Market Curiosity: Exploring Markets And Systems

February 14, 2011

CIS, long calls, correction might be over -13%

Filed under: -05 to -24%, Long Calls, Mistakes — Tags: — Jeff Fitzmyers @ 7:32 am

Long June 22.5 calls for 3.00. The buy stop would be at yesterday’s high.

+ 4 down days in a row.
+ A+B =C+D providing support. (orange circle)
+ The last 2 days had long lower shadows.
+ Daily CCI is just about ready to cross above weekly CCI.
– Weekly CCI is trending down, but is low and starting to flatten out.
+ 32 million shares float.

Experimenting with timing lines. They seem to identify changes in trend.

Feb 15: If this is not the bottom, the next target is around 18.75. Will sell calls fast if that looks to be happening.

Feb 22: Sold calls on Friday -13% to just focus on silver and this trade was not working out. I would have likely held on to at least this morning if silver focus had not prompted me to take action. The whole trade is a mistake since I normally wait for price action to confirm a move, not buy in anticipation. I can anticipate to zero. Fortunately this was a small position anyway, and the gains in winners like SLW dwarf mistakes like this.

– And if price is testing the 100% too many times, it’s likely to go through. Letting greedy thought be a focus results in loses.

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