ES Journal Archive (2006 - 2008)

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You have to chop a leg, I would never hold a long straddle for more than a day. This just lets you be positioned before the market picks its direction, short bias for today.
 
If it wasn't 1/2 time on feel good Friday, I would start scaling in shorts into close. One more pop is in the cards me thinks, and then it's fair game. My trades have turned to the short side, meaning sell rallies from here.

BTW, today is S&P quarterly rebalance (effective after the close). The standout is FNM and FRE are outta there! How's that for perfect timing, 5 days prior to the quarterly rebalance. Coincidence Im sure.

Good, consistent, trading to all

Osorico

EDIT: a correction regarding SP quarterly rebalance... effective date is 9/19, at the close based on info released today.
http://www2.standardandpoors.com/portal/site/sp/en/us/page.article_fa/2,3,1,0,1204839197231.html

Sorry for the confusion.
 
Quote from kinggyppo:

You have to chop a leg, I would never hold a long straddle for more than a day. This just lets you be positioned before the market picks its direction, short bias for today.
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chop
 
Quote from opt789:

Well, I don’t know about that, I think you would be a little late. I have no idea what will happen over the weekend with LEH. I would not be a buyer of vol at the current levels until some additional clarity is given. Your low risk scalping is a better way to go right now in my opinion.

Since no one is posting ES trades today, another very interesting thing is oil. The talking heads kept saying oil was falling because of the dollar rise, but the dollar is down substantially today but oil can’t seem to keep any gains. This would be further proof that it is very dangerous (not impossible just risky) to try to trade on news or assumed relationships. The price on your chart is the only thing you can count on – well most of the time anyway.
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FWIW - Some relationships are off like you said. Perhaps just the VIX and SPX relationship is off. Normally VIX goes down when the market goes up...but the market has been quite volatile this week even though we've closed 3 out of 4 days higher and possibly today as well.
 
I've been working on my intraday trading strategy. Here is my first live trade posted here on ET / ES journal.

Long 45.50
Stop 43.50
Target 55.50
5:1 RR

Edit: I'm using some MA crossovers, and no V they are not what you use if that's what you are thinking. :)

Edit2: Stop moved to BE +.25 (2:22PM EST)

Edit3: Stopped out +.25 (to cover commissions) (2:29PM EST)
 
2:15pm EST

My last trade of the day/week
S 2 YM @11364
Stop @11384

No specific target... looking @11285 and below. :eek:

Osorico

EDIT: stop adjust @11374
EDIT: stopped. Nice and quick, 5mins. -10x2, and done for the day/week.

Osorico
 
Quote from jagmot:

I've been working on my intraday trading strategy. Here is my first live trade posted here on ET / ES journal.

Long 45.50
Stop 43.50
Target 55.50
5:1 RR

Edit: I'm using some MA crossovers, and no V they are not what you use if that's what you are thinking. :)

Edit2: Stop moved to BE +.25 (2:22PM EST)

Edit3: Stopped out +.25 (to cover commissions) (2:29PM EST)
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Re entry

Long 44.75
Stop 43.50
Target 55.50
8:1 RR

Edit: Stop to BE +.25 (2:40PM EST)
Edit2: Stop to 47.00 +2.25 (2:45PM EST)
Edit3: Exit here at 50.50 on lack of strength +5.75 (2:55PM EST)

Edit4: Strength basically shows up 10 secs later...target would have been hit! Still nice to have that winner at the end. Have a good weekend all!
 
Quote from gwac:

vix is 26.4, a lot higher than yesterday. This close is going to be interesting...
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Trade on long...but in the back of my mind I can't help but think that 'they' want the market to close up for the day and week.
 
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