More pruning

I dropped another oversized position today...a loser as I bought at 90 cents and sold at 20. According to my current plan I would have only bought one contract and I would have just held it but seeing as I was leaving $80 on the table and not just $20 (I bought four contracts) I decided best to cut and run this one. It was the February option so I had some more time and I would have left it go for that. I still have a few larger ones left to deal with...each in their own time.

I missed a profit point yesterday on one trade as the option doubled on a spike. Had I set a limit order for $1.50 I may have nabbed the 100%. I missed the quick spike and could have exited with 45 cents but I hesitated even as I saw the stock price action setup for a drop...the option dropped 15 cents in VERY short order. The move looks as if it will continue so I will sit on this one, it is a March expiry so there is lots of time left yet and it is currently on a gap and run past an older important resistance level.

Entering the data in my spreadsheet has my positions, overall, hovering.

In my Optioneer side I tried something a bit different by adjusting the spreads on the strangle to increase the target price. I still did not get the order filled though so I will try the same thing tomorrow. Had I just placed a typical order and allowed some lenience I probably would have been in a trade...but the target was lower than I want.

I am considering lowering my entry target by 0.1 point...I am wanting to get two trades set for the December expiry and another for the December End Of Month trade. Adjusting the spreads results in the cash allocated to the trade dropping a bit and the exposure (potential maximum loss) increasing quite a bit. I never plan on letting a trade hit the protection levels , or even the inside option levels, so the additional 5 point spread really only results in my cost to buy the protection lowering some.

Still no Plan M stuff to talk about. I haven't even setup my charting subscription yet...either renewing Stockcharts.com or starting an Esignal EOD account. I will need at least one of those to plan that next strategy.

Pretty boring stuff lately.

Jeff.