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We had a volume breakout to the upside coinciding with a price breakout as well. First pullback after the breakout is usually safe bet. Cut you losses, ride your winners.

Im smelling something as well. :)

FWIW, I will be stopping myself into a long wih a target of 1524. If I don't bet, I don't win.

This might help. http://www.intrepid.com/robertl/option-text.html#Volatility

Follow the yellow brick road.

"Theta is greatest at the strike [neutrality], but there is no memory." Thanks attticus. That cleared it up.

Thanks atticus. Won't premium erosion be less with a lower or zero delta if there is a breakout on either side?

I've got some questions on straddles, hopefully some of the more experienced option traders can provide input. http://www.elitetrader.com/vb/showthread.php?threadid=109590

Wil short straddles with low or zero delta have a better chance of profit even if there is a breakout above or below the breakeven points?

I agree Steve. But for me and I would think for some others on ET as well, that after we figure out how to go with the ebbs and flow of the markets, it becomes boring and so the next challenge is "anticipating" the collective actions and repeated patterns of ALL those people. The ES is one of...

You are trading against some of the smartest people/computers in the world especially in the ES. When someone asks what you do for a living you tell em you go mano a mano with the best of the best each and every day. Courage, Confidence and Pride.

I play this when my trade is sinking (stinking). Adds lot of drama and emotion to the whole thing. This is a beautiful piece. It's a tear jerker, keep the kleenex near especially if watching the 9-11 or platoon versions of this. We are all equal in the end. What happened to the good ole...

Came across this by accident. Great call back in 2003.

Remember more is less and less is more. Good idea about the abbey.

Breakout players have provided their needed service.

Nationalists = ignorant ignorists.

"That will never, ever happen. People will always be French, German, Dutch, Czech, Polish....etc." Agree, this will be hard to change. Racism exists all over, I've seen it in US but experienced it's true ugly face while working with some colleagues in some small towns in Europe. No holds...

Well said. Little do we realize that the cold war never ended. In the larger sense it was a great move, in a smaller sense many liken it to the Berlin Wall coming down bringing unwanted problems. Italy just starting to realize the problems as well as Germany.

LOL,, i agree.

mbusch, I must say your trading skills have improved greatly. You've made quite an improvement.