03/23 Daily Summary

I can’t see any clear signal that this bullish movement is about to stop. All I can see is a long wick at Today’s candle on the NDX, but that may or may not mean much.. So far it has been rough on my bearish butterflies, I had to hedge and exit each and every one of them for the past 2 weeks. The Monthly Iron Butterfly for APR is doing ok, no issues there.

03/23 NDX Iron Butterfly

Got back to break-even, not a big deal, so far it is within the no adjusting zone. If we rise above 1975 Tomorrow then I’ll hedge the trade and start adjusting to the up-side.

03/23 NDX Fast Iron Butterfly (from 03/15)

Approaching the stop on this position as well, have a contingent order to hedge the trade if we keep rising Tomorrow.

03/23 NDX Fast Butterfly (from 03/08)

No pull back Today.. Well, the position hit the skids and now I’m taking it off. I removed the bottom butterfly (had to trade each order separately) and will continue on my way to the exit Tomorrow. Looking back, there was one key mistake on this trade: buying that extra long 2050 call.. If it wasn’t for that, when we pulled back on Friday I’d have quite more profits on the table to close the trade. The fact I didn’t have profits, and quite honestly the fact I saw the bearish close on Friday as an indication of pull back caused me to leave the trade on for 2 days too long.