Shut it off!!!

Hey traders how are you today?
If your new here welcome
The markets today
$DJI ( ▼ 0.83% )  
$SPY ( ▼ 0.88% )  
$QQQ ( ▼ 1.07% )  
$IWM ( ▼ 1.73% )  

When I was a kid my dad owned a shop. He had a buddy, lets call him “Bob”
Dads buddy Bob was a mechanic but built race cars, really fast ones
My dads shop was kind of a “stop by place” Guys would come over all the time just to hang and see what was going on. It was like “a place to be and be seen” for many years
Well Bob and his crew had built a new car, I guess it was a high dollar one by the way I remember all the people coming to see it
Well one day they were done, there was a bunch of people there to here the first turn of the key
The guy inside the car turned the key, it roaredddd to life like a lion just killing a rival
Everyone was like yeah yeah yeahhhh!!!! Bob however yelled “Shut it off!!!”
Bob stepped up to the car, told the guy to get out, and then said “Somethings wrong, nothing works that good on the first try!!!”

That was the market today. We got a “reprieve” yesterday by bouncing off of the days lows after dropping 500 points
Then today we were down 800 then 1,200 points and bounced again
We didn’t close green like yesterday, but we did bounce

Sunday I told you guys I was going back to the Strangle strategy, and I even sent out a notice yesterday about $NVDA ( ▼ 1.33% ) with one

Let’s talk about that
In Options there are multiple strategies for different market scenarios
Bull Call Spreads
Bear Call Spreads
Bull and Bear Put Spreads
Collars
Reverse Collars
Calendars
Diagonals Bull and Bear
Straddles Long or Short
Butterflies
Iron Butterflies
Condors
Iron Condors
Shall I continue?
To maximize profits a trader should know when to apply what strategy when
And that goes double / triple for capital preservation

The NVDA trade mentioned yesterday is ITM today
If a trader took that trade they need to exit when they feel it has either peeked high enough, or dropped low enough that a reversal could be coming
I’ve said a million times we want movement, and the bigger the better
Price is slightly below $180.00 here AH’s.. We’d love to see it drop down to $175.00sh before reversing back north. That would build a windfall for that position

$COP ( ▲ 0.24% ) rose slightly again today, it did pull back again but closed up
Currently for every Put I bought I’m still down $10.00
But for every Call that I bought I’m now up $123.00
If COP stalls we’ll take profits and move on

Strategy is going to beat the underlying every time. This market could just be getting ready to sell off more, or who knows, maybe the bounce back of our lifetime. Either way we’re going to let it come to us instead of us chasing it

Well it’s a cold, wet, grey, rainy day here… Sounds like good cuddle up on the couch and chill out weather doesn’t it? Nahhhhhh,……. I’m going to the gym…….

The Options Coach