08/12 Daily Update

Today's price action was wild, specially in the last hours, after the FMOC meeting. I ended up rolling the 160 Call on the MNX Iron Butterfly, also cut one of the 115 IBM calendars. The market then faded back inside the range in the final hour, hopefully we'll stay in this range the remaining of the week.

Position's Details:
08/12 IBM Calendar
08/12 MNX Iron Butterfly

08/12 IBM Calendar

With IBM around 120, I wanted to cut some of the delta and reduce my up-side risk. I took off 1x 115 CALL calendar. My goal is to stay in the trade, will only exit if P&L drops by 50% from here (what Dan Sheridan calls the Tighten the Noose).

Position's History:
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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08/12 MNX Iron Butterfly

MNX pushed to the 163 level after the FMOC meeting. It pushed me into rolling the last 160 Call I had short. Now I have an order to roll the 162.5 if we break the 163 level and reach 164. At those levels, I'll have to roll these calls in order to keep them out of the money and maintain a decent gamma risk.

Prices failed really hard in the final hour, rejecting the 163 level, I'm hopping this is a signal we'll move lower back into the range Tomorrow. Right now, we have a theta to delta ratio better than 1:1, and I hope MNX stands still for the rest of the week.

I plan on adding a new position Tomorrow, it should be fine, since my new position will use SEP contracts and I no longer have any SEP contracts on this trade.

Position's History
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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