Today was again a very choppy day in the market. On a choppy day, try to keep out of the market until it breaks out in either direction. There is no need to get into any positions and this time can be used to do homework. Usually, my mindset is good but it gets bad when the market breaks out and I feel left out at missing the move. I need to be able to work on my mindset and keep on reminding myself that there are a lot of opportunities to be had when the market moves in one direction. You just need to be patient and wait for the best setups until they hit.
I came in with three positions
- AAPL strangle 505 put and 540 call- AAPL closed at around 517 today. Below 515.20, it should test the 510 area again. If it is heavy tomorrow then it may end up breaking this support and head back to test the recent lows at 501.
- PCLN- 670 call. Not doing well at the moment. It has failed to breakout over the 660 area which has acted as resistance for 3rd-4th time now.
- LNKD- 110 and 115 call. This position is in green and I am letting it run. Cleared resistance at 113 area today. Next resistance at 115 and 117 over that. Close your position at 115 if it hits or at 113 as the stop now.
Lesson for the day- Stop loss. Keep on following your rules and limiting losses when you are wrong.