Live Trading In Amazon Put Spreads by Todd Gordon | Mar 20, 2017 | Options 2 Comments Steve on March 21, 2017 at 4:16 pm I guess today was the wrong day to follow you, Todd. Been watching for awhile and was thinking of joining, but saw your AMZN play looking for an $870, $880 $900 upside and bought call today. Needless to say, I got hammered after having a good day yesterday. I understand days like this are hard on professionals as well, but it appears the Elliot Wave analysis for today was dead wrong? I do have a few March 31 calls but things didn’t look good today. You must have been stopped out of your AMZN spread? Take care, Steve Reply Webmaster on March 22, 2017 at 10:48 am A message from Todd: Hi Steve, Yes I did close the AMZN trade with our subscribers, which was a loss. But I’m shocked to hear you “got hammered”? The recommended play was to sell a put credit spread, which we did in our trading accounts. I sold it for $1.72 credit and bought it back for $2.51 debit, so a net loss of $0.79. No big deal at all. Why did you straight up buy calls? Not being critical, but that’s probably the worst way to trade options and quickest way to loose money. At the same time we stopped out of AMZN, we were booking profits on longs in NFLX, XOM, and AAPL. I’ve been talking about long positions for months in the free videos that we’ve made money on. Unfortunately you finally decided to join the bull trade late in the game with the wrong option strategy. No fault of Elliott Wave at all . I’m respecting this bull trend but am watching key zones of Elliott and Fib resistance that the market is now testing. It may be time to get short after we flattened ALL long positions in our trading accounts for the first time in many months. Reply Submit a Comment Cancel reply Your email address will not be published. Required fields are marked *Comment Name * Email * Website Save my name, email, and website in this browser for the next time I comment.