 Happy Friday, Navigation Traders. Today is November 2nd. Welcome to this week's video update. What a month of trading. What a week, what a month. It's been pretty incredible. And I love trading this high implied volatility. And I know I did get a couple of emails from members who either didn't have the short delta on or they're just getting started. And so with the big down move, it did breach and go through some of their break-evens to the downside. But overwhelmingly, the majority of you guys are starting to really get it. And that's so cool to see. And if not, you've taken this lesson of this big spike in volatility and it's starting to click now and so that you will be ready next time something like this happens. And then some of you did just as good as we did or better where you made a lot of money in October. So it's just so cool to see. I know everybody wants to make money as quickly as possible, but the coolest thing is watching you guys grow as traders and start to really get all the different nuances that we try to pound home in these videos and the courses and that kind of thing. But it's been really cool to see. And sometimes it takes a move like we've seen recently for something to really click. In 2017, as the market was just grinding higher and we had some short delta positions on that were a drag on our portfolio, you start to question, is that the right way to do it? But we've been through these cycles so many times. I've seen this movie before and it always plays out the same way. So anyway, just a couple of little pinpoints of thought jumping into the alerts for the week. Let's start with the Monday. We started with the 29th and our first trade was an opening trade in Ford slash ZB. This is one that we haven't traded much in a while and we've traded TLT and we've traded ZN which are very highly correlated just a little bit different size of symbol. Excuse me. And so in this case, we ended up doing ZB. I was looking at TLT. I was looking at doing ZN but ZN is about half the size of ZB. So I was looking at doing two contracts on ZN. Instead, I just decided to do one in ZB. That saves on transaction costs and so forth. But I also noted that short strangles or iron condors could be considered in ZB, ZN or TLT. So whatever fits your portfolio the best, real quick on bonds. And I mentioned this in our monthly recap video as well. But I mean, here's where bonds started at the beginning of the year and now they're way down here. I mean, bonds have just been getting punished. And the reason is, is because bonds have an inverse correlation to interest rates. So as interest rates go up, that puts downside pressure on bonds. And so it just, it still blows my mind that the financial services industry and advisors continue to pack their customer's accounts with bond portfolios, 60% stocks, 40% bonds or some variety of that, some variation of that. And I mean, we're just, we're in a different situation. I mean, interest rates got to historic lows. There's really nowhere for them to go but up. And so, of course that's gonna be volatile for bonds. Now, interest rates stayed low for a long time, lower than I thought they would. And so bonds did continue to perform well, but you gotta think, as soon as the Fed starts getting aggressive and raising these rates, you're gonna see that downside pressure on bonds. And that's what we're seeing. Now, we're not getting ultra directional on them either by any means, but we're certainly not loading a huge percent of our portfolio long bonds. I think that's just a death trap. So what we've got is a short strangle. And so we're still pretty centered here. You can see prices right here, pretty centered in our short strangle. So we'll just continue to sell that premium in high volatility like we like to do. Let's take a look at where IV is. Since the IV indicator is not accurate on the futures contracts, we've got to look at TLT and you can see it's at the percentiles at 85. So it continues to stay really high. And so just another great trading vehicle to be in. Another diversified outside of stocks and commodities and other things. We'd like to have those uncorrelated symbols always going on at the same time to help spread that risk. Next trade was a closing adjusting trade in FXI. So this was our put butterfly that we had in November. We went ahead and closed that out, booked over 20% on that piece of the trade. And then we were still holding our call butterfly, which I'll go to the platform in a minute because we had another FXI trade here coming up. Next one was a closing adjusting trade in Natty Gas. So we closed out one of our strangles, booked over 35% of max profit on that piece of the trade. And then we were still holding our other adjusted strangle. And I will go to the platform to review that one in a minute as well because we did have another Natty Gas trade. Next trade was a closing trade in EWZ. So we had a short strangle in EWZ, booked over 35% of max profit in under two weeks. And so we got out of that one. We take a look at EWZ. The reason I haven't re-entered yet, I'll show you why, is just because EWZ is somewhat correlated to, you know, it's an emerging market. So we've got EWW, which is an emerging market. We've got FXI, which is somewhat correlated as well. We've got EEM, which is the emerging markets ETF. We've got EFA, which is emerging markets. And so I just didn't want to load up any more in that specific category. So that's the only reason that we haven't re-entered in EWZ, although once, you know, price kind of moves around a little bit of time goes by. Probably next week, assuming implied volatility stays high, we'll look to jump back in and sell some premium in EWZ. And since it's only a $40-some symbol, you know, we're gonna be looking to probably sell a strangle. It just doesn't make any sense to sell an iron condor in EWZ because of the low price. Alrighty, next trade, FXI. So we did another opening adjusting trade where we entered a new butterfly in the December cycle. So we just added that on. Plied volatility percentile, you can see at that point was at 99. And so let's take a look at FXI. We've been battling this put butterfly, excuse me, our November call butterfly. It was way out here, but we're giving it more time and it's come all the way back into range now. So if we can get a little bit of a pop higher, I'd like to squeeze some profit out of this one. And then basically what we will look to do because this one has already breached its upside break even is once we close out our November one here, we will reposition another one in December closer to where current price is on the upside. And that'll also be a call butterfly. Remember when we breached to the upside, we like to enter as a call butterfly as an adjustment. On the downside, we like to do it as a put and that's just simply for tracking purposes so we can keep these separate. It's easier to view when you're checking out your platform. So that's the plan in FXI. Next trade was a rolling adjusting trade in XLK. So we have a long put vertical that we've been rolling in XLK. We've rolled this from November to December, rolled down our strikes closer to price. We were over 50% of max profit on this piece of the trade. And we're just keeping this in our portfolio to keep that short delta and extend duration on that trade. Now since we did that roll, prices come up on us. So you can see we're slightly at a range now but so just looking for a little bit more downside to benefit that. But again, we originally put that on strictly for that short delta. We've continued to keep it on for that short delta exposure that it gives us. So we'll continue to manage that as needed. Next trade was an opening adjusting trade in EWW. So we added a short strangle in EWW. We already had one strangle and it was getting close to the short strike. We hadn't made an adjustment yet but we went ahead and added this one in. So now we have two strangles, both neither of which have been adjusted. So price came all the way back up on this one. You can see it's fairly well centered there. And then this one here, same thing, kind of on the other side of the center point. So this one's on the right side of the center point. The other one's a little bit on the left. Hopefully we can get some implied volatility contraction and or just steady prices and hopefully book profits on both but we will see what happens. Next trade was an opening trade on EFA. So we were a little bit long delta overall in our portfolio, pretty flat, pretty close to delta neutral. So on this day, the market popped up. So I wanted to add in some short delta. So we just did a short call vertical in EFA. Got a couple questions on this trade and why didn't you do a long put vertical? And the difference is pretty minimal. I mean, if we look at EFA, we put it on right here once we get a little pop up. And so if price does turn around and go lower, theoretically implied volatility is going to increase potentially. So doing a long put vertical would have been a very valid trade. In this case, we just wanted to collect a credit and so we sold a call vertical. The payoff diagram is identical regardless of which one you do. It's just whether you want to pay a debit or get a credit and it doesn't really matter that much. And in fact, if you look the price of EFA is up today but implied volatility is popping up as well. So you never know. So it's kind of like we do long put verticals sometimes, we do short call verticals sometimes in this situation but the difference is minimal. So it's just kind of using different strategies and just kind of diversifying our strategies. Next trade was an opening adjusting trade in NatGas. So we added a short strangle in NattyGas out in the January cycle with 55 days to expiration. And I've been getting some questions about this and this is why I've started anytime we trade options on futures, I'm always gonna give you or at least I'm gonna try to remember to always give you the days to expiration. If you're trading on tasty works, that you know, this one is considered a December cycle in Thinkorswim, it's considered a January cycle. So I'm just gonna, I'm always gonna put the days to expiration so that you'll know that you're trading the correct contract that we are. So anyway, we went ahead and entered added on this strangle in NattyGas. And so that's what this one looks like here. Prices right here, we got a little bit of profit on the trade, just waiting for some more theta to decay. And then we also have this other adjusted strangle which prices come down nicely into range. So we've got a good chunk there. I'm looking for maybe a little bit lower prices or a little bit more time in here to book $1,1100, $1,200, something like that. And that'll help with our overall position. We are profitable on this trade already but just looking for a little bit more. So if we get a little bit more down movement in price and a little bit more time to pass, we'll probably take this piece off next week and then we'll just still be holding onto this one until it makes sense to close that out as well. Next trade was CL oil. So we did this one today where we rolled our calls down. So price came down in oil, so we needed to roll down our untested side. And so that's what we did here, stayed in the January cycle because there is still, how many days left? 42 days, so plenty of time. So we didn't wanna roll out to the next cycle. We were just simply rolling our untested side closer to price. And so that's what this looks like here. So price is right here. We rolled this call down to the 30 Delta. It was at about the, let me open these, I'll show you. It was down here at about the four Delta-ish range. And so we just simply rolled it up to the 30 Delta, collected more credit and just continued to stay in the trade. Now, I mentioned in the alert, I haven't added a new one yet. A lot of times in this case, I'll add a new one. Couple reasons I didn't, just because we did a lot of rolling adjusting trades today and you know how I like to spread that out over time, don't do it all, don't load up all in one day. The, if we look at USO on the chart, just to get the accurate IV ranking, I mean, we're at 100. So good time to be selling premium in oil. So look for probably early next week, we will go ahead and add to this by layering on another strangle kind of centered around the current price. The other thing is I was waiting to see if we could take a couple of things off, because just based on where we are from an overall capital usage standpoint, we're using about 45% of our net lick that's invested in positions. And so I don't want to get overextended in case we do have another big move. I still want to leave a little bit of dry powder, a little bit of cash on the sidelines to make sure we have room, because we never want to get, we try not to ever get over 50% of our capital in use at any time. Remember, we're trading options here, they are leveraged vehicles, so you can use a lot less capital and still get outsized gains without getting overextended. So you don't want to, we don't like to get over that 50% of account usage. And so I didn't want to put that on today, but once we take something else off, we'll probably put that on early next week, adding that another short strangle around CL. Next trade was an opening adjusting trade in IWM. So we added an iron condor on in IWM and we put this out on the December cycle. And so if we take a look at that, actually, let me go to the platform here in a minute because we did another IWM trade. Let's look at this one first, IYR. So this is the real estate ETF. So we had an iron condor on here, booked over 30% of max profit on that piece of the trade. And then we're still holding our long put vertical, excuse me, short put vertical, which was part of an iron condor originally. You can see price came down through the break even. We closed out the untested side. It's just been kind of sitting here, bouncing around here for a couple of weeks. So if we get a little bit of an upside movement back into range here, we'll take that off and probably just close out the trade. If not, we may, assuming implied volatility stays high next week, yeah, still nice and high, we'll probably add to this by adding another iron condor kind of centered around price. And we would do that in the December cycle. So look for that next week. Next trade was a rolling adjusting trade in Apple. So Apple announced their earnings after the bell yesterday. And they actually beat estimates as far as the numbers go, but a lot of that has to do with their commentary and for looking statements and things like that. Regardless, I don't know what they said on the conference call, I don't really care what they said on the conference call. Everything's built in to the option prices into the stock prices. And you can see Apple's now down over 6.69%. And so whatever happened, the market did not like it and now price is down here. So we rolled this from November to December, rolled our strikes down closer to the current price. And even since we've rolled, I think Apple is down a little over 5% when we did this roll. Now it's down over six and a half. So you can see we've got even more profit on the roll since we've done it though, since we've done it. So we take a look at chart of Apple. Remember, we put this on as a short delta position. I can't remember exactly when we did it. We've been rolling for several cycles here, but I mean, remember, I mean, Apple just seemed like it could not go down and that was hurting that position. We kept rolling and having to pay a debit to roll, but now we're finally starting to get some downside and so we'll see if this thing continues down or not. But I mean, it's just a good lesson. Nothing goes up forever. Nothing goes down forever. There's eventually gonna be some two-sided action for you to get some profit back or catch up or whatever it might be. So just continue to stay mechanical and play the game. And then lastly, we did a closing adjusting trade in IWM. So we closed out our November iron condor, booked over 40% of max profit on that piece of the trade. We're still down a little bit on our IWM trade overall, but so essentially what we did, just in a little bit different order, you know, we don't roll iron condors, right? They're four-legged trades. So the platforms don't allow you to roll a four-legged trade. So, but this is essentially what we did was roll it. As I mentioned back here, same day today, we opened a new iron condor in December and then this last trade is we closed our November iron condor. And so essentially what we're doing is we're repositioning that out in December. We booked over 40% of max profit, which is what we like to do on these trades anyway, on this piece of the trade, and then just re-entered it in December. So that one should be right where we put it on. Yeah, still dead centered. And so just continuing to wait, see if we can collect some more theta decay in IWM. All right, so those are all the alerts. Let's take a look at some of these other positions. We've got a short strangle on in 6B, which is the British pound. We've got some profit there, not quite enough to take off yet. So just continuing to watch that one. I mentioned CL, ES, we've still got this long put vertical on that we're keeping for short delta in ES. Price is right here near the break even, just looking for some downside to benefit that piece. And then gold, we've got a short strangle on here that's been adjusted. And so we're just waiting for some time to pass here. On this gold trade, there's 25 days to expiration. So early next week, remember once we get under that 21 days to expiration, we like to roll out. So assuming price kind of stays in our range here, we will look to roll this entire spread from December to January. And if you're trading on a different broker, let me just make sure you understand what we're looking at here. So right now we are in the December contract as it's displayed by TOS. So we would be rolling out to January with 54 days to expiration. And by the time we do that, it'll basically be down to 51 or 50 days to expiration. So that is the plan in gold. Natty gas, I already mentioned that. Bonds I mentioned, wheat. All right, so we've got two iron condors on in wheat. One of these is pretty centered here, not much profit. The other one is the December trade and we're pretty close to taking this off. If we get a little bit more up movement into early next week, we'll book that one and then just continue to hold this one for a similar situation. So that's where we are in wheat. I mentioned apple, DIA. We've got a couple of short call verticals that were originally part of iron condors. And we're just continuing to keep these in our portfolio for that short delta exposure. You can see price is still barely in our range here, just looking for a little bit of downside to benefit those. EEM, we've got two different short strangles on. This one with four contracts. Both of these are in December. One has four contracts, one has five. The one with four, you can see prices just hanging out here. No, not much profit or loss there. And then this one is our adjusted one, which has come nicely back in a range with this up movement in EEM. So we will be looking, just looking for a little bit more out of that one. And if it stays kind of centered and implied volatility stays steady or lower, then we'll probably book this piece next week. So look for that early next week. EFA, this is one we put on for that short delta exposure. We just looking for some downside to benefit that piece. EWW, yeah, I mentioned that one. FXI I mentioned, IWM, IYR, QQQ. Same thing as DIA. We've got two sets of short call verticals. Just looking for some downside to benefit that. These were originally part of iron condors and just have continued to roll them for that short delta exposure. SMH, we've got two pieces to this trade. So we've got this adjusted strangle, which is actually right at the 99 strike. So it's a straddle. We've got a little bit of profit back on that one, just looking for a little bit more before we do anything there. And then we've got our unadjusted strangle, which is pretty dead centered, no P and L there, just waiting for some time to pass on that one to get some theta decay, applied volatility still nice and high. So just playing the waiting game there. SPY, we've got a short strangle on and SPY, got a little bit of profit there, but not quite enough to take off. We get a little bit more downside and then a little bit more time to pass. Hopefully we'll be able to book a profit there. VXX, this one is kind of frustrating. We had, so when VXX spiked up here, we were looking to potentially put on another piece of this, I was just waiting for it to get a little bit higher, never did, and it rolled over. So I wanted to put another piece on. If we had gotten one on, we would have booked a profit on that other one. Now we're still under water here on this one, a decent amount, but so if the market continues to stay steady and higher, this will, this is inverse to the stock market, so this will continue to contract. If price of VXX does spike higher, we will look to add another one on here, and just only two, so we're not gonna continue to average in or anything like that, but I don't mind having a couple different pieces on here to try to take advantage, but this one's under water, so if it doesn't contract here fairly quickly, we're in November, so we've got 14 days, so we'll be taking this off sometime next week or the week after, depending on where we're at with everything. The reason I didn't end up adding one on a little bit, I wasn't more aggressive about adding one on up here is because, remember, this is inverse to the market, so it would have added long delta to our portfolio. We are already a little bit long biased, and so that's kind of the reasoning. Obviously in hindsight, you wish you would have, but you cannot play that hindsight game, you just gotta play the cards that are in front of you, and we missed out on that one, but that's okay. I mean, this thing could, who knows? You know, I mean, this thing could get back to profit in the next seven, 10 days, but we'll see what happens. XLK, I mentioned that, just another short bias trade, and then XRT, we've got a short strangle here, price kind of hanging up in the upper end of the range, so just kind of playing the waiting game in XRT. So those are all of our alerts, those are all of our positions. Hope everybody has a great weekend, and look forward to some more good trading next week. Have a good weekend, everybody.