01/21 Daily Summary

Today was a weird day for me, there was the whipsaw action on the NDX, and then my remote access to the computer wouldn't work, neither did my web access to the broker. Needless to say, I was not in the best place emotionally early in the morning. That being said, by noon I had regained control and was looking at things from an objective frame of mind, decided to give wiggle room on the NDX for learning purposes and now just realized I might have to pull the plug on the RUT iron condor Tomorrow, notice the warning on the 5-day vipes.

Position's Details and Price action chart:
01/21 NDX Iron Butterfly
01/21 MNX Iron Butterfly
01/21 RUT Iron Condor
01/21 OEX Weekly Iron Condor

01/21 NDX Iron Butterfly

There are times when you’re the hunter, and times when you’re the prey.. What can I say, NDX hunted down my stop Today.. I had a contingent order to dump the PUT at 1885, NDX traded up to 1885.01 and then proceeded down, and down, and down…

This whipsaw action ripped the trade P/L by too much, it is at the stop level. I've decided to write the PUT whipsaw off as an educational tuition and want to keep on managing the trade. Of course, if we keep losing money I'll pull the plug. My MAX stop is at 20%

01/21 MNX Iron Butterfly

By far the best position in my portfolio, this trade is hanging nicely despite the wide movements in the past two days. The trade fixed itself Today by picking up another long Put, we’re at the break-even level and I’m planning to keep managing the position.

01/21 RUT Iron Condor

The trade took a hit Today, nothing to worry about, I have a contingent order to bail if it gets to the stop level and another one to cash in. I’m also observing the 5-day chart, if we get a warning to exit, I’ll pull the plug.

01/21 OEX Weekly Iron Condor

OEX hit the stop Today. Somehow I feel very good about it, let me explain why: it was simple and easy. The stop got triggered and filled, I didn’t have to worry about the trade whatsoever. Of course, I have the call spread there, and will watch it Tomorrow, but odds are we’re not blowing up the up-side in one day, that would require a xx standard deviation move to the upside. Not to mention that if I count last week’s win, the loss Today sets me back only a half trade, if we stay quiet next week I’ll be back in the green on this strategy.