We keep moving higher despite intra-day pull backs, like a reader pointed out Yesterday, the only thing not fully engaged on this price action is volume. Tomorrow I am planning to exit my NDX butterfly from last week and will keep this week’s position for one more week. Next Monday I’ll enter my traditional NDX and MNX iron butterfly as well as the weekly positions, I’m thinking about replacing the weekly butterfly with a weekly iron butterfly trade, simply because I’m more used to getting in and out of iron butterflies than I am with butterflies.
4 comments:
So you have dropped the RUT Iron Condor from your trading?
Yes, I can be very stubborn sometimes, so it took me a while to finally make peace with this decision, but after going back-and-forth (ended up spending $$ w/losses) I finally decided to drop the RUT Iron Condor.
So far, the only condor I'm working on is the OEX weekly. The rest of my strategies are focused on Butterflies or Iron Butterflies.
thanks,
Gustavo
Gustavo, do you leg into your butterflies or enter them as 1 order?
ahahaha
See my posting from Today in a short while, you will understand why I laugh..
I got in those butterflies as a single butterfly order, I can't get out of the dam things.. I tried using spreads (2 contracts) and had a hard time as well, but when one side got filled, the other did not move (exposing me to big delta risk) so I dumped one long call I had to balance things out, took a deep breath and exited the other spread as two single orders..
In summary, I no longer wish to trade butterflies, I will stick to Iron Butterflies (call and put side combined) they are easier to decompose without exposing to delta risk(use a strangle to close both put and call shorts)..
Gustavo
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