For those watching the Twitter updates, I put in an order to buy one Live Cattle 90 Call Option, August, which has a theta or time expiry of 57 days, for .200 limit day order (in other words, if I don't get it for $80, then I don't get filled today)
We'll see. This is a tricky one, as it's pit traded. Regardless, this will be a swing trade for the Challenge Project. If filled, I would go ahead and put in my profit target GTC (Good until Cancelled) order to take profits at .70 or $280.00
Edit: Filled at .200 or $80.00 for the August 90 Call. As this is an option, my total risk for the Live Cattle market cannot exceed $80.00. Seasonally strong period will begin in the next few days. We were at 90 (the strike price) not too long ago.
Now I'll be putting in an order to sell 1 August 90 Call Option at .70 ($280) or better, or .700 limit, which will in essence, be my profit stop.
It settled today at .250, or $100.00