Took 1 XOM Feb 25th 78 CALL @ 1.91
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Challenge account is currently up ~20% for the day. Holding my XOM call at the moment.
I was intending on playing the SPY FED news, however, the Ukraine news leak provided a profitable exit. Now I’ll try to let the SPY news hit and then play the sentiment directionally, this is a method of “not getting too greedy”. I had a gamble hit and now I can not gamble on the second bet and simply take a little bit of a profitability hit and wait until I know how its going.
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Today will probably be the last day that I do both discord and Youtube streaming. The VM is lagging pretty hard today and I’m having difficulties following price action, thinking cutting down to the single stream will help. Youtube will be the outlet for the stream from here forward.
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Added one more XOM call, new cost average is 2.10, game myself time so I’m going to try to swing this betting on some more bullish news from the Russia/Ukraine situation.
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Minorly blown out by Russia news, still holding XOM calls, bought one more to average down. Cost basis sitting at $1.90
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Bought one more, cost average $1.74
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Current thinking on XOM is that the Russia news has likely been priced in. We’ve still got significant potential for further escalation in that conflict and BoA just announced a PT increase with a Buy rating. There seems to be more upside than down in this trade and our expiration of the 25th gives us some room to watch it play out.
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For those wondering, the following thread is being used for XOM: OIL - Let's talk about oil prices and where they are (potentially) heading
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One of the things that I hope people are picking up from this challenge is how and when to average down in a trade. When XOM gapped down today, we opened significantly negative, however, after reassessing the trade and why we were in it in the first place, the decision to average down was somewhat obvious. We monitored the technicals (considering news catalysts are somewhat dry for the moment) and watched them come to fruition.
A lot of times, traders would’ve cut this trade at open and moved on, but that’s not always the case. What is always more important I the reason for the trade in the first place. WHY are you in it? and are the conditions still present?
XOM will be the second “miss” the account has successfully sustained and its largely because we’ve remained calm and traded logically instead of emotionally.
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Took one more XOM call cost average is now $1.70, this is my full position. (5x FEB 25 78 CALLS)
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Entered 1x LMT 25 FEB 390C, cost basis is $3.60. Gave myself some time, but the news cycle is looking a lot like a pop in this might be provided within the next day or so.
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Took a 16 FEB SPY 440 P here.
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440 PUT to correct, also this is just an intraday scalp.
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Cut my SPY Put Scalp, 40% banger.
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Don’t get trapped in any particular stocks movement right now. Defense stocks and oil are waiting for invasion confirmation, SPY is pumping off what is perceived to be a strong speech from Biden, overall these trajectories could accelerate or turn on a dime.
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I’m going to say that the challenge account is in a way above average state of risk at the moment. I’m heavy in oil and defense. I’m confident in the moves, but know that with a single news story it could get blown out.
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Trimmed 3 of my 5 XOM calls at around 2.21 average.
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Trimmed the fourth one, holding just one XOM call now.
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Totally out of XOM calls
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Took 1x BKKT 25 FEB 8.5 CALL
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