8/9 Daily Summary

Closed down the position this morning. I’ve decided that after 3 weeks dealing with this trade it was better to shut it down, wait a few days, let the FMOC meeting go by and re-load with the SEP contracts. I’ve got myself out of a deep hole on this trade, and in hindsight, one thing I’d do differently next time is to immediately add the extra butterfly to help pay for the cut and roll transaction, this will increase the theta and therefore help the position to recover a lot faster. Then again, not too shabby considering I was down by almost the stop loss level and was able to recover and land some profits for AUG.

8/6 Daily Summary

This morning as we were trading Lower I saw profits on the trade and took the opportunity to exit most of my calls, I closed a few spreads and rolled a couple out of the money, also got rid of my long SEP contracts and ended up closing one of the put spreads. As it turns out the market reverted hard by the afternoon, I had already locked in my profits and protected the call side.. Time to look for an exit, will do it soon, probably early monday, bottom line is that this position has been on for almost 3 weeks now, so I want to grab the little bit of profits it is showing.

8/5 Daily Summary

Volatility is crushing my P/L potential, I have too many long calls at this point, if I have some time Tomorrow will consider replacing at least one them with a cut and roll... The only thing preventing me from doing it now is that we can go lower from here (looking toppish on the daily chart), so I'm hanging on to the vega in case vols pop a bit.. In any event, I can replace and keep the vega exposure small, but not positive.. Will look into it. So far I'm around the zero line if we do pull back then I'll be in great shape.

8/3 Daily Summary

The position posted a small recovery Today, I have limited time to blog, so have focused my attention on the game plan for Tomorrow, so far so good, looking forward to a few quiet days between now and next week so this position can go back to the green.

8/2 Daily Summary

Here is the good news: I’m still in the trade, now, for the bad news: I made a mistake on my PL tracking spreadsheet, it was reporting more profits and a bigger recovery than it should. Back on the 23rd I did a butterfly roll to move my short contracts, as it turned out, I logged one of the trades twice. This did not affect my greeks and future adjustments, but it created a skew on my P/L reporting, it was almost as if I was trading with one gauge on my dashboard.. I need to expand how this happen, but Today was a big day and I’m looking forward to a bit of rest before Tomorrow, so it will have to wait. Bottom line, I’ve adjusted my P/L to report the current P/L, I’m still down on the trade, was up a bit last week instead of being up a lot as I thought I was.. Will have to stay longer on the trade.

07/30 Daily Summary

Nice recovery on the AUG trade this week! I’m looking for the exit to be honest, am very likely to start peeling this trade off as soon as Monday given the wild ride it was, getting out with near 10% of return is awesome!! Nothing like managing the storm, staying in the game and bringing home the bacon in the end :)

07/29 Daily Summary

I had a smile on my face as we were trading around 1950 and bellow Today, for that entire move my position had lost absolutely nothing since Yesterday, so being proactive in rolling those puts out was a great way to handle the current environment. Now I’ll give a bit more thinking on my game plan as to what should be the next adjustment steps and if I should further condorize it Tomorrow. Bottom line, I’m being conservative, but then again, this trade has seen the bottom, now we’re surfacing :)