01/12 Daily Update

Today was an active day, I was able to enter a directional NDX butterfly to the bearish side and also finished exiting the MNX Iron Butterfly. The best thing is that I was able to do it all in about 30 minutes during lunch break. By planning my moves ahead of time I know exactly what to do (if anything) and allows me to take quick and decisive action, which in my mind is essential to keep the trading business running.

Position's Details:
01/12 MNX Iron Butterfly
01/12 OEX Weekly Iron Condor
01/12 NDX Directional Butterfly

01/12 MNX Iron Butterfly

Continued to peel off the contracts, my plan is to let the remaining contracts expire, I have alerts set up at the 1 st. deviation level at expiration. If we hit those levels I will jump in and take the short contracts out.

01/12 OEX Weekly Iron Condor

So far so good, still within the 80% probability of success. The Iron Condor is protected with a STOP order if it hits my stop loss point.

01/12 NDX Directional Butterfly

This is a strategy I've tested late last year and decided to roll out live in a small position size to begin with. The goal is to use the 5-day volatility chart to indicate when to start a bearish or bullish position. This is a bearish trade instead of a non-directional approach.

I have set up a stop/limit order, but am not 100% sure it will execut properly, so will set it up as an alert on TOS and work with a hedge to exit if needed.

01/11 Daily Summary

Today I entered my first OEX weekly iron condor, and have continued to peel off spreads out of the MNX Iron Butterfly. This week I start loading up my FEB contracts, and have to figure out the best way to do so given my work schedule.

Position's Details and Price action:
01/11 MNX Iron Butterfly
01/11 OEX Weekly Iron Condor

01/11 MNX Iron Butterfly

I continued to peel spreads off the trade by end of day Today. As a matter of fact, I really wanted to just exit, but didn't have much time at closing, So I hedged as best I could to go into Tuesday. Now have contingent orders to shut down the call side if we trade higher Tomorrow. Otherwise, will keep on riding.

I haven't touched the PUT spreads on the iron butterfly, will only move them if we start trading down in the next few days.

01/11 OEX Weekly Iron Condor

This is my first trial on the OEX weekly strategy. I got a fill for .45c and plan on letting it go till expiration. Have a contingent order to shut down if we get to a max loss (1.5x the cashflow).

Today is a very busy day for me, will post more details on this strategy as it was described to me by Alan in our California trading group 1. The condor I have is 540/545 Call & 515/510 Put.