ES Journal Archive (2006 - 2008)

[JimmyJam]

Quote from princessa:

like falling off a cliff...way to go, a! i'm glad you didn't give up after your frustrating start. you would've missed all the fun!

did some shorties (er,es) and made some money today. building on b1s2's idea of buying puts as a hedge against a rising market, i bot 1 june put this am. of course, the slippage is murder, but i'm trying it out as an alternative to futures on days when i'm not feeling confident about my trigger finger and want to hedge bets b/c i think market's taking a nosedive. so far, i'm pleased. will see how this ultimately pans out....

once again, apex dude, wtg.

What (types of options) are you trading?

You might want to try the weeklies.

http://www.cboe.com/micro/weeklys/introduction.aspx

http://in.rediff.com/money/2004/nov/26perfin1.htm

JJ

 

[tommymoose]

Short NQ @ 1893... stop at 1897.50

 

[JimmyJam]

Quote from JimmyJam:

L @ 1513.00, PS @ 1510.00

JJ

Out 1517.00 on the trade through (4pts). While the market might run from here, I'll pocket what I've got and look to re-enter on a retrace.

Good trading,

JJ

 

[princessa]

Quote from JimmyJam:

What (types of options) are you trading?

You might want to try the weeklies.

http://www.cboe.com/micro/weeklys/introduction.aspx

http://in.rediff.com/money/2004/nov/26perfin1.htm

JJ

i did a june 1525 put. monthly. thanks for the info on the weeklies. not suiting my purposes right now, but i'll take it under advisement for the future.

 

[Spectre2007]

I hedged the long term long position for the weekend. Worried a little about the china scenario.

edit: I will remove the hedge on the open next week.

 

[Jaxon]

JimmyJam, how did you identify 1512 as support? (Since it was the low print!)

It'll probably drop and then pop back up if they want to continue the retracement.

1512 area may show support, if so I'd buy there.

- That is exactly what happened.

 

[hulkgogan]

Could you guys talk a little about the cost benefit and general mechanics of your hedging?

Cheers

 

[Spectre2007]

if short term sentiment is contrary to long term trend. I use contracts in near months where the liquidity is to remove exposure.

Since its easiers to go in and out short term and leave a further month out alone.

So if the long term trend is up, instead of entering a long term position in near by contract, I get long one month out.

And use the near month for short term trading, the near month, I don't scalp either, but if there is a significant profit in the near month I cover and stay long.

 

[JSSPMK]

1516 going long

 

[Spectre2007]

another thing I do is look at the day to day cyclical swings in the market. If market swings up 20 points or more, I try to time and get out of the position and have open orders 10-15 points under GTC.

that way I'm not just buy n holding especially in a resistance zone.