06/05 Pre-opening plan

06:15 AM PST: /ES easing off a bit, by looking at my positions, I'm giving priority to the RUT 50D Condor, then the MDY 30D Condor and lastly DIA Iron Butterfly. My plan is to wait at least for the first few minutes of live trading action, I may not be able to hold off on RUT, but for the other positions I'll wait 30 min before taking action as the market may try to fill the opening gap.

UPDATE: I posted this right after the NFP, which came in better than expected. Now /ES is firing up, so is /TF. I'll review the positions and see what sort of damage control needs to be done at this point.

I'm waitting for the opening bell, before that we have Non-Farm Payrolls comming up, that could move the markets. Bellow is my game plan for each strategy, it may change as the day progresses, it all depends on price action once the bell rings.

Double Diagonal: Not much to do here, I have an alert in case we move over 1 st. deviation to the up-side


DIA Iron Butterfly: If we go to 88.7 my deltas will be out of wack once again, I plan on cutting them. If we approach closing time around that level, I may open another small iron butterfly to go through the weekend with some sort of Theta.

MDY 30D Condor: Looking more and more like an Iron butterfly :) Once again, I plan on cutting delta if we get above 110.5. I'm likely to use a vertical spread to do so, as it increases my theta.

RUT 30D Condor: I'll be watching the trade over, the Vega risk is my only concern at this point, if we get too many negative thetas as we approach closing, I might just take it off or do something else about it.

RUT 50D Condor: This touched my stop loss Yesterday and I didn't fix it. Now I have to act without any hesitation, either hedge it completely or take it off the table. I'll only hedge if it still has some sort of probability of success.