ES Journal - 2013

Quote from Handle123:

Yehaw, what a glorious day it is today.



Took me three tries to find the highs, hoping they are in for long way down. but took off half position for 40pts. My approach to long term is not for those who believe the trend is the only friend. You have to really be able to put on trade and walk away till after the close, but hedging allows me to sleep and often times makes a losing trade overall profitable. Weekly charts way to go for me.
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I like to thank all for letters as I have struggled to get well, I am like 80% better. I went back to day trading a month ago and got to my old self after a few days, and I quit. I wanted to quit on my own terms and let my staff watch all the ticks go by. Just too tiring and boring for me after all these years. For me it is more fun to venture into other instruments I always wanted to learn, so going into Credit Spreads in options. But I will always do longer term trading and ES has always been one of my favorites.

Am still short from near the highs, for me weekly trend is still up so I can't get any sell signals off weekly for trend and certainly not going to buy it right now, so I can drop down to using dailies when I got minor trend down. Since weekly trend up and price not making new contract highs, I reduce contract size for minor trend down and of course get options to hedge for short term.
 

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Quote from hafez50:

TOOK MOST MY SHORT TRADE OFF AT 1630 AREA. I THINK I'LL GET A BETTER SHORT OPP TO RESHORT.ALTHOUGH THIS HAS BEEN VERY SLOW AND WE COULD DROP FURTHER
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Sure you did


Quote from hafez50:

like hafez said last night the mkt looks strong.no need to short here till we see some weakness.
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Quote from spxoptions:

I don't see support there either. People are still talking about a bounce to 1675 the rest of the week, but I don't see a positive catalyst for that to occur.. Also, the potential of missiles flying in the Middle East doesn't jive with a bullish move.
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Probably the trend line from 1343 low to 1560. I'm watching that tomorrow.
 
Quote from ammo:

reduced 35.5 on the tag of the 100 day ma in cash
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flattened at 27,(avg 64 5/16)too much posturing,too many countries involved,too many lives to be lost in sake of the ones gone in syria,banksters would rather keep cash in market ,war too expensive,looking for move back to 44
 
Quote from Handle123:

I like to thank all for letters as I have struggled to get well, I am like 80% better. I went back to day trading a month ago and got to my old self after a few days, and I quit. I wanted to quit on my own terms and let my staff watch all the ticks go by. Just too tiring and boring for me after all these years. For me it is more fun to venture into other instruments I always wanted to learn, so going into Credit Spreads in options. But I will always do longer term trading and ES has always been one of my favorites.

Am still short from near the highs, for me weekly trend is still up so I can't get any sell signals off weekly for trend and certainly not going to buy it right now, so I can drop down to using dailies when I got minor trend down. Since weekly trend up and price not making new contract highs, I reduce contract size for minor trend down and of course get options to hedge for short term.
More...

Hope u r feeling better :D

When you buy call options to hedge against your short position, does that mean you have no stop loss on the short position? Also, how detrimental is the effect of the cost of the option?
 
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