We love Thinkorswim for trading options using our Chaikin trading plans, but we hate their commissions. TOS Founder Tom Sosnoff has formed his own brokerage, Tastyworks, and has declared war on commissions. We have cut our trading costs down 2/3 and they're not creating slippage with bad fills. The platform is faster than any I've been on. Are you sitting down?
Our first loser of the year I'd call a "good loss". The one-month max holding period allowed by our rules ran out on TMUS, and we sold today. The Power Gauge drifted to neutral while the stock went nowhere, nicking our trade risk by 6%.
We rotated out of $TMUS and into $PNC on an oversold buy signal. We hold for a month or exit early on a touch of the upper volatility band, whichever comes sooner.
This bring our OS Buy Strategy portfolio for the year up to date.
Wrote an ITM diagonal spread on CELG today. This is like a covered call, but instead of buying the stock, I bought long dated deep in the money call, while over-writing with a shorter duration OTM call. It made sense to overwrite, despite recent uptrend, Money Flow buy signal and all the usual positive Chaikin metrics, because the stock is near overhead resistance. The stock has made a big move since the trading day began. BOT +2 DIAGONAL CELG 100 16 JUN 17/21 APR 17 115/130 CALL @11.61 CBOE. More on this strategy and to track results, go here.
Yesterday, $CI came within fractions of the upper vol band and extreme short term overbought conditions. So this morning we sold the position.
And our perfect report card for this strategy in 2017 continues!
New OS buy trades this morning inlcuded $CB and $UAL.
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