EGN - Long Calls Entry & Trade Plan

26NOV07 - I am a consistently profitable, disciplined trader. I am working toward executing what I have been taught. Here is one good example. EGN, a natural gas company with strong fundamentals right near diagonal support. Recent hammer at the trendline on Friday and today. I got in this morning (after the first 30 min.) at the break of the short tern downtrend line. I set a trigger $62.13 at then bought a $60 JAN call for $4.50 ($0.10 below natural). I then turned right around and entered my contingent stop to sell $0.05 above the mark when it hits $60.44. The R:R is at the first target is 1 & 2.8 at second target of $67.23. Here we go...

27NOV07 - Price hit $60.42 and triggered the sale for a $100 loss.  Stop was a tad too tight.  Recent low from two days before was $60.46 so I should have set it 3% below that at least putting it at $58.65 which is a bit far for the R:R I was working with.

28NOV07 - Got back in at 7:37 am due to strength and early confirmation of the short downtrend break.  Paid $4.30 for (1) contract.

04DEC07 - Sold today when my second target trigger was hit and booked a $410 profit for a net gain incl. commissions of $404.  I could have squeaked out a bit more by setting a trailing stop or moving my stop up tighter but with the current market conditions I thought it best to take the profits safe and sound.  This is was a good disciplined trade.  Learned not to be so to the penny with the swing stops.  Next, learn to set LOC orders based on price triggers.

PCZ Trade - DEC $60 Call Based on Breakout

Tipped off from Option Addict and liked scalloped cup & handle and strong trend and higher oil prices. Got in based on higher open after break out of $58 and bought the ATM call. Instead of exiting with a small loss after the break of the intraday double top or on the lower close. Instead I sold the NOV $60 calls and then the $55s. This has consistently

OXY - $75 DEC Call Trade

18NOV07 - Picked up on OXY from the Option Addict watchlist and it triggered a breakout the day before while the overall market (SPX) looked like it was bouncing. Got in on 07NOV07 @ 6:35 am with a OTM DEC $75 call and it fell from there. I sold the NOV $75 call for $0.40 and bought it back for $0.05 two days later as the stock tanked along with the market. My cost basis is now $2.75 and I could sell the DEC $70 calls to break even if it stays bearish. But the market and the stock is oversold and has begun to bounce off support at $66 with resistance near by at $70 with the price at $68 right now. There is a descending triangle on the 10 day hourly so look for the break of $70 to confirm the short downtrend is broken.

21NOV07 - after the recent rally back up to resistance, I sold the DEC $70 call this morning as a theta hedge during the next 4 days. Shortly after selling it, the price rallied hard to the upper resistance at $74 exact. I felt that I had messed up and capped/extended my loss but saw the overall market was still weak. It closed lower on the day and is showing a shooting star at resistance. Look to sell the short $70 call at support or at a close above $74 resistance.

NOVember RUT Iron Condor

I have gotten to like trading the RUT ICs but I have been getting greedy only to see gains turn to losses.
Had a nice gain for a while and then gave it all back really quickly. I am back to a nice gain after rolling down.
Strong rally today gave back the spread on the call side. Looking to lock in profits if we break above resistance.

Check back at expiration to see if the orginal position would have held up okay.

18NOV07 - Ended up with a nice profit and closed out half the IC at the Thursday close. I should be closing out the whole trade on Thursday and roll to the next month to take advantage of the extra 3 days of time decay for the next front month. Setting up for selling the DEC Ruttie, but I am going to leg in this time.