On Feb 22, 2013 the market was down and Average IV was 15.6% at the time of entry around 10:30am.
Trade entry:
Adjustments:
- Feb 25 -
Sold 1 x 870 to protect t+0 downside risk(I didn't make this adjustment b/c there was a vol hit and if I make an adjustment here I will be giving up my upside risk, therefore I will will increase my t+0 20 pts adjustment point to $1500 - $1800) - Feb 26 - No adjustment same as Feb 25 reasoning (within threshold)
- Mar 5 - Sold 6 x 900 to reduce DELTA outside tent and protect t+0 upside risk
- Mar 8 - Sold 3 x 910 to increase negative VEGA
- Mar 13 - Rolled BF up 30 pts
- Sold 1 x 920 and 9 x 930 to control DELTA after rolling up the position (it was hard to control DELTA when rolling up the BF, so I adjusted my rolled BF after I rolled the 10 pt BF and then did the adjustment for DELTA)
- Mar 14 - Sold 8 x 940 to control DELTA inside edge of tent and t+0 upside risk (a bit of VOL hit and therefore increasing 20pt adjustment threshold)
- Mar 19 - Sold 2 x 930 and 1 x 920
- Mar 20 - Sold 1 x 950 to control DELTA inside edge of tent
- Mar 28 - Sold 2 x 950 to control DELTA inside edge of tent
- Apr 1 - Sold 3 x 940 to balance out t+0 line in both directions
- Apr 1 - Sold 2 x 930 to balance out t+0 line in both directions
- Apr 3 - Sold 1- x 920 to control DELTA (Should I have rolled the BF down instead to balance out the t+0 line?)
- Apr 4 - Sold 5 x 930 to control DELTA
- Apr 5 - Decided to exit the trade (tired of trying to control t+0 without success) and exited below profit target + $792
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- Continued trading this position after closing it out
- Apr 8 - Could have taken profit of + $2132
- Instead Sold 5 x 940 to control DELTA
- Apr 9 - Sold 3 x 950 to control DELTA
- Apr 10 - Sold 7 x 950 to control DELTA
- Apr 11 - Sold 3 x 970 to control DELTA, but jumped over the upper wing (Is this a legitimate adjustment to make?)
- Apr 7 - Exited trade below profit target + $559 at 7 DTE per guidelines.
