My plan
Indices futures went up over night on Mid Term Election results. They parked right at yesterday's before open. I will manage my bear call positions, exit or roll up on the raising market. If we get a sell off after new high I will sell bull puts in all three acct.
Grains continued to the downside overnight on the harvesting news and US dollar is at 4 yr high.
I should focus on managing bear call positions, buy puts for the down turn. Don't over trade bull puts. There are more room to go down.
The play:
As expected indices made a new high. Sellers tried to push it down after new high was printed early in the session. ES had overnight gap closed and then buyers stepped in. It was a choppy session until closing at top. The energy for break out is building. The last piece is tomorrow's ECB announcement. It may well be causing the market to break up or down depending on what ECB brings. I had one RUT bull put for Dec filled today. SPX and other credit spreads were missed. I should be patience to wait for a pull back. I don't want to enter any bear calls until there is clear break out and clear rejection.
Grains dropped and bounced later in the session. Arlan commented on support levels but I didn't see them. I need a better TA procedure as my routine. Fib and BB in daily and weekly as a starter. I traded some bear calls and bought couple puts in corn. I am still doing it as it goes. No clear plan and responsive rather than proactive. I need to slow down and look at the bigger pictures.
I made another key in error in soybean today. I entered 1130 bear call instead 1150. it got filled on market. I placed an order waiting to get out.
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