SAW THIS ON THE OMEN SCANNER YESTERDAY AFTERNOON WITH A TON OF MENEY ON IT LIKE 30.69 M. HUGE VOLUME, STRIKE PRICE 475 GOING FOR $2.80. WAITED TIL END OF DAY AND PICKED UP THE CALL @ $2.55, MISSED THE HIGH OF DAY TODAY BUT SOLD AT $7.20 AND SATISFIED.
Super nice. Way to be patient. These play are "golden" hehe. You are a multi-million-dollar trader.
This was a call credit spread on the thesis that Gold was over extended. Short strike was 470. Long strike was 472.
Was following flow on Gold, but SPY and GLD and everything else reversing was at a major resistance level and struggling, so I cut it.
GLD was rallying big time, went supernova, showing signs of topping. Started to break down and then surged back up to 400 so I cut it. Unfortunately I should have let it sit for one more day because it dropped downm to the 380s the next day. I was right, the top was in, I was just a day early. Lesson in when to hold, conviction and data supported it.
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