Today I learned an extra lesson: set up the "take profit" contingent orders on every trade as part of the OCO order to make adjustments. This will automatically take the risk off the table and lock-in profits when the market provides them.
I had this in place for the EWZ double-diagonal and RUT condor, it worked perfectly. Not quite working on the MNX condor, the order is there but there are no takers.. I forgot to place the order for OIH. Well, I was on vacation in a resort in Brazil.. I consider a success just the fact I was tracking the end-of-day market and with contingent orders in place..
One way or another, good to document it here on my blog.
Monday, April 27, 2009
04/27 EWZ Double Diagonal
Phew! EWZ back down under 43. Now it is time to continue down, please? If EWZ does indeed back down, we'll be taking our profits on this position.
4/27 OIH 30-Day Condor
OIH retraced a bunch Today. I kind of expected it after last Friday's wild jump. Usually when prices jump on "hopium", they come back down with the big hangover.. Let's see what else comes up.
NOTE: I did not have my take profit orders in place for the PUT spreads, that's a lesson learned for future trades.
NOTE: I did not have my take profit orders in place for the PUT spreads, that's a lesson learned for future trades.
04/27 - MNX 45-Day Condor
MNX did not pull back as much as other indexes Today. The fact it ended flat and volatility went up didn't help the position's P&L. Probabilities of being fine Tomorrow are in the 70% range.
4/27 RUT 52-Day Condor
The position recovered ground Today. This retracement is very welcome indeed. Bellow are dashboard and profile.
