I missed my chance to close my open position for a nice profit yesterday for a decent gain. The Q's gapped up on Tuesday morning and spent the rest of the day falling.
Last night the Feds announced the anticpated rate cut but the markets have a mind of their own and have spent most of the day in the dumps. This afternoon we started to see some green and I made some headway back up. So I took my chance to get out with less of a loss than I had this morning.
I setup my trading plan to be out by Wacky Wednesday (this is the last Wednesday before options expiration week, this is also the day you generally have the most volitility in options since many people try to get out of current month contracts by this day.)
As we head into the last hour of the trading day we are starting to see the strength in the afternoon start to wane so I decided to take my money while I could.
For recap I was in 5 contracts of the QQQQ Oct 36 Calls (QQQJJ) with a cost basis of $0.95. I sold at $0.60 which represents a greater than 36% loss on this trade.
Last night the Feds announced the anticpated rate cut but the markets have a mind of their own and have spent most of the day in the dumps. This afternoon we started to see some green and I made some headway back up. So I took my chance to get out with less of a loss than I had this morning.
I setup my trading plan to be out by Wacky Wednesday (this is the last Wednesday before options expiration week, this is also the day you generally have the most volitility in options since many people try to get out of current month contracts by this day.)
As we head into the last hour of the trading day we are starting to see the strength in the afternoon start to wane so I decided to take my money while I could.
For recap I was in 5 contracts of the QQQQ Oct 36 Calls (QQQJJ) with a cost basis of $0.95. I sold at $0.60 which represents a greater than 36% loss on this trade.
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