ES Journal Archive (2006 - 2008)

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Quote from Buy1Sell2:

From a position trader's standpoint, basically today's trading has simply taken out the stops just below the low 2 days ago. At this point that is rather insignificant given that those stops were relatively close to the market and were an obvious place to have them. Of course, the action has caused all intraday charts to roll over bearish most notably JSSMPK's 240. However, right now very little damage has been done to the daily chart and so I will stay long here.
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What's more concerning to me is that the breakout failed, and failed at the 200 day average. Taking the 2 day lows following that takes on more importance because of that in my opinion. However, the drop has been sharp, so we'll see how well we can hold here, and how far we can retrace. I see 1425 as an important number for now.

OldTrader
 
connect highs from 5/2 and 5/14 tl comes in around 1417,we've had res there for 2 hrs,i'll get long above there or at 1407-8,whichever comes first edit connect 3/17 and 4/15 lows on 2 hr chart and there is support in spx cash at 1411,so looking to get long there
 
most recent swing low to new intraday low for the ES was NOT new intraday low for NQ or ER2.

WHy do I mention this? Yesterday, at the afternoon top. ES made new intraday high, but NQ, ER2 did not.

waiting (right or wrong) for one more shake-out with some volume.
 
Quote from iloveoptions:

You bet :) That's one of the reasons why I'm here, is to help people understand, embrace, and trade options as intelligently and effectively as possible by alleviating the fears about time decay. The other reason is that journaling is truly a new thing to me as I hate to type and I'm quite shy, but I'm learning how to interact with others who share my passion (trading) which will help me start my own journal right here on ET shortly.
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I look forward to reading your new journal as well and hope to participate on some of my option trades (if selling is ok) I prefer to have time decay work for me, so I sell vs buy almost 10 to 1.

This is an example of why I like selling options. Most of these trades have been put on when the market was in the low to mid 1300s. Even though I've been wrong that the market was heading lower, the time decay has more than offset the movement higher by the market.
 

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contrary to popular belief, there is no advantage to selling vs buying options. if there was, why would anyone take the other side of your trade?

I'm not saying u can't make money selling, just don't be overconfident
 
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