Trading recapTuesday 28th of June

Another risk rally today and the S&P 500 emini (ES) futures closed at 1294,25 just above last week's high of 1293,75. This give us a higher low and a higher high on the daily chart. See daily ES chart below

Had to hedge more delta as we gained momemtum to the upside in the ES. I still see the 1294 to 1295 as the key resistance at the moment. We have not really broken clean to the upside yet, just one point is not enough to convince me to put it that way. Although the rally has been quite strong off that 1261,25 low from Friday as you can see on the hourly chart, we only have 2 down bars last 2 sessions.
60 min chart

I made some adjustements to my ES options structure as I bought back the 4x 1270 exp 30 June calls and closed the 2 long futures and instead I sold 2X 1295 exp 30 June calls instead and sold 2x 1310 July calls (exp 15 Jul). My thinking is that if we break above 1295 by 2 points or so the market so have further upside potential. While below 1295 I still see risk for a move lower. Therefore I postioned myself for that scenario by using those options to express that instead of being purely short in the futures. The futures have traded fairly choppy last week and been tricky in my opinion. This options position give me a bit more margin for error so to speak.

I also closed out the Euro structure for 1100 profit today, so that is good.

Full list of the trading log here

Good luck