Position is almost back to break even. I'm not even mad though. Trump is going totally nuclear right now on twitter and it is super ammusing. Lol
If the price breaks the pin bar @ around 2770, I will likely keep the long position on and turn it into a covered short strangle or covered short strap. That will be a VIX dependent decision
https://www.elitetrader.com/et/threads/es-has-built-a-rocket.334954/#post-4906751 Red does not appreciate volatility. Truly. "... melting down over a 1 lot micro because they are down a tick! 1.25! this site is full of them. wannabees strugglers blood suckers of spirit and mind. they want it for free easy street. you gotta oay for real meat on the bone you beyond meat trading wanna be balony blow me micro futires trading little bitches. krugman25 is back!! bullish to the moon..." And how did that work out today? Not so bullish, and more bear action will carry through into at least Sunday ETH Open.
This is turning into one of those Elon Musk rockets that tip over in a good breeze. Or was it a good setup that was tweeted to death? Not sure, and we may never know, because the dream is still alive. But for me, if this trade fails, it will not end but rather morph into something that let's me sell the juiced up vol. I am going to take the other side of your Sunday open. My guess is we open green because Pres Trumps "mystery retaliation" turned out to be a lot less scary than a lot were thinking. It could have been a lot worse than 5% more tariff. But if we do gap down that will probably mean the short prem position go on the board sooner rather than later. Elon Musk's rocket was just taking a nap.
If you were referring to my trade, krug, go for it. I'm in one of those long drawn-out slugger trades where my ass is dragging on the ground. I am in nothing but a simple long. As for the Trump twit thing being less scary? Mmm. We have to consider what he just twitted about the tariff increase, after ETH close, so that will gap down Sunday night. But what will he say during G7? In 15 minutes he will be boarding Air Force One on his way to France. Happy trails, you load of self-righteousness! Oi!
He announced in the morning that he was going to be announcing some "yet to be revealed" retaliation later in the evening. So you don't think at least some of the selling today was the market positioning for a potentially really, really bad retaliation that they knew was going to be released after close? I think so, and so what I am saying is if the Pres' 5% tariff adder was a lot more mild than the market was positioning for, we could actually get a little relief rally on Monday. Remember when the market's rallied after we bombed Syria over the weekend. I feel that the rally was from relief that the bombing didn't escalate as bad as could have. I think it could be the same situation.
I hear ya. This specific trade is a just a simple long $38k notional position. I don't really want to take it off the board even if the pin fails because there is a longer term play I want to make as well. So I may be getting jerked around for a while if markets do fall. If vix is juicy, then I will be selling prem to try and lower my cost basis at least a bit. Thankfully my position is small, so I have room to do things depending on how next week goes.