A Tycoon's Trading Diary

True story of the making of a tycoon. Options trading, trading systems, wealth, money management...

Tuesday, January 30, 2007

Mars over Moon!

Yesterday was fine. I could open a winning position - as reported, now I have to make sure it stays a winner.

Trade candidates filtering
Have only found CAT through my GapV filter as a new entry to the potential trades, but it's trendlines are still going down. Has to wait for it.

Got three on my final trade candidate list they are:
STLD: Its traded on NASDAQ, so I put it to the end of the list, as I have already 2 other open positions on the same market.
WFR: A bit too aggressive seemingly, and going down on slightly higher volume in the early afternoon trading. So, a clear no!
ALB: Was my final retreat, and it gave me a good feeling that I have already had the issue on my possible trades for a number of cases. Probably, no is the time.

Trading
With ALB, the only issue was that I could not buy time (not enough open interest for June 80 Calls). Still, I feel confident that in the next 2 weeks - my max. possible open time for this show - will be enough to let it turn North.
This is the trade I tried to make: ALB Mar 80 Call (.ALBCP) limit @ $2.0, 5 contracts.
Also, I put in a 10% trailing stop at around $3.5 on my CTRP 75 MAR Call to make sure it stays a winning trade.

Open positions closing on 29-Jan
CTRP 75 Mar Call $3.3 ($120 North)
VIP 90 Apr Call $3.85 ($170 South)
DECK 60 Mar Call $2.3 ($260 South)