Thursday, May 27, 2010

ES channel breakout

Looks like that reverse head and shoulders worked for a trade today. I sold a 114/116 SPY call spread at the resistance line (1095) that didn't hold up. I will look to sell another if we near the upper resistance line at roughly 1150.

I didn't put on any positions, just practicing charting and following in the after hours. If this was the regular market session and this pattern formed I would probably buy a straddle and see if we got a breakout in either direction.

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