bullish.

Feb 5: Sold yesterday on the gap up for 3.92 +24%. Should not have sold the whole thing, just trade 25%. Got back in basically flat. Overtrading.

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