The Official Options Thread

[ajlaxmn]

At work, won't be posting levels. I will follow. Blazed you expect little movement with Jackson hold being tomorrow? Can't remember if speaking their is a quarterly or monthly thing.

[Blazed]

Jackson Hole and NVDA earnings on watch tomorrow.


SPX: 4475 top (resistance 4420/4430 - 4450) / 4380 bottom (support 4400 /4490 - gap @ 4407.55) / 4420 key level (need to break this to see upside)


Watching:

Spy 444 for puts & 439.5 area for calls

As always be patient and wait for the setups.

[Blazed]

Originally Posted by ajlaxmn

At work, won't be posting levels. I will follow. Blazed you expect little movement with Jackson hold being tomorrow? Can't remember if speaking their is a quarterly or monthly thing.

It'll give the market a nice move. Jackson Hole meeting last year SPX ranged 100 points that day if I remember correctly. One of my biggest days on SPX. So I hope we get the same movement tomorrow.


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Added @ 8:45


SPX gap filled. Waiting on 4400 SPX for calls test. Might bounce early, but no early entries.


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Added @ 9:30

Not taking the 4400 bounce. This chop is why I said no early entries. Might wait for 4393-4390 and see what we do there.

[ajlaxmn]

Originally Posted by Blazed

It'll give the market a nice move. Jackson Hole meeting last year SPX ranged 100 points that day if I remember correctly. One of my biggest days on SPX. So I hope we get the same movement tomorrow.


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Added @ 8:45


SPX gap filled. Waiting on 4400 SPX for calls test. Might bounce early, but no early entries.


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Added @ 9:30

Not taking the 4400 bounce. This chop is why I said no early entries. Might wait for 4393-4390 and see what we do there.

I was curious if you took a light 4400 position with possibility of cutting at 4410.

[Blazed]

Originally Posted by Blazed

It'll give the market a nice move. Jackson Hole meeting last year SPX ranged 100 points that day if I remember correctly. One of my biggest days on SPX. So I hope we get the same movement tomorrow.


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Added @ 8:45


SPX gap filled. Waiting on 4400 SPX for calls test. Might bounce early, but no early entries.


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Added @ 9:30

Not taking the 4400 bounce. This chop is why I said no early entries. Might wait for 4393-4390 and see what we do there.

Not taking the 4400 bounce. Might wait for 4393-4390✅


There we go. All out. That was annoying af trying to trade in that slow moving chop.

That is why I waited to see if we broke below 4400. Volume wasn't on our side for a bounce. This played out EXACTLY like the other day - the day when I took a $2,600 loss after trying calls at 4500 support .










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From when we tested 4500 and 4493-90 was strong support. Fool me once, not gonna fool me again

Originally Posted by Blazed

Implied open is 4504, I'll test calls at a support test of 4500. Ready to cut if reverses.

Originally Posted by Blazed

Still in down $280 per contract (was down $540 at one point but we didn't break 4490). Puts being sold on flow and so are calls so it makes sense we're stalled out here. I'll cut if it breaks below 4490.

Originally Posted by Blazed

All out on that drop. Took a $2.6k loss so far, this is what happens when you fight the trend. Probably had a little bias too since 4500 has been a solid level.

First red day in a while.

Originally Posted by Blazed

Yeah, probably should have done that but we were holding 4495 -4493 pretty good. Watched flow, it was about 50/50 so held.

Looks like we're bouncing now. I'll be pissed if that was just a stop loss hunt/liquidity sweep lol.

[Blazed]

Originally Posted by ajlaxmn

I was curious if you took a light 4400 position with possibility of cutting at 4410.

Nah, moving too slow, they were just killing premiums the first hour.


Now I'm watching for a break below 4395.6 for puts, we could probably see a really good move.

Or a break and hold above 4407.44 for calls.

Need to get out of that range for me to take anymore trades trades today.

[Blazed]

Originally Posted by Blazed

Nah, moving too slow, they were just killing premiums the first hour.


Now I'm watching for a break below 4395.6 for puts, we could probably see a really good move.

Or a break and hold above 4407.44 for calls.

Need to get out of that range for me to take anymore trades trades today.

Now I'm watching for a break below 4395.6 for puts✅ bang, got my entry. $3.1k total off both trades.

Done for the day. It was a tough day to trade, but on days like this I prefer to look for put plays instead of calls. Stairs up elevator down.

Flash PMI tomorrow.

[ajlaxmn]

In Office today, no posting levels, I will follow.

[Blazed]

Should be a good day. Data drops 9:45e lets see what it does.


SPX: 4450 top (resistance 4420/4430) / 4350 bottom (support 4390 > 4375/70) / 4400 key level - need to break this to see upside (resistance 4407 > 4412)


Watching:

SPY: 440.11 reject & 436.89 bounce

TSLA on watch - at some point if we can get down into the 190/ 200 area I will add some more equity. I have alerts set on TOS.

NVDA: earnings

[Blazed]

In calls, @ the break above 4400. Flow is selling here a little. 0dte lagging behind other expirations, this usually. means a fake out, lets see.

[Blazed]

Should see 4407.44 then 4416.79 but 4407.44 will be a tough level to break. holding calls through data.

[Blazed]

Originally Posted by Blazed

Should see 4407.44 then 4416.79 but 4407.44 will be a tough level to break. holding calls through data.

Should see 4407.44✅
holding calls through data✅

Bang, trimmed 75% lets see what the runners can do.

[ajlaxmn]

Originally Posted by Blazed

Should see 4407.44 then 4416.79 but 4407.44 will be a tough level to break. holding calls through data.

Oh buddy, 4416 coming on up. Nice trade off the open.

[ajlaxmn]

Originally Posted by Blazed

Should see 4407.44 then 4416.79 but 4407.44 will be a tough level to break. holding calls through data.

Where did you get the 4416.79 level if you don't mind me asking. I see the 4418.59 from yesterday, haven't looked past that, but curious how you determined that. Thank you.

[Blazed]

Originally Posted by Blazed

Should see 4407.44 then 4416.79 but 4407.44 will be a tough level to break. holding calls through data.

then 4416.79✅ - trimmed the remining and left 1 runner. I will let it run until close or I have it set to stop out at break even.

Easy trade off the open, $8.6k off that trade.

[Blazed]

Originally Posted by ajlaxmn

Where did you get the 4416.79 level if you don't mind me asking. I see the 4418.59 from yesterday, haven't looked past that, but curious how you determined that. Thank you.

17th of this month. It was support and resistance.

[Blazed]

Originally Posted by Blazed

then 4416.79✅ - trimmed the remining and left 1 runner. I will let it run until close or I have it set to stop out at break even.

Easy trade off the open, $8.6k off that trade.

left 1 runner. I will let it run until close or I have it set to stop out at break even.✅


Runner did it's job. Contracts went from $920 > $4,230 so far. Still letting it run and moved my stop to +$3,600. So this runner will either stop out at a $3.6k gain or run until the bell and I'll close it @ 3:59. Either way, up $12k for the day.

That's how you use runners and hard stops when you can't watch your position.

Hope everyone learned something new today. Trading isn't hard or difficult, you just have to know what you're looking at when you look at the charts and use risk management. Size your positions right so you can have a stress free trading day.

For those looking at trades or profits and trying to replicate the same - please understand - this skill cannot be developed in a day or two. This is a high income skill and requires years of practice but can be achieved if you put in the time and effort. It's never too late to start learning if you're interested.

Back at it tomorrow.

[ajlaxmn]

Jackson Hole today. Durable goods report came in worse than expected. Powell speaks at 10.

Bottom 4400 (4410 support)(4430-4440 support), Top 4500 (4479.5 gap)(4465 resistance), Key level 4450

SPY Puts 444.1 - 441.5, 446.1 - 446.4
SPY Calls 442.2 - 442.7

[Blazed]

Be smart today, and trade light. Jackson Hole tomorrow.


SPX: 4500 top (resistance 44600/4475) / 4410 bottom (support 4445 > 4435/30) / 4450 key level - need to hold this to see more upside

Watching:

N/A


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Added:

Jackson Hole is today, Powell speaks today, but the big speech is tomorrow.

[Blazed]

Originally Posted by Blazed

Be smart today, and trade light. Jackson Hole tomorrow.


SPX: 4500 top (resistance 44600/4475) / 4410 bottom (support 4445 > 4435/30) / 4450 key level - need to hold this to see more upside

Watching:

N/A


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Added:

Jackson Hole is today, Powell speaks today, but the big speech is tomorrow.

Puts at the break below 4450 with volume if you caught it. +$540 per
contract.

All out of everything. Waiting for next entry. Watching retest of 4450










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Added: 8:57

In calls - pt 4457.9


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Added 9:01


In calls - pt 4457.9✅

Trimmed heavy and left 2 runners. Will stop at break even on them.





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Added 9:06

Stopped out of calls at break even. Waiting for next setup.

[ajlaxmn]

Originally Posted by Blazed

Puts at the break below 4450 with volume if you caught it. +$540 per
contract.

All out of everything. Waiting for next entry. Watching retest of 4450










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Added:

In calls - pt 4457.9

Caught it, sold around 4440 bounce. Should have grabbed Calls at 4440, but that is hindsight. Needed to trust my 4440 level better. Nice $1,200 gain.

[ajlaxmn]

4450 P round 2

[Blazed]

Originally Posted by ajlaxmn

4450 P round 2

Yep caught it. Waiting on 4437 ATR to trim. Almost there.


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Added 9:18



Got it. Left some runners will stop in profits if it reverses.






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Added 9:26

All out here @ 4431 - close enough to my SPX 4430 support level.

See what we do here.

[ajlaxmn]

Originally Posted by Blazed

Yep caught it. Waiting on 4437 ATR to trim. Almost there.

My only mistake today was going too light with both positions. 2 contracts each time, still have one runner from second 4450 P trade. Should have done my typical 3 contracts, was even thinking about changing to 4 contracts moving forward.

[Blazed]

Originally Posted by ajlaxmn

My only mistake today was going too light with both positions. 2 contracts each time, still have one runner from second 4450 P trade. Should have done my typical 3 contracts, was even thinking about changing to 4 contracts moving forward.

I went lighter today too, I didn't do my usual size just in case something leaked out or one of the Feds speaking this morning said something algos didn't like.

Bump up to 4 see how you do. With 4 it will be easier to scale out and probably get that last runner as a free play.