It was pretty obvious based on the last 5 min of trading we were going to close above 875. Should be an interesting week next week.
ES Journal Archive (2009 - 2010)
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It was pretty obvious based on the last 5 min of trading we were going to close above 875. Should be an interesting week next week.
Quote from iloveoptions:
It has to do with my trading strategies and how I engage the market. Quite honestly, they're a bit involving for this thread, and as I discussed this last week, I can't share it. However, I look at my short position which is small in relation to my hedge, as an "opponent in a boxing ring". My job is to wear him down until I land a KO on his face, yet at the same time, he keeps me motivated to fight. I haven't landed The KO (yet), but it's coming.
Obviously you've had monstrous success with it. Hope to be in similar shoes some day.
As I explained last week, I've been humbled several times along the path of self discovery, but I think I'm getting better though, and that's what counts.
You will too. It takes time, patience, passion, and a deep commitment to trading using our own unique style.Quote from iloveoptions:
Back down to 20% here at 878. I love this!!
Dumped half of my hedge here at 891.5
Current position: Short 814.25 + 10% hedge.
FYI - Word on the Street is that the ES will continue to Rally through the summer thus pushing prices toward 1,000 before the Great Crash down below the 500-400 range.
Technicals: Stochastics and the RSI are diverging but are neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the rally off March's low, January's high crossing at 937.00 is the next upside target. Closes below the 20-day moving average crossing at 851.44 are needed to confirm that a short-term top has been posted. First resistance is last Thursday's high crossing at 887.10. Second resistance is January's high crossing at 937.00. First support is the 10-day moving average crossing at 860.52. Second support is the 20-day moving average crossing at 851.44.
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