No. I moved my stop prior to you posting about the channel. --And it was less than 20 at the beginning and was 39.25 when I moved it.
Just a comment you should post here if it helps you as a trader, whether or not you want to play by buy1's rules is up to the poster. Remember that we all have the ignore function. For example, I am mostly a scalper on spy so that you may find my trading posts a distraction if you a long term swing trader. I have put some people on ignore when I find their comments distracting, its not always due to their opinions. Just a thought. Saliva I don't think buy1 ever said to stop posting, he did tell that to regal/blackguard but that didn't stop him from posting calls full of awesome. Also, buy1 is a good trader but I disagree with some of his ideas; it is his thread so I try to abide by his rules, I have my reasons for not posting an explicit stop. If you have ever traded futures in a thin market you know what I mean.
There is some real fear out there right now. The VIX just went to the high of the day even though we rallied and arenât that far from unchanged. Since this is a Friday the VIX should actually be down a little as they start to price in the weekend decay, so the volatility in the front month right now is about 35 when you factor that in. They are pricing in a range of 1210 to 1290 by the open next Friday.
opt,bloomberg mentioned earlier that the vol in bank stocks was huge,might throw off your read,i don't read it well at all ,just threw that out for thought
Obviously the financial stocks have been going a little wild, but that was already a known issue. I was pointing out that there is serious fear going into this weekend, a level of fear only seen once in awhile. A week ago there was two weeks to expiration, and now there is one week to go but the 1250 straddle is still trading the same price. Even though half the time has been erased, there has been no decay in the options because of the vol increase. Just something to be aware of for those that think selling options is easy money.
Well, I donât know about that, I think you would be a little late. I have no idea what will happen over the weekend with LEH. I would not be a buyer of vol at the current levels until some additional clarity is given. Your low risk scalping is a better way to go right now in my opinion. Since no one is posting ES trades today, another very interesting thing is oil. The talking heads kept saying oil was falling because of the dollar rise, but the dollar is down substantially today but oil canât seem to keep any gains. This would be further proof that it is very dangerous (not impossible just risky) to try to trade on news or assumed relationships. The price on your chart is the only thing you can count on â well most of the time anyway.