My plan:
I realized that I have not formed a thorough process of analyzing the market in a bigger picture, especially during the trading session while I am busy looking to place orders. Example, I didn't notice that RUT and SPX are still in their current down channel. I need to clearly define my process of analyzing the market's bigger picture. Trend, MA, Fib levels, BB band, then volume profile during the day.
Indices futures held up in a small range overnight. ES is at the upper line of current down trend. I am watching to see if the first attempt gets sold off. I may sell some puts if we have a pull back to 20150-13 for ES and similar level for SPY. RUT has a little more upside to test the trend line. I will hold off selling calls for now.
Grains are pulling back from yesterday's big surge. I am considering to roll my Mar corn 400 bear calls. Over all, I am sticking to my plan of reducing size in grains. I will stop trading soybean after close my current positions.
My executions:
Indices pushed high for most of the session challenging their upper line area of the current down trend. Sellers came in the last hr pushed them to the new low of the session. So the down trend held for now. I sold 6 SPY Mar wk 3 for 39 filled after hr and one ES Mar wk1 at 3.30. RUT had less movement so none of my credit spread nor IWM got filled. I am considering adding QQQ, TLT into my trading after fading out of grains.
Grains pulled back somewhat. Soybean gave away most of gains from yesterday while corn and wheat held most of their gains. No trade in this front.
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