S/R Emini Journal

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Ok here's the deal. Tomorrow is option expiration day. We might not see much action until afternoon. Then we usually get a sell off. My short call is not really what I would like for it to be since there isn't hardly any wiggle room. If I take this short I will only go for 1.25 or 1.5 points on it and be happy if I get it. So here are my numbers for tomorrow.

Long 1302.25 - 1304.75

Short 1297.25 go for less than 2 points unless it is during a sell off in the afternoon.

Good luck tomorrow,
Gary
 

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Quote from 4re:

Long 1302.25 - 1304.75

Short 1297.25 ...
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Hey Gary and Gang,

We got a heck'uva bull run and major support coming in at 1296 ... do you have criteria for reversing your trade (going long at support or short at resistance ...?)

Just wondering.

JJ
 
Quote from JimmyJam:

Hey Gary and Gang,

We got a heck'uva bull run and major support coming in at 1296 ... do you have criteria for reversing your trade (going long at support or short at resistance ...?)

Just wondering.

JJ
More...

That's not part of my plan, I have a choice of 2 and my choice is breakout. I would only go for breakouts.
 
Quote from JimmyJam:

Hey Gary and Gang,

We got a heck'uva bull run and major support coming in at 1296 ... do you have criteria for reversing your trade (going long at support or short at resistance ...?)

Just wondering.

JJ
More...

Hey JJ,

The reason I don't have a plan for reversing is actually twofold.
1. If you are trading breakouts is needs to breakout for something by .50 (my criteria) So if we are talking a breakout of support by .50 then I am in. It goes .75 in my favor and reverses, Old support becomes new resistance at this point then it hits my S/L and I am out. Now I have to be very fast in checking to see if there would be enough room for me to get 2 points before hitting resistance which by that time we should be 1.50 above support. I could draw out a sample chart if this doesn't make sense.

2. Ususally when people reverse there is no thought they just hit reverse and it becomes a guess at that point. I don't like to guess because I am wrong to much.

But to make a long story short I don't do reverses.

Gary
 
Quote from 4re:



2. Ususally when people reverse there is no thought they just hit reverse and it becomes a guess at that point.
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Ain't that the truth, in my case anyway. Yesterday I reversed out of anger and turned a bad day into a worse day. Gave away a lot of my profit for the week. I had six winning days in a row and started getting stubborn, impatient, greedy. Now today I'm going to take it very light, if I trade at all. Thanks for the heads up on what to expect from the options expiration.
 
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