Quick Update – 8/30/10

Here’s a quick update to today’s trading.  Just an FYI.

I started today by watching the futures, which were up greatly over the weekend.  When pre-market trading opened I was surprised to see that this was no longer the case.  Since not everyone gets the news at the same time I suspected that the market could go up before coming back down.  I watched using a 5-minute chart.  My technical indicators showed me the proper entry time and they will also point the time out, which hasn’t happened yet.  Below is the trade I entered.

587    08/30/10    10:14 AM    BTO        100918P45    QQQQ SEPT PUT 45    200    $1.42    ($28,400.00)    ($250.00)    ($28,650.00)                $294,477.50    14723.88%

Update:  3:10pm  I decided, against my general trade rules to keep this trade on until tomorrow morning.  Based on a daily chart my trade should be good until  the market opens tomorrow.  The put was worth $1.80 at the close which amounted to a 24%+ gain.

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Tagged as: stock trading, Technical Indicators, timing, Trading To A Million, TTAM