1/19

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BBIG

far as I can tell, the p/c ratio for yesterday was ~ 1:5 [this is your off hand calculation though, it says .174 in TOS], so we'll see what happens this morning 

27c, 5p, 836am, CST

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SPY

at open

more calls than puts, 8:32CST

50c, 34p

even, 844cst

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IWM

p/c ratio for yesterday, 3.3

at open

more puts than calls, 

1.8c : 6p

833am

judging by the options it looks like it's going to go to 210 then to 206

double, p, 843

still about double, 849cst

broke low of day twice so far, 855am,cst

still about double in terms of p:c

descending poc interday

it's going down, but where's the risk level?

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GENERAL COMMENTS

I feel like you didn't really use the p/c ratio, and I guess you should of in the case of IWM?

did you use it in terms of spy? I don't remember you using it...

well you learned a lot today!

things you did right

• you didn't trade in the middle of the move, like when a HOD or LOW was broken, that seems to only be a scalping strategy and you're not scalping

things you didn't do right

• you didn't corroborate your trade using a different indicator, you should have used RSI or something because then you'd have figured out that there was a lot more strength to go, or a lot of momentum to go before the move was over, rather than just blindly throwing a trade at the volume profile as though it's some kind of support, which I guess it is...
• you didn't manage risk: so apparently, due to theta? you can't treat weekly options like stock, that is, if it goes way down below where you bought it and you went long than it's going to take A LOT more "up" to get back even

things you will have to test

• whether a failure to break HOD is a signal to go short, as combined with p/c ratio?
• whether a failure to break PM high is a signal to go short, as combined with p/c ratio?

but it seems like you need to do those three things

• use the VP for basic levels then
• corroborate those levels using other indicators
• develop a bias by options

or, things you need to keep in mind

• HOD or LOD
• PMH or PML
• VA or POC

yea see, on the 30min chart it's like only at fair value?????? at the RSI, the midpoint...

yea look at the MACD, you're dead

but this is good, maybe that's your strategy

• begin on the 5
• corroborate on the 15

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         c:p

iwm  1:2

bbig  3:1

spy   1:1

220pm

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POCs, descending

¶

spy, interesting, spy calls were greater than puts but only for like 5min, then it was even and it remained even for the rest of the day

this means that it was NOT a convergence day

look at the from-open pic on spy, we opened up above the prior day's POC...

ok, what's meant by convergence, by convergence do we mean, because the two prior day's POC were descending, then it ...

let's just say that

convergence= descending POC on the INTERday, matching up with more calls than puts or whatever

but then you need the right ratio, I think it was 3:1 on the golden first day

convergence=3:1 ratio working in the same direction as the prior two day's POC