Indices couldn't cross the Fib levels yesterday. They started to drop in evening session after closed at lows. By this morning before open, they were down near 2% already. It was another bloody day as most of the indices closed near 3% in measured move.
I was proactively working on maintaining my margin levels. I had to close 3 of 4 RUT long puts for this week and closed a rollover in SPX Oct, made a only$200 out of 4000. Lack of margin and buying power really tight up my hands. I will continue to work on deleveraging my account tomorrow. I have had 275 contracts for Sept, the highest number on my record. I was over leveraged as I was implementing 2 round trades per week plan. Over leverage and rely on luck killed me this time.
Tonight indices are showing some level of bounce after hitting their Fib levels during the RTH. Either we go up or down from here my main objective is to deleverage and release margin. I was not active enough and lacked of solid solutions during last week's pop.
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