No position on the table, I’m simply watching the market action for the next few days. Plan on entering my NDX iron butterfly around the 30 days till expiration mark. As we closed with a hammer candle pattern on the daily chart, it will be very interesting to see what tomorrow brings. Should we break this hammer then all bets are off. Also, notice how volatility came back quite a bit Today, almost a 8% drop on the VIX, if one had entered a position Yesterday, it would be in great shape Today just with the vols crunch.
Still seems like the storm is not over yet.. We're watching a few 1.5+ st pop out here and there. By looking at the weekly chart I'd have to say I'm not very bullish, the market can always go where it wants to go, but it seems that it is still seeking that SMA 50 on the weekly. I'll be watching the daily action next week, in preparation for entering my JUL trades I want to be watching the "waters" sort of speak..
Ok, I've been absent for a few days, so here is my 5 minutes review of the week: while I don't think it is business as usual, I can point to a few indications that it is much calmer than it was a few weeks back. Look at the daily chart, we only had a few bigger than 1 st. deviationd days in the past 10 days, compared to how it was 20 days ago, it is much better. Also, the 5 day chart seems to be showing to some sort of consolidation, meaning we're not totaly biased to one side of the chart. All that being said, I'm glad I'm no longer with positions opened, but at the same time am looking for ways to stay connected, perhaps some backtesting? Or even a review of past trades, capturing some lessons learned along the way.
