I know... my daily charts are getting very cluttered... ...is what happens in wave 4's. I'm running the green fibs on the min charts looking for resistance but will place them on the daily charts for this post of thoughts.
4 days ago everything across the board was breaking out of the top 60m Bbands. I really wanted to add to my shorts that day but couldn't pull the trigger because I thought OEX had a strong chance of going to the 89% fib (red) and top daily Bband/s. So I'm still stuck in 2 puts getting eaten by decay waiting for wave 4 to fall apart. I may trade around that position with another put strike again in attempts to take gains. "trade around it" Wave 4's really get on my nimble nerves. Big swinging moves sideways eating my shorts as I'm sure it will eventually break to the downside to start wave 5 but unsure when. My conviction is strong but paying for it with the pain of decay.
T-3... is where I sold my trade around short position and bought a call thinking it would bounce to 468 as OEX faked another run to the top daily Bband. OEX fell like a rock and the short I sold would have more than made up for the loss of my other decaying OEX short position. What a bummer. I was slow getting around to finding the next support but was sure it was near because OEX fell hard very fast "white fibs" This also convinced me to take the XLF put position gains. I wish I had done the same with the OEX put trade around position. The next am... Markets gapped up ignoring very bad econo news. "short squeeze" so I added 1 call to the long position. I should have added 2... ended closing that with skin of my teeth gains not wanting to sit on weekend decay. "cured my bad initial long entry and poor add decision"
Top 30m Bband being pushed up... I could be wrong but next week I expect more put decay and short squeezing into the bank holiday on Tuesday the 11th, It's not a market holidayhttp://www.optionsclearing.com/publications/xcal/xcal2008.jsp I would like to start adding short again to any market strength. I'm looking at a fresh Dec put trade for XLF and a trade around put strike position for OEX.
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