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Still not trading, I feel there is no edge here in swing trading except for scalping...I need a big move up or down (Previously big move or up would be considered as 10 point swing but these days it became common so need more than what we have right now)...This contract rollover and FOMC is making it more tough, I feel like I have to close my September contract but not able to pull the trigger...
Can you help answer these questions from other members on NexusFi?
I honestly don't know what you are trying to do, but I would say it's a safe bet it isn't working (based on this thread).
Hedging ES with a front month is not hedging ES. You are spinning your wheels and compounding your mistakes, like closing the winning trade early and letting the losing trade continue.
You'd be better off sticking with the basics until you master them.
If you want to hedge, take a look at this for a global tactical asset allocation system:
In this thread I'm going to document the development of an ETF-based "global tactical asset allocation" system. What are the goals of this system? It's meant to take the main role of allocating a long-term portfolio. Hopefully we will …
Thanks for taking time to comment on this journal...I will explain later what I am trying to do or my mindset it ...Your are right it might not working but that hedging is making me comfortable in this highly volatile market..
Not a good day to short but I didn't loose much on this short...I did few trades this morning currently I have 2 lot ESZ5 short average at 1966 (Seems very far and I don't know when this rip will end but expecting a turn down before FOMC..
Edit: Now I am feeling itchy and not comfortable at all...
As per this post, I should have sticked to the idea of getting out of long at 1990 on ESU5, why did I change it because market whipped me with volatality and thought I will be good if I get out at 1970 areaa....hindsight is always right
Obviously my plan backfired spectacularly, still holding two contracts of December with avg price of 1966, tried to get long at the end but didn't/couldn't so with FOMC coming tomorrow only chance is drop overnight or take the max pain and go hiding few days or leave that swing so that margin kick me out or go flat by adding two front month contracts and managing it as we go....
positions
2 ESZ5 at 1966 (this is by far a stretch to me, I am generally a one contract guy)
2 contracts of SPY NOV monthly puts at 4.80
What to do now?
1. Take a bite on ES
2. Wait for pullback before FOMC and go flat by adding two front month contracts and manage after dust settled (I know I will do this but need atleast a 10 point pullback before FOMC).
3. just go plain flat
4. Worst case scenario is hold into FOMC and to next week...
Why I am in this position?
1. I expected a range day/pullback before FOMC but didn't get it
2. If I look back my entries they are not that bad considering I entered one at 1969 and another at 1979 with around 20 points cushion from selling of my long.
Hey this is swing trading unlike other for me swing is swing not a day trading...
Edit: I am also looking at bear flag forming on weekly chart.