My plan:
ECB's announcement popped market pre-open. ES touched the high of 2026. NQ had different behaves yesterday and this morning. It closed at lower part of profile yesterday and didn't break prior day's high thi/s morning either. FT is expecting a range day within yesterday. I will sell bull puts and spread on any meaningful pull back and roll up my bear calls on break up.
Grains had another strong export report which helped to hold yesterday's range. I will limit my activities in current positions and manage my risk.
I read an article about high performance traders by Dr. Steenbarger. There are couple of very good points:
1. These high achieving traders spent more time prepare, study, analyse market and trading strategies than actually trading.
2. They have had good mentors and ended up developing their own trading approach and styles.
Indices broken out as expected after ECB announcement before market opened. Sellers stepped in after open and pushed ES to 2010 with the same pattern of the last few days: Sell first and ramp it up later. ES/SPX closed at all time high again. I had a ES bear call of 2060 for next week filled at $210. I may try another one tomorrow with credit spreads. Indices have more room for upside depending on how trades interpret unemployment data tomorrow morning.
Grains pushed up but failed to hold their gains at closing. Export data is still strong. I bought two Dec corn 380 calls to hedge my puts just in case Monday's report turning out like last month. I may try a call in soybean tomorrow. I roll over half of my soybean 940 from Jan to Mar to lock in some profit and just in case a big drop after USDA report on Monday.
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