08/18 MNX Iron Butterfly - SEP

The SEP MNX Iron Butterfly recovered from Yesterday, I have some contingent orders to sell the OCT PUTs if we keep moving back up.

Position's History:
08/17 MNX Iron Butterfly - SEP
08/14 MNX Iron Butterfly - SEP
08/15 MNX Price & Volatility Study
08/13 MNX Iron Butterfly - SEP *New*

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08/18 IBM Calendar

Got my Money out of the trade Today! Had an order running to exit me with 15% and it triggered Today. This was the easiest of my AUG trades, the only one that reached the profit target.

Position's History:
08/17 IBM Calendar
08/14 IBM Calendar
08/13 IBM Calendar
08/12 IBM Calendar
08/11 IBM Calendar
08/10 IBM Calendar
08/07 IBM Calendar
08/06 IBM Calendar
08/05 IBM Calendar
08/04 IBM Calendar
08/03 IBM Calendar
07/31 IBM Calendar
07/30 IBM Calendar
07/29 IBM Calendar
07/28 IBM Calendar
07/27 IBM Calendar *New*

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08/18 MNX Iron Butterfly

I had a session with Dan Sheridan Today and we went over this trade's beginning. One thing I got from the session is that I waited a bit too long to make the first adjustment, yes, I agree with that and I'm being a bit more proactive on my SEP trade. Other than that, Dan is against making multiple smaller adjustments, this is actually against what Dan Harvey says. If I have to choose one style, I preffer to make small fine-tunning adjustments, even if they seem a bit too much. This goes back to trader prefference I guess.

Dan also suggested exiting the trade. I didn't have time to work my way out of the position Today, but will take a look at doing that Tomorrow. At first my plan was to leave it alone till expiration, but there is not any more theta left, so it doesn't pay to stay..


Position's History
08/17 MNX Iron Butterfly
08/14 MNX Iron Butterfly
08/13 MNX Iron Butterfly
08/12 MNX Iron Butterfly
08/11 MNX Iron Butterfly
08/10 MNX Iron Butterfly
08/07 MNX Iron Butterfly
08/06 MNX Iron Butterfly
08/05 MNX Iron Butterfly
08/04 MNX Iron Butterfly
08/03 MNX Iron Butterfly
07/31 MNX Iron Butterfly
07/30 MNX Iron Butterfly
07/29 MNX Iron Butterfly
07/28 MNX Iron Butterfly
07/27 MNX Iron Butterfly
07/23 MNX Iron Butterfly
07/22 MNX Iron Butterfly
7/21 MNX Iron Butterfly
07/20 MNX Iron Butterfly
07/17 MNX Iron Butterfly
07/16 MNX Iron Butterfly *New*

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08/17 Daily Summary

Navigating the storm!! That's what we're doing as non-directional traders, I'm rolling from one iron butterfly into another and already making adjustments on the SEP position.. I decided to keep on top of the AUG trade, rolling the PUT side down to cut delta and gamma exposure, now it all depends on how far this correction will be, one way or another, I think my chances are good of MNX staying in the profit zone for AUG.

Detailed Positions:
08/17 MNX Iron Butterfly - SEP
08/17 IBM Calendar
08/17 MNX Iron Butterfly

08/17 MNX Iron Butterfly - SEP

OUCH!! Taking a 2 standard deviation move right off the gates is never fun! This time we'll be testing the MNX, can it handle it?!? Can I handle one hard-core trade after another? I thought I'd get a break in the SEP contracts, well, this may be just the beginning of another long trade..

I was forced to cut deltas, my original plan was to leave the position alone, we broke the threshold of comfort, so I cut the deltas and am ready to keep with the market if we keep rolling down.
Position's History:
08/14 MNX Iron Butterfly - SEP
08/15 MNX Price & Volatility Study
08/13 MNX Iron Butterfly - SEP *New*

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08/17 IBM Calendar

I'm willing to go all the way for the 15% ROI. I noticed IBM did not fall as badly as the rest of the market, and its 1-hour chart was actually showing some willing buyers. I have my exit pre-set if we take a deep drop Tomorrow, otherwise I'll take it to the target.

Position's History:
08/14 IBM Calendar
08/13 IBM Calendar
08/12 IBM Calendar
08/11 IBM Calendar
08/10 IBM Calendar
08/07 IBM Calendar
08/06 IBM Calendar
08/05 IBM Calendar
08/04 IBM Calendar
08/03 IBM Calendar
07/31 IBM Calendar
07/30 IBM Calendar
07/29 IBM Calendar
07/28 IBM Calendar
07/27 IBM Calendar *New*

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08/17 MNX Iron Butterfly

I'm still in this trade! I guess that if MNX keeps on rolling down I'll take a small loss, otherwise, it will be a small win. One way or another, I rolled the 152.5 Puts to 147.5 Put. This trade is being a long lesson in stayig in the game. In past trades I would be getting out, this time I'm willing to take the dance to the last minute.



Position's History
08/14 MNX Iron Butterfly
08/13 MNX Iron Butterfly
08/12 MNX Iron Butterfly
08/11 MNX Iron Butterfly
08/10 MNX Iron Butterfly
08/07 MNX Iron Butterfly
08/06 MNX Iron Butterfly
08/05 MNX Iron Butterfly
08/04 MNX Iron Butterfly
08/03 MNX Iron Butterfly
07/31 MNX Iron Butterfly
07/30 MNX Iron Butterfly
07/29 MNX Iron Butterfly
07/28 MNX Iron Butterfly
07/27 MNX Iron Butterfly
07/23 MNX Iron Butterfly
07/22 MNX Iron Butterfly
7/21 MNX Iron Butterfly
07/20 MNX Iron Butterfly
07/17 MNX Iron Butterfly
07/16 MNX Iron Butterfly *New*

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