Man GM did you ever think about teaching a online class on how to read the chart and how to use the indicators you use? I know you say you don't pick tops and bottoms. How can one know when to enter the market? How do you know when the market is going up? Your thoughts.
Hey guys, out of curiosity, will Greg's intraday SPY chart be accurate for other symbols like GLD or SLV? If not, could you explain why? If it's not to be used for anything else other than SPY, are there edits/tweaks to make it more accurate to predict their moves (GLD, SLV) as well? Your answers to the above will help me understand so I'd appreciate the help and direction to credible sites to study the indicators inside Greg's SPY chart. I ask because I don't want to learn from any old site that gives "less than ideal" info. For example, we all know not to go to CNN for news and I don't want to go to a CNN type market education site when there are most likely good and bad ones like everything else in the world. Your experience and help would be greatly appreciated.
Matt, yes it works great on all stocks, but on less expensive stocks turn the price range in the 4 chart to 70 ticks so it will pick up a reading, and on SLV you might have to turn down the price range to 50. Set the price range where you can get a good reading and see a definite direction. I still use my in the moment 1 Day 5 Min charts to get an instant reading because the Intra day charts give a trend reading up or down over a 45 minute period, but they predict trends very well!!!
My last question... I hold physical gold in a private vault. I wanted to buy protective puts for "insurance" as I need to sell some of it in the next 12 months tops but am not happy with the price currently to sell it today. Sometime between now and 12 mo's I need to sell about 25k worth of it.
This morning I bought 2 Puts (1 was Dec 21, 2020, $171.50 Strike @ $256. prem, other was Jan 15, 2021 $171. Strike @ $442. prem). Since then, GLD increased in price and i I sel them both now I lose $130. combined. Am I correct to still SELL right now and re-buy Puts at current pricing (higher Strike prices with lower prem's than this morning to improve my positioning against a fall in GLD/spot)? Or do I keep the ones I've got and buy more Puts at higher strike prices? I'm not trading a covered Call, so I only have the Puts to massage. I'm just curious your thoughts on how to massage this "insurance" forward until I sell my 25k in physical gold per my above timeline. I'm hoping as prices rise, I can sell out of my lower strike price and buy into higher Strike prices at lower premiums versus just buying 2 expensive Puts today, 12 months out from now (i.e. hoping prices will rise as time goes on and Puts will become cheaper). Thank you so much!
If you buy PUTS on that short of expiration date the stock price needs to fall pretty quickly before expiration or the value of the PUT will decline rapidly everyday, so you have 2 options, 1. add to your PUT positions buy buying more contracts if the price drops and hope the price goes down more soon and when it does and you show a profit cash it in IMEADIATLY before your profit turns to a loss, and 2. sell now for a loss and recoup any money that is left because as the option moves to expiration its value will go to $0, so take what ever value is left and reposition. IMO gold prices will drop more with all this stimulus hitting the markets, so you should come out very good shorting GLD, but I would wait to see a spike up and then buy PUTS so when it drops you will gain a profit, and don't wait to pull profits if you see one, and keep doing this over and over. An option is a decaying asset and the longer you hold it the more value it will loose over time as it moves to expiration, so when an option moves in your favor you can let it grow in value as long as its moving in your direction, but if it goes the other way against you it may never gain back to that high value again and you will either have to add to the position and buy more contracts at a lower price, or sell for a minimal loss before you loose the whole investment. Time works very hard against an Option and at expiration the ATM break even price is the strike price + the price you paid for the option, and if its OTM its worth $0.
William, thanks again my friend! Please stay with me for a few easy followups? I'm trying hard to learn and am a good detective, I just need direction on literally where to start, LOL... sometimes the lingo gets me.
When you said, "on less expensive stocks turn the price range in the 4 chart to 70 ticks so it will pick up a reading." Do you mean the bottom right chart on my screen being the 4th chart? There is 1 large main chart on top spanning left to right across the entire top half of my screen, then there are 3 small charts going across the entire bottom section of the screen making a total of 4 charts. Right now, the bottom left chart (if that's the one you mean) just shows one single candle and the vertical axis is set to automatic in terms of price. Do you mean I change the axis from "auto" price, to a manual setting of 70 ticks (if 70 ticks means 70 cents?
The bottom right chart click on the time frame set up at top right of chart and then select time frame and you can change the price range ticks higher or lower. Try to lower it and you will see more ticks appear, and raise it and you will see fewer ticks appear. set it based on the price of the stock, so SPY would need to be around 150 while AAPL would need to be around 70, so play around with it until you get a solid reading of at least 2 or 3 clicks showing in the chart.
Greg said to buy at 730am pacific time today 365 calls mar 21 2021. It'as 1000am now, am I still buying 365 strike price or am I adjusting up/down? Thoughts on why please. Thank you!
do not paper trade because you will develop wrong tactics. Real trading involves management of second thoughts and the control of emotions. Many people paper traded for 2 years just to loose all of their real money in few weeks.
Hi, hey you seem to know how to trade? Can I ask you for help, I downloaded Greg's chart for intraday trades. Is it correct that my time interval is set to 45 min's? Is this correct? if so, why wouldn't I want to know the data every minute before entering/exiting a trade? Lastly, is there a site you recommend for help understanding the indicators Greg installed on his chart? I've asked Greg multiple times with no response and also I've asked his subscribers on his youtube channel. All gave no response except for the initial help to download his chart. It seems no one really knows what to do here?
Hi Matt. Thank you for thinking I know what I'm doing, but this is my first time trading intraday. I was a financial advisor, but only worked with long term standard funds. I set my time frame for one day, 20 ticks. What you want to watch is the oscillating bands and darvas boxes to see those golden zones. You will be able to see up to the minute, but you will see trends where the rises are plateauing, or lows, for your calls or puts. If you are using thinkorswim, I would go into their tutorials to better understand each of the indicators.
Man GM did you ever think about teaching a online class on how to read the chart and how to use the indicators you use? I know you say you don't pick tops and bottoms. How can one know when to enter the market? How do you know when the market is going up? Your thoughts.
Hey guys, out of curiosity, will Greg's intraday SPY chart be accurate for other symbols like GLD or SLV? If not, could you explain why? If it's not to be used for anything else other than SPY, are there edits/tweaks to make it more accurate to predict their moves (GLD, SLV) as well? Your answers to the above will help me understand so I'd appreciate the help and direction to credible sites to study the indicators inside Greg's SPY chart. I ask because I don't want to learn from any old site that gives "less than ideal" info. For example, we all know not to go to CNN for news and I don't want to go to a CNN type market education site when there are most likely good and bad ones like everything else in the world. Your experience and help would be greatly appreciated.
Matt, yes it works great on all stocks, but on less expensive stocks turn the price range in the 4 chart to 70 ticks so it will pick up a reading, and on SLV you might have to turn down the price range to 50. Set the price range where you can get a good reading and see a definite direction. I still use my in the moment 1 Day 5 Min charts to get an instant reading because the Intra day charts give a trend reading up or down over a 45 minute period, but they predict trends very well!!!
My last question... I hold physical gold in a private vault. I wanted to buy protective puts for "insurance" as I need to sell some of it in the next 12 months tops but am not happy with the price currently to sell it today. Sometime between now and 12 mo's I need to sell about 25k worth of it.
This morning I bought 2 Puts (1 was Dec 21, 2020, $171.50 Strike @ $256. prem, other was Jan 15, 2021 $171. Strike @ $442. prem). Since then, GLD increased in price and i I sel them both now I lose $130. combined. Am I correct to still SELL right now and re-buy Puts at current pricing (higher Strike prices with lower prem's than this morning to improve my positioning against a fall in GLD/spot)? Or do I keep the ones I've got and buy more Puts at higher strike prices? I'm not trading a covered Call, so I only have the Puts to massage. I'm just curious your thoughts on how to massage this "insurance" forward until I sell my 25k in physical gold per my above timeline. I'm hoping as prices rise, I can sell out of my lower strike price and buy into higher Strike prices at lower premiums versus just buying 2 expensive Puts today, 12 months out from now (i.e. hoping prices will rise as time goes on and Puts will become cheaper). Thank you so much!
If you buy PUTS on that short of expiration date the stock price needs to fall pretty quickly before expiration or the value of the PUT will decline rapidly everyday, so you have 2 options, 1. add to your PUT positions buy buying more contracts if the price drops and hope the price goes down more soon and when it does and you show a profit cash it in IMEADIATLY before your profit turns to a loss, and 2. sell now for a loss and recoup any money that is left because as the option moves to expiration its value will go to $0, so take what ever value is left and reposition. IMO gold prices will drop more with all this stimulus hitting the markets, so you should come out very good shorting GLD, but I would wait to see a spike up and then buy PUTS so when it drops you will gain a profit, and don't wait to pull profits if you see one, and keep doing this over and over. An option is a decaying asset and the longer you hold it the more value it will loose over time as it moves to expiration, so when an option moves in your favor you can let it grow in value as long as its moving in your direction, but if it goes the other way against you it may never gain back to that high value again and you will either have to add to the position and buy more contracts at a lower price, or sell for a minimal loss before you loose the whole investment. Time works very hard against an Option and at expiration the ATM break even price is the strike price + the price you paid for the option, and if its OTM its worth $0.
William, thanks again my friend! Please stay with me for a few easy followups? I'm trying hard to learn and am a good detective, I just need direction on literally where to start, LOL... sometimes the lingo gets me.
When you said, "on less expensive stocks turn the price range in the 4 chart to 70 ticks so it will pick up a reading." Do you mean the bottom right chart on my screen being the 4th chart? There is 1 large main chart on top spanning left to right across the entire top half of my screen, then there are 3 small charts going across the entire bottom section of the screen making a total of 4 charts. Right now, the bottom left chart (if that's the one you mean) just shows one single candle and the vertical axis is set to automatic in terms of price. Do you mean I change the axis from "auto" price, to a manual setting of 70 ticks (if 70 ticks means 70 cents?
The bottom right chart click on the time frame set up at top right of chart and then select time frame and you can change the price range ticks higher or lower. Try to lower it and you will see more ticks appear, and raise it and you will see fewer ticks appear. set it based on the price of the stock, so SPY would need to be around 150 while AAPL would need to be around 70, so play around with it until you get a solid reading of at least 2 or 3 clicks showing in the chart.
WTF happened all of sudden SPY is getting hammered?
Greg said to buy at 730am pacific time today 365 calls mar 21 2021. It'as 1000am now, am I still buying 365 strike price or am I adjusting up/down? Thoughts on why please. Thank you!
Thank you. Just started paper trading with quant last night. Already profited on paper with my first intraday call option this morning.
do not paper trade because you will develop wrong tactics. Real trading involves management of second thoughts and the control of emotions. Many people paper traded for 2 years just to loose all of their real money in few weeks.
Hi, hey you seem to know how to trade? Can I ask you for help, I downloaded Greg's chart for intraday trades. Is it correct that my time interval is set to 45 min's? Is this correct? if so, why wouldn't I want to know the data every minute before entering/exiting a trade? Lastly, is there a site you recommend for help understanding the indicators Greg installed on his chart? I've asked Greg multiple times with no response and also I've asked his subscribers on his youtube channel. All gave no response except for the initial help to download his chart. It seems no one really knows what to do here?
Hi Matt. Thank you for thinking I know what I'm doing, but this is my first time trading intraday. I was a financial advisor, but only worked with long term standard funds. I set my time frame for one day, 20 ticks. What you want to watch is the oscillating bands and darvas boxes to see those golden zones. You will be able to see up to the minute, but you will see trends where the rises are plateauing, or lows, for your calls or puts. If you are using thinkorswim, I would go into their tutorials to better understand each of the indicators.
Thanks, I'm looking up the Darvas Box Theory now. Best of luck trading!
You too!
Thank you Robert. Only doing paper until I learn the thinkorswim platform and get proficient using it.
Thanks Greg, Awesome!!!
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