It was another profitable week trading $ES. I ended the week with a gain of 10.4 points ($520) on my options trades and I did not take a futures trade. Trades are listed below.
I dialed it down significantly this week after the past 3 weeks of frenzied trading. I had been taking on more risk than is acceptable (to me) and this week I made a concerted effort to take profits early when the opportunity arose. The previous two weeks I was given the opportunity to close out the week early but instead I tried to squeeze the last drops of premium out of the options I had sold and I ended up having to spend a significant amount of time managing/adjusting my positions. I consider this week to be very successful by comparison even though the profits were less. I was done trading by Tuesday and I didn’t try to chase the market as it went higher or force a short in the face of strength.
I did end the week by selling an a 2000 Mar11th call and I’ll write more about this in the trade plan for the coming week – I should have this out by tomorrow evening.
The hourly chart of $ES that I typically post is updated below for your reference.