Traded ER2 today. Took a huge intraday drawdown by leveraging a SHORT divergence between ES and ER2 during the start of the afternoon reversal. ES moved down 1.5pts but ER2 kept going up. I didn't exit according to plan and I ate a big loss. Luckily I realized what I was doing wrong and I reversed positions. ER2 has been VERY STRONG the last 2 days, likely due to year end short covering.
Thursday, December 20, 2007
Dec 20 $1,001 on 146c
Traded ER2 today. Took a huge intraday drawdown by leveraging a SHORT divergence between ES and ER2 during the start of the afternoon reversal. ES moved down 1.5pts but ER2 kept going up. I didn't exit according to plan and I ate a big loss. Luckily I realized what I was doing wrong and I reversed positions. ER2 has been VERY STRONG the last 2 days, likely due to year end short covering.
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