I had a short at 1333 last night. Market moved pretty strong up to the level, and I pulled it. I was going to wait until the open to short. Now, I feel the move is getting overdone. 1318 if hit will be a great long term level to get long (I'm thinking). Buy limit 1318. Also one could try to re-short near the open on any gap fill but that would be a fairly large rebound and might be a risky to re-short. 1322 showing some buy pressure.
My orders: Limit buy 1318, Limit sell at 1328 (1330). I'm a bit concerned about the short just in case we get news of a deal. I rarely place orders on both sides of market.
07-08-11 07:51 AM 06-30-11 09:47 AM Currently short the Sep ES contract at 1314.50. Stop is 1372.50 --Maintaining short here. Stop remains the same. --Maintaing short here 7/11/11. Stop remains the same
How can you do that ...you only have $500 to a $1000 in your account...by your own admission in another thread... NiN
You did a face palm on Atticus last week for just 7 more pts lock-in? In my opinion you both doing fine on this one.
@NIN Actually, I have about 1500 in my account (closed profits over 500). I'm not trading the ES outright but the NADEX spreads. 1315-1345 and 1300-1330 are the spreads that have the limits. Total risk on either side @ $40 per point would be under $90. I've the limit set at 1328 because I feel price can go to 1331 (and that would be the premium). I'm still concerned about the short side. Fairly strong price action divergence. If we take out 1331, we could move to HOD. I typically use markets to enter (limit at market) and limit to exit. I've found that when I miss the short drop down and try to re-enter at limit on a rebound: trade probability of working is lower. Or I get spooked out like with my 1331 limit. I'd rather feel strong enough to enter at market. I'm thinking I should have went market long at 1322. I'd already have 4 points now. I will pull the limits if they aren't reached by 11 AM. Any later and the trade may not have time to work. Certainly feels like a bear trap.. I may pull my limits and wait for a time when I'm more confident.