 What's up navigation traders happy May 4th Friday May 4th. May the 4th be with you Let's get started on the alerts for the week. So Starting off on Monday. Our first trade was an IYR trade, which is the real estate ETF We put on a new short strangle implied volatility percentile at the time was at 70 So if we take a look at the chart, you can see it's already it's since since then contracted down to 56 So we've got a tiny bit of profit on the trade still very centered nothing to do there yet except for weight Next trade was a closing adjusting trade in GLD. So we had an iron condor price moved down So we closed out the untested side. We closed the call vertical side of that GLD trade And we're still holding that that same piece here. So if we look at GLD You can see price came down breached our break even now It's moved back barely into our range. So we could use a little bit more of an up move to benefit that piece I was hoping we might get a a small pop in implied volatility Up above that 50 level before we put on a an additional iron condor It's continued to contract. So we're waiting on that. We may still what we may still put another iron condor on Remember when we are adjusting a trade even if the IV rank or IV percentile is not over 50 We still we still put those adjustments on sometimes As opposed to a new entry we really typically like to do a new entry over that 50 level So we haven't yet. I was hoping for a little pop haven't got it So we'll just continue to manage that that put side of the iron condor Into in the next week and see what happens Next trade was an opening trade. We did a pre earnings along straddle in Nvidia, which we If we take a look there at Nvidia We still have this on remember they announced earnings on May 10th So we've got some time there if we take a look at our analyze tab you can see Couple things one implied volatility has not expanded as we expected. It's continued to grind lower So hoping that we still got a pop and implied volatility leaning into earnings like we usually do But that has not benefited our position. So we've got a decent price move now We put it on when price was back here, but still very little profit a little over 86 bucks So not bad, but if we can get a little bit of a move higher and a pop and implied volatility We will we'll take this off Hopefully early next week. So we'll see what happens there Next trade was a closing trade in Apple So we had we had bought in a pre earnings long straddle on Apple They announced earnings. So we took a small loss on this trade If we look at our closing trades, let's look at that Apple one So took a $70 loss so pretty small loss, but ended up just booking that loss in fact if Some of you who had that trade on if you held it a little bit longer You may have been able to squeak out of profit because it did move into profitability later that day But we we ended up getting out Next trade was an opening trade. We put on a strangle in the euro four slash six E IVR Popped up above 50 still in this not not much P and L Change at this point Still very centered. So just waiting for this one to decay some more. If we take a look at the implied volatility I remember when we put it on IVR is about 50. So it's still hanging out right in that area So not much movement in price or implied volatility on that one yet Did a closing trade in Tesla So we had a a long put vertical that we ended up holding through earnings Had a nice move down in Tesla booked a booked a nice winner in that one Next trade was a closing adjusting trade in ZN So we closed out a short strangle that we had in ZN Booked a profit over 35% of max profit on that one and then we're still holding our second piece to that trade which is an adjusted strangle currently a straddle at the 120 strike and We are just under We're just at 21 days to expiration. So early next week We will be rolling that out to the next expiration cycle giving ourselves More time to be right and collecting some more credit on that one. So look for that early next week Next trade was an opening adjusting trade in the cues and that was our final trade So a lot less trades this week than typical We've got a lot of trades are just kind of centered and we're just kind of waiting for that theta to decay But in the cues We've had these short call verticals which were previously from iron condors And you can see with the big move up in stocks today moved out of our range a little bit These are in May which have 14 days left to expiration. So in the next week or week and a half. We will be rolling those But the the trade that from the alert that I just mentioned We added a new iron condor, which you can see with this big price move up Starting to get into our upper range. So we'll continue to monitor and manage that as needed As for some of our other positions, let's see. Yes. So we've got the Long put vertical which we're holding for that for some of that short delta in our portfolio Just moved a bit out of our range today with the big up move So need some downside movement for that one and then our separate trade We've still got this iron condor on almost to a point of booking a profit. So if price stays relatively stable We'll look to book a profit on that piece of the trade and probably add another one to continue to Add duration onto that trade as well. So look for that early next week Natty gas we've got an iron condor on here. You can see it shows. We're down 150 on the trade but Remember on some of these commodities on the options on futures if the markets closed this Excuse me. This profit line is going to be a bit skewed So it's actually going to be a little bit higher than that when the markets open back up Zs soybeans got an iron condor still very centered there. So nothing to do but wait Wheat very similar got an iron condor got a tiny bit of profit waiting for some more theta to decay in those options Apple so we had we had rolled this vertical for May to June and If you see here, it's the big move up today It moved up almost 4% huge move to the upside in Apple after we did the roll So looking for some downside movement to benefit that trade in Apple Amazon this is one that we put on as a post earnings Short-put vertical you can see we've got a bit of a move up back into our range here So just playing the waiting game looking for some a little bit of up movement on that one DIA we've got an iron condor on here That's in some profit, but not enough to take off yet And then we also have some short call verticals that we've been We're originally part of iron condors, and we've been just rolling and we'll continue to roll next week To continue to keep that short delta in our portfolio Eem Got a strangle on here got a little bit of profit could use a little bit of an up move to benefit that one EWW same story need a little bit of an up move some more theta to decay before we book that one We've also got a strangle in Facebook Which is coming in nicely with the implied volatility contraction today? We saw our profit line move up significantly in Facebook, so I wanted to give that over the weekend We are over 30% of max profit in a very short period of time on Facebook So we'll look to potentially book that winter next week FXI got a strangle on this very centered here got some profit not quite enough to take off yet. I mentioned GLD IWM we have this iron condor Waiting for a little bit more profit in there I mentioned IYR NVIDIA and the cues and then lastly XLK We've got this long vertical, which again hit a huge move up So we'll probably look to roll extend duration on that one next week But remember this is another one that's keeping that short delta in our portfolio For you new members just remember we we like to keep short delta in our portfolio We like to keep a short bias Because our core trades that our core Strategies and trades that we're putting on our range bound trades selling premium and high violet volatility like strangles straddles Iron condors butterflies, you know all those types of strategies and so to help protect us We we like to keep a short bias in there in our portfolio for those of violent moves to the downside and So that's that's what some of these when I say it's short delta Plays that's what I am referring to so Hope that's helpful. Everybody have a great weekend. Look forward to some more volatility next week. Have a good weekend. We'll talk to you then