8/2 Daily Summary

Here is the good news: I’m still in the trade, now, for the bad news: I made a mistake on my PL tracking spreadsheet, it was reporting more profits and a bigger recovery than it should. Back on the 23rd I did a butterfly roll to move my short contracts, as it turned out, I logged one of the trades twice. This did not affect my greeks and future adjustments, but it created a skew on my P/L reporting, it was almost as if I was trading with one gauge on my dashboard.. I need to expand how this happen, but Today was a big day and I’m looking forward to a bit of rest before Tomorrow, so it will have to wait. Bottom line, I’ve adjusted my P/L to report the current P/L, I’m still down on the trade, was up a bit last week instead of being up a lot as I thought I was.. Will have to stay longer on the trade.

07/30 Daily Summary

Nice recovery on the AUG trade this week! I’m looking for the exit to be honest, am very likely to start peeling this trade off as soon as Monday given the wild ride it was, getting out with near 10% of return is awesome!! Nothing like managing the storm, staying in the game and bringing home the bacon in the end :)

07/29 Daily Summary

I had a smile on my face as we were trading around 1950 and bellow Today, for that entire move my position had lost absolutely nothing since Yesterday, so being proactive in rolling those puts out was a great way to handle the current environment. Now I’ll give a bit more thinking on my game plan as to what should be the next adjustment steps and if I should further condorize it Tomorrow. Bottom line, I’m being conservative, but then again, this trade has seen the bottom, now we’re surfacing :)

07/28 Daily Summary

I’m back in the game and trading to win! Let’s bring this butterfly home and land some profits, shall we? By end of day Today I used the pull back and executed a few vertical rolls to move both my short Puts and Calls further away from the money. Typically I would start condorizing by end of next week, but given that this is the first day with profits, I figured I’d do this adjustment to reduced risk by reducing the amount of capital required on the trade, and cut my Gamma exposure. I want to keep this recovery going and not give it all up if we have another 2+ st. Deviation day all of a sudden... By moving a few of the calls and most of the Puts out a strike I cut my gamma, gave up a bit of theta, but to me the trade off was worth it.

07/27 Daily Summary

Another day without any adjustments, that’s awesome! I’m very grateful for the P/L recovery in the past 2 days. I have a feeling the elephant is getting tired of running up, let’s see what Tomorrow brings, because Today was a bearish formation I’ve decided to move my up-side adjustment a few points closer because if we take out the previous highs I figure it is a good sign to go on and hedge against the upside. Let’s see what Tomorrow brings. We’re approaching 2 weeks into the trade, so I must make a decision by the end of this week: stay longer or start closing up shop (i.e. condorizing/exiting sooner).

07/26 Daily Summary

Didn’t touch the trade Today, I’m very grateful for a full day of time decay after the weekend. We moved a bit higher and I have my eyes and contingent orders set in case we continue to push upwards.

07/23 Daily Summary

Phew! The weekend is finally here. Today I used a butterfly roll to move my 1825/1900 call spreads to 1900/1975. I did not want to add an additional iron butterfly because it was Friday, will see where we are on Monday and do so if needed. So far I’m down about 13% and looking for the weekend and a quiet Monday to take some of the heat off the position. Depending on where I am on Monday I’ll dive in with the extra butterfly and pump up my Theta.