• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
Locke In Your Success

Locke In Your Success

Learn how to create income from options trading

  • Home
    • About
    • Testimonials
    • Our Team
      • Sherri Locke
      • Stephen Hammit
      • John Locke
    • Contact
    • Privacy Policy
  • Coaching
    • Fundamentals In Trading Library
    • Options Trading for Income Weekly Webinar
    • GO Ask A Trader Sessions
    • Trading With The Pros
    • Trading Performance Sessions
    • Market Outlook Weekly Webinars
    • Personal Coaching Sessions
  • Become A Member
    • GO Membership
    • PRO Membership
    • Trading Performance Membership
    • Market Outlook Membership
    • Basic Membership
    • Membership Level Comparison
    • Trade Alert Services
  • Trading Courses
    • Options Trading Strategies
      • The Bull
      • Quick & Dirty Broken Wing Butterfly
      • The Super Bull
      • The Bear
      • Unbalanced Butterfly 1 and 2
      • M3.4u
      • V32
      • X4 System
      • Bearish Butterfly
      • M3
      • The ROCK
      • M21 System
    • Trading Performance Courses
      • Advanced Personal and Position Management
      • Broken Wing Butterfly Master Course
      • The Trading Triangle
      • Trader Transformation Workshop
      • Ultimate Income Trader Workshop
      • How To Best Utilize Calendar Spreads
    • Enriching Sessions
      • Performance Parking Portfolio
      • Boost Trading Results Through Proper Back Testing
      • Managing Risk When Entering, Exiting, or Rolling Positions
      • Far Out M3
      • How To Build Winning Trade Plans
      • Reading Your T+0 Line
      • Trading Lab – Design a Trade
      • Trading Lab – M3LT
      • ROCK’in 2018
      • Trading Lab – Roll Baby Roll Index
  • FREE Resources
    • Free Options Trading Consultation
    • Options Trading FAQ
    • Trading Performance Podcast
    • The Winning Trade
    • Successful Trader Presentations
    • TRADING SUCCESS BLUEPRINT
    • FREE Basic Membership
    • Calendar
    • Recommended Reading List
    • Brokerage Firm Selection Process
    • Fundamentals In Trading Definitions
    • Trader Inspiration
    • Financial Freedom Classroom
  • Blog
  • Log In

03-16-10 Trade Update

March 16, 2010 by John Locke Leave a Comment

Just a real quick update. Expiration week this month has been absolutely nuts for me so sorry for the lack of pictures. I’ll do an update later in the week with pics.

RUT was good to us Monday and the March 55 trade gained about $1500 and was up $300 by market close on Monday. Today we gapped up and then pulled back and chopped around in a range a good part of the day. This allowed both the short options to drop in value and for me to do a little scalping. I ended up wiggling out of the trade for a profit in the 1200-1300 range. I’ll get the exact #’s later in the week. I’m glad I got out though as at the end of the day RUT took off again…. UNBELIEVABLE!  If RUT holds this trend, we’ll need to schedule a RUT 1000 party for sometime in mid July.

The April 55 day is getting slammed. In general when we enter this trade we want the market to go up, but not this far up. About 50 points up is perfect but once we start to exceed 60 points, it becomes a problem unless you hedged the trade with calls on entry which we did not. Right now the trade is down 1600 and is due for another roll at 680. Since he move was so vigorous and IV is so low, we are down more than expected at this point. I am not trading tomorrow so if RUT continues up tomorrow, I’ll have an order in to buy calls to cut delta if RUT continues up and deal with the roll on Thursday.

Also I entered the Method 1 today, bought a 660/680/700 iron butterfly and I entered the method 15, bought a 610/660/710 put butterfly. I’ll get pictures as soon as I get a chance.

That’s it for now. Make it an awesome day!

Share on Facebook
Facebook
Tweet about this on Twitter
Twitter
Share on LinkedIn
Linkedin
Pin on Pinterest
Pinterest
Email this to someone
email

Filed Under: Options Trading for Income Weekly Update

Reader Interactions

Leave a Reply Cancel reply

You must be logged in to post a comment.

Primary Sidebar

Recent Posts

  • The Winning Trade Episode 84
  • Stock Market Emotions!
  • The Winning Trade Episode 83
  • Trading Reality Distortion
  • The Winning Trade Episode 82

Categories

Search

Copyright © 2022 · Locke In Your Success, LLC. All rights reserved worldwide · Site Maintained by Nustart Solutions