You have to understand what is at stake here. Pressing it down too much will trigger something much bigger. If 1160-80 area failed to hold by afternoon, massive fund liquidation on close will be in play, implying 1080 as the minimum downside target. No deal will save the mkt if it is done by monday.
i placed a bet yesterday that their would be an agreement made sometime last night. for those of you who were watching you seen the ES rally 20pts in seconds on the rumor that the deal was done. i was already positioned heavy expecting an explosive upside move simular to the one that happened Sunday night when the Fed announced it had taken over FRE & FNM. Well it was a lie. the news media had been announcing "Done Deal". on the headlines and when the guy came out he said "no deal". well the ES collapsed and i got stopped out...."HARD"!!!! I should have known better with all of my years of experience. I was hopping to hit a home run. I know better than to trade outside the parameters of my system. instead of going long the trade on the expectation of a gov't led rally i should have paid attention to my system and shorted the resistance @ 1222.50. well it cost me dearly. I WILL NEVER DO THAT AGAIN!!!! from now on i only trade my signals and not the news. may this be an example to newbies on this board that even the most experienced trader can get carried away on emotions. don't try to guess what will happen. instead trade the market, read the tape and do what the market tells you to do. if the PPT comes in and tramples you on the trade - so what at least you traded your system and stuck to your trading plan. .......and that's one to grow on.
ops yes strangle, not straddle. That's usually a bad play right now as you will be against high iv and theta decay. But i am betting on a big move in either direction by next week that will overcome the 2 negatives. If this fails to be true (market doesnt move), i will exit. That's my stop loss - market doesnt move by mid next week. The major plus on this is my risk is well defined and limited.
long 1196. stop 1192 headings towards necktie support on 10,15min, and 200ma on 1min edit: support not resist, cant type today
Cheer up. I have done that many times. I actually went short at the point you went long because my system said to short. I had a few lessons like you had until I got the message.