ES Journal Archive (2006 - 2008)

[Brucelee]

Quote from Buy1Sell2:

It will be difficult for me to get too short while the weekly is still so strong. A breach of the 11/28 low would have me reconsidering. This is why I sell out of the money calls as a trend gets somewhat long. It offers income and a hedge. Note: I don't sell calls when the trend is in it's infancy.

I had no idea you could write calls on Emini's.

 

[Buy1Sell2]

Quote from Brucelee:

I had no idea you could write calls on Emini's.

certainly --and the bid ask is easily seen which makes it better than pit options

 

[Buy1Sell2]

Quote from Buy1Sell2:

Buystop lowered to 1438.50 from 1442.00

Buystop lowered to 1431.75

 

[Buy1Sell2]

Quote from Buy1Sell2:

Buystop lowered to 1431.75

Stopped and reversed long . Back to initial position size. Will stop and reverse short at 1428.50.

 

[brightstone]

Do institutional players take profits out before christmas or before new years?

 

[Buy1Sell2]

Quote from Buy1Sell2:

Stopped and reversed long . Back to initial position size. Will stop and reverse short at 1428.50.

Stoped and reversed short at 1428.50 with increased size. 3.25 pt loss

 

[brightstone]

get in on your last minute christmas sale

 

[trendy]

Quote from Buy1Sell2:

Stoped and reversed short at 1428.50 with increased size. 3.25 pt loss

Please tell me you covered that short on the plunge.

 

[Buy1Sell2]

Quote from trendy:

Please tell me you covered that short on the plunge.

no. I trade for the big move.

 

[trendy]

Quote from Buy1Sell2:

no. I trade for the big move.

That's all well and good, but unless you thought today was going to be a big move day, I see no logic in throwing away a 6 point gain. Bank the profit, wait for the market to rebound and re-initiate the short. Anything else is inferior trading.