08/20 Daily Summary

Made few adjustments on MNX, didn't toucht the RUT position. Looking forward to the weekend. MNX AUG trade going through expiration without major risk.

Position's Details:
08/20 RUT Iron Butterfly
08/20 MNX Iron Butterfly

08/20 RUT Iron Butterfly

RUT edged higher Today, I have contingent orders to cut delta in 1/2 if we move up to 675 Tomorrow. Nothing alarming Today..

Position's History:

08/19 RUT Iron Butterfly

08/18 RUT Iron Butterfly

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08/20 MNX Iron Butterfly

Today MNX basically got back to where it was when I entered the trade. I realized I had sold the SEP extra call too soon, and ended up buying another SEP call Today. The main reason for buying this call was to controll the Gamma exposure. The trade was already building up gamma, and the OCT contracts usually have lower gammas.

It is back to B/E, once again, I went overboard when I adjusted to the down-side, I flattened the deltas too hard, next time will do it gradually, cut in 1/2 first and then go from there. Because of its high gamma, the MNX tends to flip back and forth on the deltas, and if you flatten it out, you may find yourself in my position, going back to where it was, but without any profits to show for.

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