Live Trading In Amazon Put Spreads

Post by:

2 Comments

  1. Steve

    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

      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

Your email address will not be published. Required fields are marked *

VIP NOTIFICATION SERVICE

TIRED OF BEING THE LAST TO KNOW ABOUT THE LATEST WINNING TRADE?

Join our VIP Notification Service and Be Among The First To Know About All The Latest Trade Ideas, Trading Tips, Highly Profit Potential Trades, and Market Predictions From Our Team of Expert Traders!
Join Text Messaging List
By providing your mobile phone number and clicking on the above button, you agree to receive automated promotional messages from us. By opting into our SMS Program, you agree to our Terms and Conditions and Privacy Policy  
You have to agree on terms in order to proceed to the subscription.

• FREE VIP NOTIFICATIONS •

Get Our Free Daily Trading Videos

Delivered To your Inbox

By submitting your information you agree to our Terms of Service and our Privacy Policy