My plan:
Indices futures dropped feather overnight. Europe and Asia have down more than 1% except China. ES is off 15 points and back in its previous balance area. All gaps left on the way up are filled now. ES may chop in this CHVA. The target below is 2038, Fib 50 RT and 2020, Fib 61.8% on weekly. The up target is gap fill at 2053 and 63 I plan to sell SPX credit spread and ES far out puts and add bear calls on balance. I will close some mutual positions to reduce my margins.
Grains are slightly down after a less exciting export report. I will continue to let my positions to decay except adding on balance.
My execution:
Indices held overnight low today. My theses was right. Sellers took a break and let ES, NQ closed the gap. Bulls and bears will have another fight tomorrow since indices still closed outside of yesterday's range. I made two mistakes today: one was traded Thomas's weekly SPX setup without testing it in paper account. One top of it I forgot to put minors sign again when key in two contracts. Luckily I got 25 credit for each, I then added two more at $50. I will exit the position out tomorrow or after the weekend for B/E or a small profit.
Wheat had an unexpected sell off on the day before options expiration. It dropped over 20 points to pin the $5 mark. I had to close my $5 bull put at 2 and took another put in May at 4.55 for 2.5. I made money but it was something I shouldn't left on the book. Good thing that I had a plan just in case.
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