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mcteague

Registered: May 2012
Posts: 21

10-22-12 09:02 PM

It seems like you could hold positions somewhat blind as a day trader; with the following exceptions.
Be flat at these times:
1. On the weekend hours when no trading occurs
2. During the daily maintainance windows
3. 15 minutes before and after ny, london, and Hk open and close (perhaps to conservative)
4. At least 1 day before expiration.
All other times when not at the screen trailing stop is preferred method
Thanks

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oldtime

Registered: Jun 2011
Posts: 7357

10-22-12 09:11 PM

Quote from ammo:

with the economy in it's current state the odds of the spx opening 20 pts higher is unlikely,but if it did, it would be big, i use a 20 point stop to the upside,along the same lines,the likelihood of it opening down 20 is much stronger, so just don't go home naked short

I just routinely put in a limit to sell 20 points above the close. I almost never get filled, but I figure one of these days I'll catch a panic stop.

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Laissez Faire

Registered: Sep 2010
Posts: 4153

10-22-12 10:28 PM

Quote from feng456:

Gaps do occur though they are rare...no more than 5 times a year off the top of my head. I'm sure you could pull up some historical data and look through it yourself. Keep in mind the ES isn't traded on weekends (well a good chunk of it) so that's where many gaps will occur (Sunday afternoon open).

Gaps are rare in ES?

Well, from the top of my head, you could not be more wrong.

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Visaria

Registered: Sep 2004
Posts: 3799

10-22-12 11:34 PM

I've been slipped on stops during RTH on ES.

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Nutinsider

Registered: Jul 2012
Posts: 81

10-23-12 12:04 AM

Quote from Handle123:

Unless I have 10pts of profit in ES/S&P500 futures, and I just entered on the trade in past 1-3 days, I would have some options bought for over the weekend. Anything can happen and I rather have some kind of hedge, otherwise one is just gambling.

I don't recall the size of the gap when markets reopened after 9-11.

I recall long ago I got caught in a limit down move for three days in diff market, cost me $110k, not saying the indexes could do this, but anything is a possibility.

buy puts or calls depending on if you are long/short?

And only if its a position you opened more than 3 days prior?

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