Gary LeBlanc

I concur... always better to SELL options when volatility is at high extremes as you receive fatter premiums (from my covered call days on stocks).

On 11/25/2019 at 10:47 PM, A/Plague said:

a bachelor's degree in finance and a master's degree in economics are also complete shit for trading ... I laugh when morons from banks and companies require this garbage from workers ... a trader with a system is a gift from God😍

never a more true word spoken ! 

For those that don't have a " trading system from God" a college degree is required for an interview. For those that have " a trading system from God" why would they need a job and what difference does a college degree make ? If the " God's trading system" is so succesful you should already be rich and not worrying about employment requirements.

L1 @ 58.85 Target +200t

 

See next

Edited January 21, 2020 by marie elena

On 1/15/2020 at 10:58 AM, Gary LeBlanc said:

Good luck Marie. Do you use a target to establish a sale price ? My 8 short March contracts at $58.05 are starting to do well. For me it's just a waiting period. 

Thanks Gary, you too. My target is in the $53-54 range for CL front-month contracts by mid year, basic supply/demand analysis, view of global growth, etc. Do you know Ed Morse at Citi?
 

So Jan/Feb 21 contracts are headed to $54. Even better, June ‘21 is trading at $53.71, $54 put premium is $5.68, $58 call is $3.63. $9.3k over 16 months. No interest as you wait for price of Aug contracts to fall? 

Jan 21 2020

I doubt I'll ever go that far out. Most traders ask why I go out further than the front month. Right now I am eyeing the Sept 2020 contract as the first contract month to go long in. When " WTI Sept price" minus "WTI Sept 54 put" equals $50.00 I'll initiate that long position. Then when the August contract/54 put meets the criteria I'll initiate that position. I am currently short 8 March contracts at $58.05. In a perfect world my strategy will set up 2 contracts each in April-Sept months with 54 puts shorted against the total package. 

Edited January 21, 2020 by Gary LeBlanc

23 hours ago, OilProspector said:

L1 @ 58.85 Target +200t

 

Well that did not turn out well... reversed @ 58.34 short ~ looking for +200t

Edited January 21, 2020 by OilProspector

Still short 8 March contracts at $58.05. My target first target is in the $53-54 range to flip 2 short Mar contracts into 2 long Sept contracts and then immediately short 2 Sept 54 puts.

Gary, does your strategy work with uncovered short calls & puts ?

gS1 @ 57.46 then 5~10 day low @ 57.37

then gS2 @ 57.21

 

 

Edited January 22, 2020 by OilProspector

Next support areas I see is 57.15 (5m 1stTarget), 57.00 (5m 2ndTarget), 56.80 (S3), 56.70 (5m 3rdTarget)...

Edited January 22, 2020 by OilProspector

Down almost 1% off open... may see a bounce soon...

Big drop in RB...1.63 to now @1.5957

RBOB will always lead WTI around like a puppy on a leash. RBOB headed lower. 

Yes... I watch it on a 15m, 5m and C.Renko .0003/.0001 charts

I would not be surprised if it drops to approximately 56.1.

CL Heading for 2% down from open? Spread-Differential between CL/USDCAD and CL/GC .7% separation... I like to see them more in lock-step...

Edited January 22, 2020 by OilProspector

On 1/21/2020 at 6:58 AM, OilProspector said:

Well that did not turn out well... reversed @ 58.34 short ~ looking for +200t

+150t currently...

I show an open gap @ 56.07

Almost hit 2% down ~ obligatory bounce. Also hit my 1st 5m bar 3rd target.

Edited January 22, 2020 by OilProspector

Next lower target, if it reverses back down would be 56.40 area (5m 4th target)