08/18 Daily Summary

Today was a good recovery day for the SEP MNX Iron Butterfly. I also got my profits out of the AUG IBM Calendar and am going to exit the AUG MNX Iron Butterfly Tomorrow.

Added the RUT Iron Butterfly, it is a bit different from the MNX position and this is the first time I trade the RUT Iron Butterfly, so let's see how it goes. I had a positive session with Dan Sheridan, we discussed a few fine tunning adjustments on the way I'm handling the Iron Butterflies, but overall no major blunders on my part, which is always good!! :)

Now the only position left for my SEP trades is the IBM calendar, I plan on adding it next week.

Position's Details:
08/18 RUT Iron Butterfly
08/18 MNX Iron Butterfly - SEP
08/18 IBM Calendar
08/18 MNX Iron Butterfly

08/18 RUT Iron Butterfly

I entered this new position Today. Following Dan Sheridan's advice, I looked into placing my long contracts a bit closer than I have been doing on the MNX Iron Butterfly. This made my expiration break-even about 5 points short on each side, however, it gave me a much smoother P&L curve and I like that!


So, here is the profile at day 1

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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