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Nothing to write home about: tight range day, for which I am satisfied; can't trade NEM anyhow on a daily basis. So I will continue to watch the 52.5 level and if we don't get there, I will just ca-ching the next week's option series.
I was using the twin SPY vs SPY template, but with 30 / 10 charts. With NEM, I saw it opened below the reddish ZLEMA, red candled (30 min). I had the 52.5 calls, so with NEM below 49, I vertical spread the 52.5 to 50. So, I brought my trade zone to 50 until Friday. Problem is that I did it with the wrong account so I had to reverse it. I did it with the right account right away as shown.
down and more down. I will wait to Friday afternoon to put on next week's options series. Because, I can read a chart and it might say lower now but higher later. Looking for the 50 strike.
da, a break of my support line and on top of the next
I bought the 50s back this morning at $1 each. Then in the afternoon I sold the 49s. I sold the 49s instead of the 50s because I wanted more premium. So I will deal with the 1 pt spread on Monday. Tread is still down, but coming to one of those S&R lines I drew on the other chart.
NEM pushed higher all day. I don't want to day trade it. But the 49 strike is being violated, so I took a flyer with a 48 buy write to buy me some more upside with extra premium and to see tomorrow's open
My sense of selling the lower calls was better. Everytime I have to think, I am wrong. That's why I use charts. So trying to protect my upside, I opened the downside and today NEM opened to the downside. So I decided to play this out with a put spread, but by the time I made this decision, NEM was down a bit.
I played it correct and I was trying to anticipate the turn of the double stochastics because indies are late in signals and I had to deal with the bid/ask spread. I did good, I could have done better with the unknown. My reward was little. NEM rallied with the market, but the rally looks corrective.
Lesson: Just play (trade) the long puts, more reward.