@kaikentrades Balance days make it easier bro, because when you identify the micro auction early (330 and 400s after IB), was just nonstop ping pong. You’re looking for the same areas to rebid and re offer. Pair that with trapped traders and it’s clean work
Options are amazing. Options aren't the holy grail.
If you pick the wrong structure, you won't get rewarded even if your idea is right.
My idea was for ES to trade down to 7720. If I used straight futures I would have had a really nice overnight session.
But managing stops overnight isn't my style.
So I bought an Aug 18 7740, 7725, 7705 put fly for I think 0.90? Very cheap.
I love butterflies when I have an extremely specific target in mind.
Only issue? We got to the body of my fly super fast... Butterflies like a bit of time before we reach target.
So despite 100000% nailing the exact price level, my option structure wasn't able to kick in to realize max gain.
If we keep pinning around the body, I'll be super happy. Trade still open.
Let's see what happens.
$NQ Aug 17 Week
A lot to be aware of this week, Vixpiration, OPEX, FOMC meeting minutes.
Good chance we have a slow drift higher into OPEX and slight pullback next week.
2 areas that the market would do well to hold higher low for the bull to start the week:
30,185, 30,115
Otherwise it looks like longs are fades into the 30,040 and 29,940.
Lower highs to fail and sellers to sustain under 30,260 into last weeks balance.
@LonsonNM So ideally today’s RTH opened above Friday’s value, and we had trapped sellers come straight into that spot (160-170). Ideally boolas reclaiming 180-200s (current weeks bottom mini auction) for a rebid back to 285s. Overall, we just developing value higherer
Small day… pretty clear balance vibes as we had a 250 seller and 180s buyerer. When flow is obvious both sides for me I don’t mind some scalps. The trapped seller into 180 (weekly open) was chef kiss tho. Have a solid sesh! 🤙🏽
@LonsonNM Above/in/below value? My current view is last week Thursday we broke out of major bal > tested and closed above it Friyay sesh. Sunday Globex open fails to sustain the strong move (looking for buyerers)