Current Open Trades. Weekend Review

My July Condor is looking great. Interesting that we had a high of 850ish and a low of 650ish and we are getting toppy around 750ish.. About a 50% retracement of the market correction.

After trading this a few times early in the morning and at night I'm only risking $40. I'm short 3 mini's. Stop at 164.35

Time for the weekend Option Time Decay. Take Me Home.

Closed GBP/USD

I closed the GBP/USD trade last week for a nice profit. I didn't catch the closing price.. Being out of town and late at night might have something to do with it.

So

So when we have our meetings on Thursday evenings I often use my paper account and actually take some of the trades. I would say about 30% of them. Well I checked that account today and interesting enought I found some pretty good returns. Now that 775% return was not a penny stock buy currently a $49 one. I just use options as a trading vehicle most of the time.

Long GBP Short USD

Took this trade the other night as the price was right at a support point with linited risk.

RUT July Iron Condor

My May condors were closed from standing orders today. I’m all cash right now. Looking at July Short 800, long 810, short 630, long 620. This order is going into tonight. This would be a 25% return in 66 days. I did look at June but if we break out here(north) we could run 770-780 and I would need to roll at that point if I wanted a decent return in the first place. Don’t care to roll!

760, 770,780, 790 and 800 are real strong resistance point and 700, 680, 650 on the support side.

I’m attaching my RUT weekly chart and the data I’m using to calculate my risk. I’m to exit at the latest by July 14th.

On the data chart I’m including the Gamma Risk this round. When the Gamma starts to explode so does my risk at the very end. I’m camping out for a happy medium Gamma and price.

Update: I was filled at 2.05 as shown in the charts above.

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A link to a video of what this trade is all about.

http://www.sheridanmentoring.com/demonstrations/20071107TOSChat/

and

http://mediaserver.thinkorswim.com/transcripts/2008/20080227.html

Jim Rohn - To Invest In Yourself

S&P 500 Battleground

Notice how we hit that 1425 mark and stalled. That line also happens to be the 50% retacement line. It will take a lot of bulls to push the SPX beyond the 1425 mark if you ask me.

Friday Close Review of my Active trades

(Above chart) I went short USD/JPY early this week and have moved my stop to breakeven. I'm up about 150% up on risk and up 250% ROE so far.

(Above three charts) All Looking great. USO is still making higher highs which will increase the price of gas at the pump. RUT and SPY condors are almost fully profitable (about 90% so far).

Where to next

Check out Peters charting and view point.
http://www.shadowtrader.net/videos/sunday050408st2.html

Oil and Gas Prices--A Hedge for the consumer

See the pic for details.

S&P

Turning off the drama news and just look at action the bulls are at a resistance point. My hat is off to the bulls for making a 50% retacement in such a short period of time. Our SPY and RUT Iron Condors are still in tack and looking great. So this is the current weekly chart.