ES opened down for all day but was in a 12 point range. It tested Fed day's crime seen and closed right at it. It looks ready to test last Monday's gap. The debt ceiling is a cloud overhanging the market although not much news about it. Not many pro traders whom I follow talks about it. Does the market expect it will resolve it before the deadline or there is no major effect? E Health even popped 8% today like there is no de-funding of Obama Care. I exited partial of my e health position as it crossed my target.
I carried away a bit for these weekend decay positions last Friday. This week's 1670 puts are in danger if the gap gets closed at 1681. This was not my setup. I follow Twitter Veenmr1's trade which I broke my rule of " follow my rules and pick my setup=I own the market". I entered an order to exit the position to take off my risk and correct my mistake. Another rule breaker was that I entered 1660 9/27 puts for only $1.15 wanting the decay last Friday. My rule is no less than $2.00 premium except short term scalping. ES 1660 put hit $2.25 today which I added one. Be aware that changing habit is a process. It may take some tries to get it right. In the mean time I need to control risk to ensure that I can last long enough to succeed.
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