7/21 MNX Iron Butterfly

I didn't want to do any adjustments on the trade prior to the first 7 days, however, it seems like MNX is forcing me to do it. I'll have a contingent order to cut deltas at or around 146 Tomorrow. Once the deltas are cut, if we keep moving higher, then my next step is to add a smaller iron butterfly (baby butterfly) at the up-side B/E level to increase theta.

Position's History
07/20 MNX Iron Butterfly
07/17 MNX Iron Butterfly
07/16 MNX Iron Butterfly *New*

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07/21 SPY Double Diagonal

Despite early day selling, SPY ended up pushing higher Today. It is beyond the B/E adjustment and I am evaluating my next step. I might roll the PUT diagonal up, or simply roll a few more CALL spreads, may even do both.

Position's History:
07/20 SPY Double Diagonal
07/17 SPY Double Diagonal

07/16 SPY Double Diagonal Decision Making
07/16 SPY Double Diagonal

07/15 SPY Double Diagonal
07/14 SPY Double Diagonal

07/13 SPY Double Diagonal *New*


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7/21 RUT 30-Day Condor *New*

Today I started loading the RUT 30-Day Condor, I didn't get filled on all my contracts, so will keep on adding to the position Tomorrow, I'd preffer to be starting this trade in the middle of the recent range, however, we never know, the market may keep going higher from here, so we'll see.


I've allocated 1/4th of the position, plan to enter the remaining Tomorrow and add insurance. Management strategy is to hedge following the Mark Santucci's guidelines (as explained in the Dan Sheridan's mentoring). Will post more details about the trade management once I have the complete position on.

07/21 MNX Iron Butterfly Backtesting

The FEB/09 Contracts were the easiest of the bunch so far. Youd' get 10% in 4 trading days and fly up to 20% a few days later. If you were to stay in the trade and manage it, you'd end up with almost 40% by the expiration week, but of course, I'd be out with 10% in 4 days, thank you. :)

Results: +10% ROI


Previous Postings
07/20 MNX Iron Butterfly Backtesting
07/17 MNX Iron Butterfly Backtesting
07/16 MNX Iron Butterfly Backtesting
07/15 Backtest Challenge

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07/20 Daily Summary

The market's upside movement kept on pressuring my current trades. I expect a pull back, but can't be sure of it, so I'm not going bearish and am placing contingent orders on the MNX iron butterfly to cut the deltas if we approach the B/E level.

Tomorrow I plan on enter a RUT 30-Day condor. I'm not so excited about launching a position at the high area of the range, but then again, the market may keep on pushing higher. One way or another, Tomorrow is 30 days till expiration and here I come.

Position's details:
MNX Iron Butterfly
SPY Double Diagonal
MNX Iron Butterfly Backtesting

07/20 MNX Iron Butterfly Backtesting

This was a very challenging month, MNX went down and kept pushing down, to say that one could manage it to +10% ROI is really something else. Would I be able to do the same? Probably yes after some experience under my belt, that's the reason why I'm doing this excercise: To expose myself to different scenarios and to manage them.

MAR/09: +11% ROI


Previous Postings
07/17 MNX Iron Butterfly Backtesting
07/16 MNX Iron Butterfly Backtesting
07/15 Backtest Challenge

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07/20 MNX Iron Butterfly

MNX also pushed higher, we're above the previous highs on the chart, and this could mean we're moving higher. One way or another, I've plans to adjust if we move 1 st. deviation from here. I really wanted to avoid adjusting in the first week of the trade, but some times the market forces your hand. I still think a pull back is in order, but who really knows. One way or another, I'll add a contingent order for Tomorrow.

Position's History
07/17 MNX Iron Butterfly
07/16 MNX Iron Butterfly *New*

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