ES Journal Archive (2009 - 2010)

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I bought the SPY NOV 117 put, I am looking for a bit longer of a trade, and want to sell a lower put to reduce risk for example the 112 put. I believe the market is about to go lower, so will either sell the put as the ES falls 2 points or before end of day to prevent time decay.
 
Ok, cost has been reduced by $ 111, so total risk on this trade is $ 137, and potential profit is around $ 450.00. However, the lower put should decay faster than the higher put unless the market moves down sharply.

Quote from oraclewizard77:

I bought the SPY NOV 117 put, I am looking for a bit longer of a trade, and want to sell a lower put to reduce risk for example the 112 put. I believe the market is about to go lower, so will either sell the put as the ES falls 2 points or before end of day to prevent time decay.
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Eur shot up again before market close, so took profit and will look to get back into trade on Sun or Mon. I wish I did more contracts, but I thought Eur would be dead this afternoon and did not want to hold a big position over the weekend.


Quote from oraclewizard77:

Time decay got me on the SPY put options, 1 closed at BE, the other at a $ 30.00 loss. This was made up by my EUR/USD long position. I went long EUR/USD yester heavy no stop with a target to scale out 1/2 the position at a target price. It 1st went 30 pips against me, and I killed the trade at loss. But then did some analysis, and reentered the trade and made 40 pips on 1 position and 50 pips on the other, both were closed late last night.

I have again gone long EUR right now, this is a light position, and bought some April 2011 yahoo calls, both positions are light. No stop or target on EUR, plan to average in to make it equal to previous position unless something changes with how the dollar is being devalued. I use mostly time based stops on EUR and small enough positions vs account, that a bad move will not hurt my account since I am probably risking 1% on these trades.

I actually believe stops are worthless for Forex for long term profits, but you can't turn a trade into an investment, which is why I previously got out at loss on 1 trade, and will not hold these positions more than 3 days.
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Quote from Airwaves:

out here for +5.5 :)

still holding the 1170.75

will get long again at 1162 if it wants to get all the way down there for me.
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and close the first one here for +4.25
Dips in the ES are rare, but make for great long opportunities ;)
 
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