Sorry for the lack of postings last week, it was an incredibly busy week and there were no changes until Friday.
Since Friday was 55 days till May expiration, I entered the May 55 day trade late in the morning which worked out well as the market backed down and put in a bearish candle for the day. The position is shown below:
The April 55 day trade is doing excellent so far. It is currently up about $1900 which well exceeds the $1500 profit target. I intend to stay in this as long as it makes sense. I am concerned with an up move from here but as you will see, I hedged it some with the method 15 trade. Below is the current April 55 position:
I let the April M15 go further than I should have before adjusting so it is down about $350. Since I was concerned about an up move with the 55 day, I rolled the 780 put butterfly to an 810 and added an 860 call butterfly…all 50 point wings. This put the position a little more positive delta than I would like, but again, it works for my overall position. Below is the April M15:
Hopefully the market takes a rest for about a week and we can exit the trades early this month.
That’s it for now, happy trading!