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SUPPORT AND RESISTANCE TRADING

Trading Made Simple Using Support, Resistance, and Technical Indicators.
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PRICE TARGETS 08/13/2013

Posted on August 13, 2013 by Steven Chang

Here are some price targets for short-term trades:

GOOG – reaching oversold territory ($876), may be a good day tomorrow (8/14) to
initiate some calls.

AAPL – not done yet after today’s monster run. We should see at least 520 out of
Crapple.

Other tickers on LONG watchlist:

QIHU
GS

 

Posted in Long Trades | Tagged aapl, GOOG, GS, QIHU | Leave a comment


JUNE 2013 TRADING PERFORMANCE

Posted on July 5, 2013 by Steven Chang

I’ve started questioning myself whether to keep this trading blog going because
after I’ve managed to lose 87% of my account value in May, June had some great
trades, but the last trade initiated in June has not gone well which I’ll talk
about in a minute.

In June, I managed to lose 21% of the account, bringing a sub $1k account
further down to $755 and change.



Going forward and lessons learned below.


PLAY TO THE %, NOT THE $

Your trading goal should be a realistic % of your trading size according to your
trading timeframe.

If you day trade, a 1% to 5% gain intraday is very doable in options. Done
consistently, you would see a 30% to 150% accumulated gain each month.

If you are doing a $5,000 trade, you should be happy to close your trade with a
$50 to $250 profit, and call it quits for the day. Most traders (myself
included) let greed get to them, they want to make $500/day with a $5k trade
size in a single trade. Yes, you may get lucky from time to time, but most
likely a 20% ($1k) profit on a $5k trade would not be doable on a single day
trade.

We all want fast profit, and we all know it’s so much easier (and probably can
do this very consistently) to make $50 profit on a $5k trade, but most of us
don’t close the trade when we have a $50 profit, why? Slow & steady wins the
race again.


FB STRANGLE INTO JULY

If you look at the SPOT Trading Lot, the last trade initiated was a July ’13 OTM
26 call and OTM 22 put strangle play. What this means is that FB will need to
trading outside of the current $22 to $26 range for this strangle to play out.

Both the calls & puts premiums have been killed due to the sideway trading
action by FB. If FB continues to trade in this range then we are looking at both
calls & puts going to zero value (and we’ll stop the short-lived trading
performance report). We’ll see what happens.

You can learn more about risk management, get real-time trade alerts, and join
other elite options traders in our SRT Mastermind Group.

See you again next month!

Posted in Monthly Performance Report | Leave a comment


HIGH PROBABILITY TRADES FOR THURS 6/6/2013

Posted on June 5, 2013 by Steven Chang

Here is one that should give you at least a $1 (~1.5%) swing by the end of the
week time frame:

Join SRT Mastermind Group for access
Posted in Mastermind Members Only | Tagged HIgh Probability Trade | 1 Comment


MAY 2013 TRADING PERFORMANCE

Posted on June 5, 2013 by Steven Chang

This is the 4th month I am reporting my options trading performance. After last
month’s stellar performance, I once again not only gave back all the profits I
made, plus putting a big dent in my starting capital.

In May, I managed to lose 87.75% of total account value, bringing it down from
$7,800+ to less than $1k.



Below I’ll summarize some of the stupid mistakes I made in May:


MISSED FORTUNE

May wouldn’t be a bad month at all had I let the trade just play its course.
Some notable trades were HLF calls, JNJ strangle, SFD calls that would have paid
really really nicely had I held on just a bit longer.

Lack of conviction, not carrying out the trade as planned (ie. take profit too
quickly on swing trades, and not stopping loss quickly on scalps) all caused my
trading account to suffer.


UNREALISTIC EXPECTATION

In last month’s report I mentioned to have hoped May to perform, if not
outperform the spectacular gains I experienced in April (pretty much doubled my
account).

In options trading, it is not unheard of that a trade can quickly return 50% or
even 100%+, but it is really a matter of consistency. Statistically you will
have a higher probability of making 5% return than 50% return in 5 consecutive
trades.


OVERTRADING

I might have mentioned this mistake on a previous performance report, yet I
committed the same sin in May. It is hard to fight the temptation to want to get
back into trading and quickly make back your losses.

I had the good fortune of having a Mastermind member visit me over the Memorial
holiday. He left me with something that I once told him before: “Slow and steady
wins the race.”

Well, if it isn’t the “Those who can’t do, teach.” Hehehehehe


SUMMARY

Going forward, having suffered a 75% loss in capital would mean a steep climb
ahead to sea level. I always like to tell people, if you are going to fall, fall
forward. I will press on.

Lastly, whatever you bring to the table, be prepared to lose it all, especially
if you are trading options.

You can learn more about risk management, get real-time trade alerts, and join
other elite options traders in our SRT Mastermind Group.

See you again next month!

Posted in Monthly Performance Report | 2 Comments


WLT BREAK OUT ALERT

Posted on May 20, 2013 by Steven Chang

WLT finally broke out of the 3 month downtrend. We alerted our members of
possible breakout on 5/8. If you jumped the gun, but held on then you are
rewarded today (and possibly for weeks to come).

Conservative price target of $22 (should be 50 day SMA by then) should be met
easily, and if momentum continues we can see this thing go back up to $28 range.


Posted in Long Trades | Tagged WLT | Leave a comment


ADI FORMING WV PATTERN

Posted on May 15, 2013 by Steven Chang

ADI is forming a textbook WV pattern.

There is only one way: UP UP UP!



Posted in Long Trades | Tagged ADI | 1 Comment


HOW TO TRADE WMT POST EARNINGS

Posted on May 15, 2013 by Steven Chang

WMT had a technical breakout today, however, earnings will be announced before
market open on 5/16/13.

Anything can happen and traders should keep an open mind.

Trade long on break of today’s high of $79.96 and trade short on break of
today’s low of $78.65.



Posted in Long Trades | Tagged WMT | Leave a comment


C POSSIBLE BREAKOUT OF TRIANGLE WEDGE

Posted on May 6, 2013 by Steven Chang

C closed above a 2 month wedge. We are biased long in C, however, use today’s
hod ($48.05) as entry point just to make sure there is follow through buying.

If this breaks out, we expect a $5 move to around $52.

Remember, keep an open mind, trade price, not opinion, and stay unemotional.

 



Posted in Long Trades | Tagged C | Leave a comment


WDC HIGH OF DAY (HOD) TEST TOMORROW?

Posted on May 2, 2013 by Steven Chang

We suspect WDC will touch/test a previous high set on April 25th of $57.96. This
should give you a good $1 profit run tomorrow.

However, enter long on confirmation of breaking today’s high of $56.79.



Posted in Stock Trading | Tagged WDC | Leave a comment


APRIL 2013 TRADING PERFORMANCE

Posted on May 1, 2013 by Steven Chang

This is the 3rd month we are reporting our options trading performance. After
last month’s learning experience, April had some great trades, and not so great
trades. We did, however, manage to get back on track where we left off in
February.

In April, we roughly had a 70% win/loss ratio so that’s not too shabby at all.
We had a 101% return, and hope to perform, if not outperform, April’s ROI this
month.



Below I’ll summarize some of the stupid mistakes I made in April:


PLAYING EARNINGS

We had this in our Options Trading Rule – we absolutely do not trade earnings,
yet I manage to open some AAPL puts a day before the earnings report.

AAPL gaped down pretty hard the next morning, however, because there is so much
premium built into the option, plus the fact I picked a 380 strike, I was still
out of the money on my option, and they of course just killed the premium right
at open. I was immediately red on this trade.

Lessons Learned: Know when the companies are announcing earnings. I did this
trade while on vacation and conveniently “forgot” to check the earnings
calendar. Talk about stupid.


FEAR OF BEING LEFT OUT

I see this all the time in our chatroom, traders asking what other people are
trading, anxious to place their bets on the roulette table.

I forgot that cash is always a position, and a very safe position I might add.

Lessons Learned: Must remain calm, trade price, not opinions.


SUMMARY

There are still 8 months left in 2013. 100%+ in options trading is very doable
and you will see our Mastermind members do this day in and day out. The key is
still managing risk so you can hold on to your profits. Remember, we are trading
here, not gambling.

You can learn more about risk management, get real-time trade alerts, and join
other elite options traders in our SRT Mastermind Group.

See you on the inside!

Posted in Monthly Performance Report | Leave a comment
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 * RECENT POSTS
   
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