I also received a notification from E*Trade today stating that my trade was posted as being executed at .75 but this was an error. the actual price that I paid for the Put was .7...doesn't help much but its better than nothing.
Now, earlier in the week I calculated the Fibonacci retracement levels for APC but being that the stock has hit a new high since then I will need to recalculate. Based on a High of 43.89 and a Low of 30.88, the new levels are as follow:
38.2%(38.98) 50%(37.44) 61.8%(35.89)
Note that I will also be changing my contingent sell order based on the new numbers. The lower you set the order, the riskier the move becomes. I wish to assume the least amount of risk in this position by setting my order based on the 38.2%(38.98) level. If the stock approaches that number with decent momentum then I will adjust the order accordingly.
Total Transaction is now 791.24, 208.76 in cash.....
I would also be cautious of OIL and UNG. APC is a oil and gas company and it could start trending with those two commodities. Thats what most oil companies did (minus refiners) during the oil boom last year. I do agree with your technical analysis of APC. Jumping out of APC at the 38% retracement could be a safer play if it does retrace.
ReplyDeleteVery true...I will watch closely and determine how to play it depending on the close today. Refineries reported today that there is an excess of supply which is good news for this particular position. We will see how investors take to it
ReplyDeleteI also figured something else out. APC hasn't broken its Bullish Trend. A lot of traders wouldn't say the trend is broken until the EMA 5-Period has been broken. Not saying you couldn't wait it out until expiration. Just for a future trade, don't jump the gun until the trend is broken. "The trend is your friend"
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