2015 hit

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  Finally my 2015 area of mS was hit this morning and I was able to back ratio my 209/210 call credit spread by 1 contract.  So I took a small profit on my short leg and my position is set to for price to go back up and make a new high.  My long target is 207.50 where I'll look at taking more profits from my long legs.  Here is what my Iron condor looks like after the back ratio.  

back ratio
back ratio - Click on to enlarge

I also put on a new Iron Condo in the SPY 65 days out to June 17th.  I'm going further out since the volatility is so low and is the same reason for selling the Condor.  I used to just sell the Puts but with the markets low volatility my short side won't crush in value as it would if we had high volatility.  The Call side gives you protection in case the market does not bounce here and continues on the downside.  If the market continues to the downside, I'll back ratio my Put side covering a short leg getting my position net net short and continue the process of taking profits at Support and Resistance areas.  Here is my new Iron Condor I sold 5 contracts on each side.

Iron condor II
Iron condor II - Click to enlarge

Do I know where the puck is going?  Well yes, It's going to the target, my T1 and T2 areas.  Now knowing where the target is can be easy at times, but when it will get there is the million dollar question and that is the reason that I sold the Iron Condors with 65 days to go giving myself plenty of time (I hope) to be correct...

ES 03242016 Thursday
ES 03242016 Thursday

      

 

 

 
Posted in Iron Condor, Options | Tagged , | Comments Off on 2015 hit

Sideways

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Not much to say or do right now with the price action in the ES.  We have gone sideways for the last 4 days playing ping pong from 2028.50-2044.77 areas.  I'm still looking for a pull back to mS (minor support) from the daily chart at 2015, I'm sure I'm not the only one, I'd like to sell some put credit spreads but I'll also put on the call credit spreads at the same time (Iron Condor), just incase the pull back goes lower than I expected.  Here is the current 60 minute chart of the ES...

ES 03232016 Wednesday
ES 03232016 Wednesday
Posted in ES Market update | Tagged | Comments Off on Sideways

5th day up will the bar close green?

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  Our hourly price chart is still sideways with pricing moving from the 2043 price area back down to 2030.  It has been ping pong since last Thursday but this morning price is hanging out at the lows and may want to move lower.  I'm waiting for price to hit the 2015 area before looking for additional longs.  Here is the big picture from the daily... 

ES 03222016 Tuesday
ES 03222016 Tuesday

 

   

Posted in ES Market update | Tagged | Comments Off on 5th day up will the bar close green?

Waiting…

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  Currently the ES price action is sideways on the hourly chart but I'm really waiting for price to come back down and hit the 2015 area so I can back ratio my 209/210 call credit spread, exp. May 20th, to the long side.  I will also attempt to sell another Iron condor when price hits the 2015 area again.  I currently have the 198/199 put credit spread which is doing well.  So far today, I've had a small scalp trade for $96 bucks or what my mentor "Marc Nicolas" would say "Sushi money". Here is a photo of my Daily ES chart showing mR at 2015.44 and the price targets above.  Note:  Yes, I do follow the ES charts, but I trade my options plays using the SPY. 

ES 03212016 Monday
ES 03212016 Monday
Posted in ES Market update | Tagged | Comments Off on Waiting…

Blue Sky

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  We are set to close the week up again, 5 weeks of buying and currently we are trading at the 2036 range and I'm out of targets on the hourly chart.  My nearest ES target is from the Daily chart at 2067.50.  On the SPY Daily chart I have the next target at 207.77.  The question is not if the target will be hit because it will, the question is when.  

 
ES 003182016
ES 003182016

 

    

Posted in ES Market update | Tagged | Comments Off on Blue Sky

It’s so Pristine…

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  In this business you have to really trust your method and at times you are going to doubt your method and that is normal.  Lucky that I'm in complete bliss with the Pristine method.  Here is the chart of the ES from this morning, it gives us so many great examples of what a great setup should look like.  The only thing that I forgot to mention on the chart is that the entry was at 9:35 am, our first reversal time.  The 5 minute chart this morning is truly, so Pristine.

ES 03162016 example sell
ES 03162016 example sell

Here is what the 60 minute chart looks like with a beautiful void back down to Major Support.  It's obvious to the Pristine trained trader that the 60 minute price action is sideways as we head into the FOMC announcement this afternoon.

ES hourly 03162016
ES hourly 03162016

    

Posted in Market Trade | Tagged | Comments Off on It’s so Pristine…

Wide Ranges

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  After yesterday's breakout to a high of 2010.50 price fell back below the key 1994 area of mS and continued lower taking out MS at 1977 and finally finding a support area at 1966.82.  Price since has rallied all the way back up to the 2010.50 area.  They should sell this area, I'm not sure that price is going to pull back all the way back down to the 1966 level, so I've drawn in possible mS areas that price may be able to hold and continue higher.  Price did hit below the 1970 area where I wanted to sell my Put Credit Spreads, but since it was late in the day, I was not by my computer and I failed to get them on 🙂  Oh well, so much for my "best laid plans". 

ES 03112016 Friday am
                      ES 03112016 Friday am

Posted in ES Market update | Tagged | Comments Off on Wide Ranges

Early morning breakout

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  Just as the ECB announced lowering their rate by 1/2% the ES spiked upward breaking out of it's Major Resistance area of 1994.  Now the 1994 should be the line in the sand if we are going higher.

ES 03102016 am
ES 03102016 am

On our Daily, price needs to get above the 2007 for this uptrend to continue, I'd rather see a pull back to the 1970 area but I feel I'm preaching to the choir by saying this... 

ES Daily 03102016
ES Daily 03102016

 

   

Posted in ES Market update | Tagged | Comments Off on Early morning breakout

Breakdown

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  Price broke down yesterday through the 1984 level and has found support at the 1977 level which it has tested twice before moving up again to retest the 1994 area.  So now we are ping pong sideways between 1994 and the 1997 areas.  I'm still waiting for a pull back to the 1970 area so I can sell some Put credit spreads but price is having a hard time moving lower... 

ES 03092016 am
ES 03092016 am
Posted in ES Market update | Tagged | Comments Off on Breakdown

Inside days

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  Not much has happened as far as the ES price action since Sunday evening except to say that we are definitely in a sideways pattern on the 60 minute chart.  MR is at the 2007.66 area and MS is at the 1984 level.   My gut feelings are that we will pull back to retest the 1970 area of mS, from the daily chart, before going higher but the longer we go sideways increases the odds that we will just continue higher.

ES 03082016 am
ES 03082016 am
Posted in ES Market update | Tagged | Comments Off on Inside days