buying SPY 120 weekly calls at .78 same contract amount as the long on SPY 117 weekly calls that we entered into at .84 and 1.05 2x oversized

/b buying SPY 120 weekly calls at .78 same contract amount as the long on SPY 117 weekly calls that we entered into at .84 and 1.05 2x oversized. These 117 weekly calls are now 2.63 so 213% pure profit from initial entry $-). The thinking behind the new long 120 calls long is to bring us into a butterfly strategy since we still have the short on 119 weekly calls, this way we can continue to profit from a further move up, and once the reversal looks more probable we can lock in our profits on the 117 weekly calls and allow the 119 weekly calls short and long on 120 calls to become a bearish short credit spread.  Also yesterday before the close on my formulas gold went multi day negative and I have been waiting to pounce bearishly for weeks on GLD, now huge smiles. We entered the GLD 178 weekly puts at .94 yesterday and now they are at 4.30, so that means 411% pure profit HUGE HUMUNGUS SMILES. GLD is a home run I consider any options play over 400% gain to be a home run .anyway on GLD I’m considering buying some far out of the money new puts on GLD same contract amount as our long 178 puts, this way once we see a bounce set up I can quickly short something closer to the money if I wish and lock in profits on the 178s and we would find ourselves in another credit spread .Thats one strategy the other much more simple would be to look to lock in 1/2 of the profits once a bounce setup appears and go long calls for the bounce,  or third strategy just short something further out and find ourselves in a debit spread. Have not yet decided witch way to go . Wanted to share my strategic options thinking.

Posted in General Trading