Wednesday, July 8, 2015

Binary Options S&P 500, Entry

Times are New York time.

I've opened a bearish position on S&P 500 binary options.

S&P 500 (Nadex:US500) 9:55 a.m. entry: Short the >2056 strike for a $44.88 debit with the index price at $2062.33.

The chart below shows the Nadex strike of indicative 2056 positioned at the estimated equivalent index market price of $2,063.83. The Nadex indicative is the average of the 25 most recent trades on the exchange.

Click on chart to enlarge.
S&P 500 at 10:05 a.m., 2 days 5-minute bars

Elliott wave analysis places the peak of wave 4 {-1} to the upside near the end of yesterday's closing bell and counts the sharp push to the downside as the beginning of wave 5 {-1}.

I goal in trading is to go with the principal trend, and the count suggests that the principal trend has now resumed its downward course after a counter-trend correction.

-- Tim Bovee, Portland, Oregon, July 8, 2015


My draft day-trading rules can be read here.

Elliott wave analysis tracks patterns in price movements. The principal practitioner of Elliott wave analysis is Robert Prechter at Elliott Wave International. His book, Elliott Wave Principle, is a must-read for people interested in this form of analysis, as is his most recent publication, Visual Guide to Elliott Wave Trading

Several web sites summarize Elliott wave theory, among them, InvestopediaStockCharts and Wikipedia.

See my post "Chart Analysis: Nomenclature" for an explanation of my method for labeling waves on the chart.


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Tim Bovee, Private Trader tracks the analysis and trades of a private trader for his own accounts. Nothing in this blog constitutes a recommendation to buy or sell stocks, options or any other financial instrument. The only purpose of this blog is to provide education and entertainment.
No trader is ever 100 percent successful in his or her trades. Trading in the stock and option markets is risky and uncertain. Each trader must make trading decision decisions for his or her own account, and take responsibility for the consequences.

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