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I definitely can't help w/technical analysis, but I also try to be careful about earnings too. I've made some mistakes as well.
Sometimes the earnings date info on Thinkorswim and finviz.com is wrong. I usually have do some some Googling. It's always preferable (not always possible) to see it in a press release or something on the company's investor relations page.
WYNN is particularly bad as sometimes, TOS and various sites will have a date, it come and goes w/no report. I got bit by this before when trying to a strangle or straddle on it. WYNN tends to announce the date only a few days before the actual announcement.
If anyone knows of other good earnings date sites, I'd love to hear them.
Can you help answer these questions from other members on NexusFi?
Yeah I just noticed that. I was in a bearish CMG spread that expires today and I'm pretty sure there weren't any earnings posted. Today it is down 90 points. I'm glad I was on the correct side of that trade...
I wish ToS had the ability to code earnings dates. So you could have access to the date in thinkScript so you could say flag if it's within x number of days or something.
The Dow is down 82 points currently so I have a couple of spreads that are still hurting really bad but I've gained a lot back and am now in the green for the week. At the end of the day I will post where this week ended up after I update the spreadsheet. It was for sure a rough week for my trades. Hoping next week is a lot better.
I ended up closing out a few losing spreads before the market closed. I bought back the shorts on the TLT trade as it was looking to close too close to the short strike of 130. It ended up closing at 130.02 which would have put that strike ITM.
My results for the week are listed below. After commissions, I ended up with 13.8%. The numbers show in the sheet below don't show commissions of course. Just based off a gross 1 contract position so the numbers are slightly different.
13.8% is not bad considering it was a horrible week... :-) That was a normal week when they'd all expire worthless when I was selling those OTM spreads. Now you can see that when selling ATM or slightly ITM spreads that you have a much better return of risk. I had TWO spreads this week that I took a MAX LOSS on.. Your strategy is everything..
It's nice to know you can have a few "No clue what the hell I was thinking when I got into those" trades and still be profitable at the end of the week. GOOD JOB!
Thanks! I looked at my spreadsheet and I'm at 15% ROR since I started back in March.
When I first started I was selling OTM spreads for about 20% ROR. My problem with them was that if they went against me they hurt.. A lot! That's why I like the ATM spreads. You just need to get the direction right.
So what did I learn this week?
I learned that I need to pay a lot more attention to what trades I get into. I also learned that's should be exiting these spreads if they go against me and break support or resistance. I need to have those areas marked on the chart so if they're broken I just get out. There should be no question.
Hey thanks, I'm glad that you're enjoying my journal. :-)
Yes, that means the short strike. That is the one that you're on the hook for if it expires ITM. When I say ATM, it's as close to ATM as I can get. Sometimes it is slightly ITM and sometimes it is slightly OTM. But it is never a full strike away from ATM if that makes any sense. If I can get a good enough credit and sell it slightly OTM, I'll do that of course. Sometimes if I think it won't have any trouble moving a long ways down I'll lean toward selling the one thats slightly ITM so that I get a nice big credit. But let me repeat that again, it will never be a full strike ITM or OTM.
Thanks for the question, if you have any others, please let me know.