SPX/ES followed through yesterday's selling right after open. It went 1 tick over the low of Oct 2 and met with buyers. Bulls took it back to yesterday's low before Fed min release. I suspected sellers won't go too far since the Fed min was a risk factor for both sides. The price movements were measured and well timed. With the double bottom and both swift rejections I would assume this sell of is over for now. With the earning season starting we may see another leg up now. I followed my plan before I went for my dermatologist appointment. My plan was to exit my ES 1900 Oct 10 with a small profit to release my margin in S-5 to enter another contract. It played out fine. I entered another bull put for week 3 at 1850. The 1900 was a boredom trade to begin with anyway. But I made another similar mistake in RUT before closing. I wanted to catch a bull put when the low rejection was clear. I measured a bear call of 1160 for $95X5 as a 2nd leg of my Iron Condor. I forgot to enter a - sign to get a credit and the order went in as a debit. So I got filled with market/offer at 40C. As I remembered I wasn't excited but rushed to place the order before closing bell. This is the 2nd time this week I made mistakes in order entries. My last error trade was out today unscratched. A mistake is still a mistake even it's profitable.
Corn and wheat made new highs defining the trend on weather and oversold conditions. US dollar retreat helped the raise too. Soybean broke yesterday's low forming a HS formation. I suspect grains would end the short squeezing and profit taking by tomorrow. I plan to exit my OTM puts after tomorrow's report and be done by next week. The seasonal low for corn and soybean could be set by next week. Wheat has another low in Nov according to seasonal charts.
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