03/15 Daily Summary

Got in the OEX weekly, as well as two NDX Iron butterflies (one weekly, one monthly). I also took the opportunity to exit my NDX Butterfly from 03/01 (-5.32% loss), it was time to refresh the capital and get on with another weekly position. All and all, this intra-day reversal was kind of a surprise for me, but didn’t affect me much, as the only position I had entered intra-day was the OEX weekly, the others were added at the closing time.

03/15 NDX Iron Butterfly

Started a new monthly position, the NDX Iron Butterfly strategy. I am following Dan Harvey’s updated rules. As I started this trade I did not add the long call to smooth deltas right away, the reason is that the deltas are fairly small. If we trade higher (1935) Tomorrow, making new highs, then I’ll cut the deltas in half. Other than that, will continue to manage as business as usual.

03/15 NDX Fast Iron Butterfly (from 03/15)

Started a new weekly position Today. Got in the 1900 strike for the APR contracts (32 DTE), as you can see on the chart, the hedge-recover level comes right around 1940. Contingent order is in place.

03/15 NDX Fast Butterfly (from 03/08)

The position is back at B/E Today, if we have a few days of consolidating range-bound trading it will be ready to cash out. My goal is to aim for the 8% minimum, or take it off regardless on Friday.

03/15 NDX Fast Butterfly (from 03/01)

Ok, last Friday I said the trade would be ok if the market went down on Monday. Sure enough, it did and I got out of the position. My loss on the trade was -5.32% ROI, which is much better than the -12% we were trading at on Friday. So it paid off to have the extra day of patience and not being able to exit actually worked on my favor . I could have stayed in the trade to go up this final 5%, but part of the strategy requires me to get out and “refresh” the butterfly with a new weekly position, so I closed this one to free up my capital to enter the new position for this week.

03/15 OEX Weekly Iron Condor

When OEX was down around the 523 area I entered the weekly condor, as it traded higher at the close it got slightly bellow the 80% probability threshold. I still do not regret entering the trade back when I did, it is now part of my strategy, to enter around 9 AM unless we’re watching the market to rally/fall fast against one of the legs. The reversal was not very clear back then.