Theta burned again today.
Being Option ex week, today seemed like a perfect day for Theta burn. The hit and run approach we advised was the right strategy.
System rules said fade the high, testing for 60/62 support.
Primary target was 61, and we were expecting the rainline to provide some support.
We didn’t think we would get a powerful surge today, though we easily could have.
Lunch chop was messy for anyone who played, as it often is.
The afternoon rotation we read correctly, and kept the 68 cap in place for shorts who wanted one more shot. 64.5 to 63.75 was the high value target zone, and 62 remained support for us.
Tough trading, no matter how you played it.
The Fraternity of traders who share their powerful insights should not be taken lightly. They are as savvy as all those traders with 50,000+ followers who are on TV… and continue to locate high odds turning zones for day traders.
the 62/ 60.25 fri supp zone still hanging tough … profilers like @eminiplayer and @verniman had that as important zone #EMWS
Bama and Renato remarked about 2012 being tougher than 2011, and I agree.
Election year manipulation made last year a joke, and in my opinion, the travel range was only 215 points vs 305. That extra ninety points allowed for a bit more range, something clearly lacking lately.
A 42 point day tends to do that, especially when we get a 15 to 20 point gap on top of that.
If we roll the loaded dice at the world’s casino, we better be playing with money we can afford to lose is all I can say.
Only one other time I remember was worse; there was a 50 point gap up that was just mean spirited.
We still haven’t migrated back to Matt’s 55…
If 61 zone broke today, then there was some hope for those traders who guessed wrong last Thursday to get some revenge.
@BamaTrader @50Pips @SpiderTrades @KetyPieterse @eminiplayer @TraderSmarts thanks all for recent posts on #EMWS
The market was just walkin’ …