Submitted by TraderDan1 t3_zz2wqk in wallstreetbets
TraderDan1 OP t1_j29opmr wrote
Reply to comment by RobertsonvsPhillips in My PUTS from yesterday doing well 24 hours in. by TraderDan1
This is only one strategy that I use for short term stuff. I'm pretty conservative really and work with a flavor of the general "wheel" strategy. This doesn't provide me trades every day. With that said, I've been using this method for almost 3 years, and the aggregate of my trades in this way have produced 80% winning trades within 3 days. If my profit reaches greater than 50% I close it. Some days, like today, it really popped right at the open so I jumped in to close my QQQ as quickly as possible. Average profit on each winning trade is 27%.
Again, the morning gap level, that is the previous day's closing price is a magnet in general. Now if a stock gaps 5% or higher in one day, the likelihood of backfilling it becomes statistically less likely, so I'm looking for gaps that are between 1-2% in size, maybe 3% and plan for a 5 DTE.
RobertsonvsPhillips t1_j29tplt wrote
Well GG, and I guess congrats and f u.
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