ES Journal Archive (2006 - 2008)

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Quote from mbusch:

Actually, my thinking was "what would Apex do?" Entry is two ticks below his 1522.00-1523.50 resistance zone, and stop is two ticks above it. PT is based on resistance at 1503.50 (the 5/14 LOD).

Of course, I might not be reading Apex's mind correctly this morning, but I'm giving it my best shot.

Bottom line: If this trade goes bad, I will not blame Oscar. :)

EDIT:

I see Apex just posted that he's still short. I guess I did read his mind fairly well after all! :D
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Not to crazy about this trade as huge buying demand came in.... But I am not trading with my emotions, I know I have a positive expectancy so I have to stick with my guns. You can tell I already pretty much know that I will be stopped out but have to stick to my plan.

I dont usually trade option expiration day due to unexpected moves like this. Prices are manipulated to max pain on this day which makes lower odds for a successful trade. I will be mostly on the sidelines today.
 
Quote from apex82:

Not to crazy about this trade as huge buying demand came in.... But I am not trading with my emotions, I know I have a positive expectancy so I have to stick with my guns. You can tell I already pretty much know that I will be stopped out but have to stick to my plan.

I dont usually trade option expiration day due to unexpected moves like this. Prices are manipulated to max pain on this day which makes lower odds for a successful trade. I will be mostly on the sidelines today.
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Doesn't your plan have a reasonable doubt clause? When in doubt, get out?
Plan or not, where is it written stops are the only acceptable exit?

I have no opinion on your trade, just your post.

Osorico :)
 
Quote from apex82:

Not to crazy about this trade as huge buying demand came in.... But I am not trading with my emotions, I know I have a positive expectancy so I have to stick with my guns. You can tell I already pretty much know that I will be stopped out but have to stick to my plan.
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As I recall, you weren't oo crazy abou it yesterday, either, as it made a 6-point profit. I'm keeping the faith. The risk/reward is pretty attractive, even if the probability of success isn't the best. Plus, I always like to have the close-the-gap wind at my back during the first trade of the day.
 
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