08/19 Daily Summary

I'll have to simplify the writting on the blog. I have been spending too much time posting, and need to focus a bit more on my trading and the daily job. I noticed I have used this daily summary posting to repeat what I already said in the detailed posting for each position, so from now on, I'll just use this to posting as a daily index to make it easier for people to navigate the current positions I have on in any given day.

Current Positions:
08/19 RUT Iron Butterfly
08/19 MNX Iron Butterfly - SEP
08/19 MNX Iron Butterfly

08/19 RUT Iron Butterfly

No major change in the trade, that's a good thing! Have orders to cut deltas if we move too the break-even points Tomorrow.

Position's History:

08/18 RUT Iron Butterfly

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08/19 MNX Iron Butterfly - SEP

We backed off from the down-side break-even and now are rolling against the up-side, see how the delta switched in the dashboard.. This tells me I went overboard adjusting to the down-side. For future reference the best thing to do was to cut delta in 1/2 not simply smashing it down. I have contingent orders to sell some of the OCT longs at the levels indicated bellow.

Position's History:
08/18 MNX Iron Butterfly - SEP
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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08/19 MNX Iron Butterfly

I closed the short 165 call just to be 100% safe, and even though I still have contracts left on the trade, I'll let them expire worthless. The odds are they will. So I'll stop tracking the position and am publishing the results. Of course, I was aiming for a lot more, but it is always better to have some money in my pocket than to have money out of my pocket.

Position's History
08/18 MNX Iron Butterfly
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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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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