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January 2, 2013 Trade Update

January 2, 2013 by John Locke 2 Comments

Hi Everyone,

What a move over the last 2 trading days!

On the January M3 trade, I ended up rolling the 10 800 put butterflies up to 840, then selling 2 750/800 calls verticals to reduce margin and then buying 7 840/860 call verticals. This trade, although struggling all month is still doing fine. It is down about $1200 which is  unusual but not big deal with a $5000 max loss number.

The January Bearish Butterfly is another story. The 70 point up move in this low IV environment is hardly what I would call Bearish. In addition we have been getting gaps at “the wrong times”. Since we are well under 21 DTE, I’ve made a deviation form the rules to buy myself a bit more up side room. I sold the 10 870 butterflies and bought 10 890 butterflies. This buys my till about RUT 880. Unfortunately I did this from the road this afternoon and did not get a chance to post it on VTF.

Being short on time, I did not bother even looking at the Feb trade. I am planning on skiing tomorrow so will revisit this trade on Friday.

That’s all for now

Happy Trading!

John

 

 

 

 

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Filed Under: Options Trading for Income Weekly Update

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Comments

  1. John Chernicky says

    January 3, 2013 at 11:17 am

    You say “rolled up 10 800 bflys”.
    But didn’t you start with 5 800 bflys and then add 5 820 bflys?
    So did you roll up 5 800 bflys to 840 and 5 820 bflys to 840?

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    • admin says

      January 3, 2013 at 2:28 pm

      I will update addressing this, thanks

      Log in to Reply

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