It has been awhile since I did a post so I’m going to do a juicy post. This week and last week market direction is a joke. Direction is unclear and it had causes many traders to lose money including myself. Though I didn’t lose much but I didn’t gain much either. Last week I manage to come out ahead and took home only $782 for the week. It was one of my slowest week so far but I have my reason which is why I didn’t trade much last week. Coming out ahead in positive territory is still a plus and definitely better than losing. Most of the stock right now is currently still in range bounce and waiting for a define direction. Lets take a look at a few stocks.
1st up is FFIV
FFIV have been treating me very well for few weeks. I was profiting so much from this stocks because I study and did my hw. HW definitely paid off now lets take a look at FFIV chart. FFIV still consolidate in the range and bouncing off the 104 support. The 104 support is a very strong support basing off almost a 4 months based. I am still very bullish in this stock as it seem and it still on my watch list. My target for FFIV still the 120 but I’ll let cool off a bit till it pick up more momentum. An ideal long entry is the 112. If FFIV can break the previous high of 112 on volume u should be in it.
Next up is LVS, Las Vegas Sand also been serving me well for short period of time. Like all other stocks this stock is consolidation in the range and waiting to break higher. Last week I caught a move which put me over to the positive territory for the week thanks to LVS. Now lets take a look at LVS chart. This stock has been on an uptrend since July on it low of 34.67. Right now is sitting under the resistance of 47.50 and waiting for strong volume to break away and break out of the 200sma on daily chart. Put this on your watch list.
Next up is WYNN, can’t seem to win all the time against WYNN. The odd against the house is low so we just have to wait for the right opportunity to strike. This stock have been serving well for the last 3 weeks until early this week. Now lets take a look at the chart of WYNN. I caught the move from the 108 all the way up and into this consolidation range. Made ton of money the last few weeks but it shook me out early this week. WYNN has the consolidation range from 112 to 116.50. On Monday this stock rally above 116.50 along with the strong index. So I said to myself this is the moment to break away so I hop in the OCT 120 monthly and load up a shit load of 120 WKLY also. The market seem okay till uncle Ben speak and everything just fell off. Market was giving back pretty much all the early gain and WYNN retreat below 116.50 and option traders pretty much gave up. I ended up taking a loss on the monthly which wasn’t much but the damage was huge for weekly. Toward EOD I was about to sell all the weekly and taking a 50% loss but I saw someone bought 1000 contracts at like .32 and .34 which was pretty big. Through out the day there were 4k+ contracts exchange on the 120 weekly. That 1k contracts purchase toward EOD give me some indication that there is something I don’t know that other people might know otherwise who the hell would buy it. So I held it overnight. Next day market gap up and WYNN gap up as well. The option which was at .34 pop to .40.
Now lets take a look at the weekly option. So I got an average of .68 and thought it was okay till uncle Ben speak. I bought multiple times through out little bit here and little bit there. I had 45 contracts in the 120C weekly and 18 contracts in the 120C monthly. Sold the monthly for a small loss which is okay but weekly I sold all of it the next day at .34 cents for 50% loss.
So again you can’t always win. Stock sometimes fake you out just like this WYNN did this to me on a day that I plan to get heavy. So I sat out for the rest of the day.
Next up is NFLX, was watching this NFLX from Jamtrades alert today. So I took a look at the chart and think this NFLX is ready to move after from a triple bottom temporary low. NFLX caught some strength today and was up through out the day. I was able to pick up some 60C weekly after this stock already rally over 8%+. The break of the intraday high got me in this NFLX 60C. Lets take a look at the chart. So I got in this NFLX 60C on the break of the intraday high at 2.23 and option is now at 2.97. It seem like we going to gap up tomorrow but let see how this play out.
All day I sat around the computer just to make only 1 trade and was well worth it. Well see if tomorrow it will paid off or not. Haven’t have much time to do blog post because my day time job. I’m working hard to focus on trading and want to trade full time. Things been clicking for me lately and I could say I’m doing pretty well. Okay folks trade well and good luck to all tomorrow.