Just wanted to share some of my recent options plays and my thought process behind it. So with gold I purchased the option yesterday and it was up to a nice $90 profit. As much as I wanted to sell it yesterday I could not because of day trading rules. The rules of day trading allow you 3 flags for day trading per week. 4 flags will Gove your account as penalty. I was already at 3 so I had to wait till today. Today gold price was dropping but i was still able to sell at a profit so I did. Hood is the symbol for Robin hood. The stock hardly moved yesterday and more within the range of people selling the stock than buying it. That being said today I wanted to wait until I could make a profit to sell it. Now if robinhood was 10% down my stop loss would have sold the stock as a defense I put into play, but it did not drop that low about roughly 5% before working its way back up today. Today robinhood made about a 10% gain this morning going back to 0. From 0 I looked at the candle stick charts and noticed that the trend looked like it would continue to go up. Green candles were forming, the Macd indicator was working its way up and the rsi was going up as well. Now the rsi indicator I also noticed was a 7. I was taught that when a stock is bullish a rsi zine of 80 to 90 is over purchased and an indicator a sell iff is coming. I took this into account and when the stock moved up to a $3 profit which was about a 73 on the rsi indicator I decided to play it safe and take profits. I just wanted to share how I earned my wins today and the mindset I had. Not only that but learning to.read charts is very important. Multiple indicators all pointing to the same thing is a good signs in aiding you on what decisions you should make on the market. Even before buying in to an options play this can help you determine weather it is better to play a put option or a call option. If I remember correctly I already did an article explaining put and call options but if anyone would like more articles on thise let me know in the comments please.
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