TSLA 05/17/2017

This started out as a short term put credit spread. The 7, 21 and 50 moving averages were showing resistance as well as two price point consolidation points on the chart. Momentum was pointing down and I felt this would be a good 2 day trade.

When I entered the trade TSLA was trading at $306.80 so I shorted the $317.50 call and took $320.00 long to cover it. I traded 10 contracts but got filled in two different places. I started this trade on Wednesday for a Friday expiration. However, TSLA started moving against me early the next day. I purchase 1 312.50 call to defend the trade if it moved higher. A short time later that day I purchased another $312.50 call. Notice I bought next weeks calls so I would have some time value on them. That would give me more options in disposing of the calls.

I debated trying to stay in this position ‘hoping’ TSLA would become range bound. By mid-afternoon the position was showing about a $200.00 loss. I held as TSLA was pulling back. Finally, I had the opportunity to close at an acceptable spot.

Basically, I was able to finish this one at break even. Which, is my goal when I have to defend.

Date

Sym

Exp

Strike

Price

Cnt

Type

Cost

Balance

05/17/17

TSLA

BTO

5WK3

$320.00

-$0.22

8

C

-$176.00

-$176.00

05/17/17

TSLA

BTO

5WK3

$320.00

-$0.17

2

C

-$34.00

-$210.00

05/17/17

TSLA

STO

5WK3

$317.50

$0.36

8

C

$288.00

$78.00

05/17/17

TSLA

STO

5WK3

$317.50

$0.32

2

C

$64.00

$142.00

05/18/17

TSLA

BTO

5WK4

$312.50

-$5.90

1

C

-$590.00

-$448.00

05/18/17

TSLA

BTO

5WK4

$312.50

-$4.67

1

C

-$467.00

-$915.00

05/18/17

TSLA

BTC

5WK3

$317.50

-$0.42

10

C

-$420.00

-$1,335.00

05/18/17

TSLA

STC

5WK3

$320.00

$0.17

10

C

$170.00

-$1,165.00

05/18/17

TSLA

STC

5WK4

$312.50

$6.00

2

C

$1,200.00

$35.00

Profit:

$35.00

Share and Enjoy !

0Shares
0 0

Leave a Reply

Your email address will not be published. Required fields are marked *