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ES Journal Archive (2011)
- Thread starter Buy1Sell2
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Quote from iloveoptions:
Thank you joneog for the kind words. The market will more than likely rally, that's nearly certain. Because we both feel that way, I re-entered long with 1 position on a stop at 1199 not too long ago. My adds are awaiting at 1188.5 and 1184 in case we dump some more before we rally hard again. No stop on this 1 position, lol.
I think you are picking bottoms. You obviously know where the support is. Just wait until the bottom is put in and some indicators start pointing up. Then you can lump on 10lots at the "right" spot with a tightish stop instead of 1 at the dead bottom with 2 - 3 - 4 somewhere in the curve on the way up.
Quote from joneog:
Live to trade another day. On the bright side, you got out of that partial near the pre-market highs.
At least you had a plan and stayed true to your stop, plenty of people would have blown up averaging into this move.
Of course, now that you're out, you know the market's going to rally just to rub it in.
Nothing wrong with averaging as long as you are not fighting the trend
Quote from joneog:
I actually considered selling some AUG 1125 puts at the close. (Un)fortunately I don't have the stomache for two weeks of torture.
Will look to sell some wide verticals if we have an early sell-off tomorrow.
Actually, if the VIX rockets further, I'll do what I don't normally do and sell a SPY straddle or two - being ready to buy wings as conditions warrant. Trading within the context, I don't see this bear market as a 2009 bottom; but more like a 2010 bottom and bottom range.
Quote from klinckphilip:
I think you are picking bottoms. You obviously know where the support is. Just wait until the bottom is put in and some indicators start pointing up. Then you can lump on 10lots at the "right" spot with a tightish stop instead of 1 at the dead bottom with 2 - 3 - 4 somewhere in the curve on the way up.
Good advice! Thanks for sharing it.
Quote from JSHINV:
Actually, if the VIX rockets further, I'll do what I don't normally do and sell a SPY straddle or two - being ready to buy wings as conditions warrant. Trading within the context, I don't see this bear market as a 2009 bottom; but more like a 2010 bottom and bottom range.
But I should probably qualify as to calling tops or bottoms or sustained long term moves in any direction, I don't know any more than anyone else. I look at the long term as a backdrop; but I live in the intermediate and primarily the short term.
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