Theta is Burning
“It’s option expiration; we want to think of a broad range, but not a plunge.”
A plunge would be taking out Friday’s low, and going lower.
We wanted to test primary support today, which we felt was 1282 rth.
Our premise was that most shorts would get left at the station, afraid to short after being hit hard Friday. Expecting a safer bounce to fibo resistance, we said to our members the only way likely to catch this is use the half gap as resistance, and said it was aggressive, and certainly not for everyone.
Targets were identified early on and sequence traders enjoyed a terrific day.
The odds changed at lunch, and I said I hate to recommend a “guess” against the trend, but using 78 support try the scalp long for the retests were probably a better bet.
Zeek nailed it with his call for 81 being the buy.
Power charts helped see the zones of chop, and if you remained flexible in your thinking, we were able t make money both directions.
One good trade a day is all we need.
RT @JT707: Options exp this week … http://bit.ly/ecQFmy / Thank you #EMWS
RT @RenaTrader: $ES_F Moved STOP to b/e at 1288.50 on last 1/4, trying to sell at 1294.50 – going out for dinner. BBL / great trade
RT @yeeron: After squeezing bears best way rub it in sell off into open. it did #indices $SPX $DOW $FTSE $DAX $NIKKEI / lol exactly #EMWS
RT @yeeron: …They make the finest poker players. / but we know that Break outs get retested #EMWS
@yeeron awesome insight remember what we said about daily chart … # EMWS
@yeeron there would be a battle early this week we said
@yeeron and remember this ?
@RenaTrader what a way to start your week wtg
Rena : @eminiwizard thanks E, have a great week! 😉
Yeeron :RT @eminiwizard[09:15] E:theta burn possible[08:44] E: suggest we try hitting bounces [09:31]E: using that 96 97 just like friday as first resistance #EMWS
[08:44] E: scalping idea [09:59] E: 96 is half gap and theoretically resist for $ taking
gap filled at 82.75 #EMWS target achieved
[09:30] E: 82 is t1 and support (target) [09:44] E: key is av pivot 95 #EMWS
@smilinghiker @yeeron thanks for rt #EMWS
[11:34] E: odds better for scalps long against the push [14:25] E: this is scalping short territory [14:28] E: what is IB low?
[14:29] E: so this is retest the bd [14:39] E: scalping looking for 85 test [14:39] E: this is fridays rth low #EMWS
RT @Nirav777: Need to find a new avatar, anyone have any ideas for me? $ES_F / naked runner? #EMWS
E: 14:21E: afternoon is for taking away your profitsE: 14:2]E: be conservative[15:00]E: we dont want to be too agg this afternoon #EMWS
RT @MissTrade: Does Anyone Seriously Believe the Global Recovery Is Still Intact? http://bit.ly/i4wtZc / [08:17] TC 89: the correct play was short it and carry trade over, imo
[08:17] E: that is an exogenous event with unknown repurcussions
[08:17] E: from food to money to human suffering
[08:17] E: japan cannot possibly be interpreted as good news … so our choice was hit bounces #EMWS
then think theta burn after primary support tested , and likely mkt bounce as the Angel is born to test the Demon #EMWS
After hours…same old…
Attacking the 78