 Welcome to this week's video update for Friday, November 18th. It was a pretty crazy week. We had a lot of adjusting trades. We had some opening trades and we closed out of some profitable trades. So we had a lot of adjusting trades and you'll notice that you'll go through periods where you'll see a lot of some of the markets have a pretty fairly sizable one directional move which kind of pushes the price outside of your range and you'll have to make a lot of adjusting trades and that's kind of the week that we had this week. You also find periods of time where your price stays in a very narrow range for extended periods of time and you'll constantly just be taking after winter, after winter, after winter. So just understand that you're going to have periods like this and it's not a big deal. We're making the adjustments. We still got a lot of time left in the current expiration cycle. Today's expiration Friday for the November cycle but in the December and January cycles we still have a lot of time left to earn back some of those some of the money that we've made on these adjustments. So let's take a look. Remember to get here you're just going to the navigation alerts click on income alerts and that's going to bring up all the trades date posted as we made them. So if we go back let's go back to Monday at the beginning of the week which was November 14th and start with the first trade we made which was an adjusting trade in GDX. So GDX made a significant move down so we had to roll down our calls. Let's go to the platform and take a look at GDX first. So our calls were out here we've rolled those down and so now price is sitting right here so it's still fairly centered so all we do is wait and continue to hope that stays in a specific range if we need to make another adjustment we will. Otherwise we'll wait and take that off for a small profit. The next trade we made was on Monday also it was another adjusting trade in IWM. So IWM has continued to move higher so we took off our put side and simultaneously added another iron condor to take in more credit. So let's take a look at IWM. So here's the here's the second adjustment we made so we put on another iron condor. Price is right here so it's still fairly centered so we'll continue to wait and let that theta decay in that trade. The initial iron condor we were in we had to make the adjustment on. We had the call side left so remember this is the losing side price is way out here so it's outside of our range however you don't ever touch the tested side. Okay we took off the put side for a full profit on that we leave the call side on if it doesn't make a move down then we're gonna take a loss on the call side however that's the other reason that we initiate this additional iron condor to collect more credit and get back some of that loss. Now there's a we've got a lot of time left in December so in the December contract so it's not unforeseeable that we make a move down we get we make money on this second adjustment iron condor and the initial one that we that we put on too so we'll just be patient and wait to see what happens there. Let's see the next trade was an adjusting trade in XLU so we rolled down our calls XLU had a significant move down so let's go to the platform and take a look at XLU so we rolled down our calls so now we've got a this tight range here so we're gonna just hope that this stays in in a range here if not we'll make another adjustment and continue to manage our XLU strangle. Another trade we made on Monday if you remember we got a lot of alerts coming through on Monday this was an opening trade in oil so we put on take an advantage of high IV in oil so if we take a look at this strangle price is right here you know we always start this off pretty centered so it's had a little bit of a move up but still well within our range so we're not making any adjustments or doing anything in addition in our oil position at this time except for waiting and then let's go to the next page here let's go back to back to the first page like to do these in order as we took them during the week so we did an opening trade in EWW and this is one that we we already took off so we opened this trade on Monday and we already took it off for a profit of about 40% of max profit so that one that was a good trade we did a closing trade in GLD so that was a 40% plus winner in in just three days thanks to a huge contraction in implied volatility so we're still you know we got a quick profit there and then we're still holding the put side of that GLD iron condor so let's take a look at GLD so here's GLD here's our put sides that had a good move down in gold so we're still holding on to that put side we exited the iron condor for a profit and then we put on another iron condor to try to collect some more credit so this is the process your if a trade goes against you you're holding on to the losing side taking off the profitable side and adding another iron condor to continue to to collect more credit let's go back to our list here I already mentioned we already went over the adjusting opening trade in gold and GLD had a closing trade in EEM for a nice profit in just five days so in these you know take a look at EEM let's go to the charts and look look what happened to implied volatility this is what this is what we're looking for you're putting on the strangle and implied volatility is high just a few days later we have a crush of implied volatility where the implied volatility just sucked out of the out of the market and we were able to take that trade off for a nice quick profit let's see then we had a we had a new opening position we sold a strangle in EWZ let's take a look at EWZ again you know we had extremely high implied volatility we had a good good contraction implied volatility but we've still got this position on you can see we're right centered we're profitable but we haven't gotten enough profit out of the trade to to close the trade out yet so hopefully we'll stay in a fairly narrow range and take that off next week then our next trade was a we closed a straddle again in SLV which is the silver ETF and again took a nice profit in that in just five days so when this when this volatility contracts sometimes it happens pretty quick let's take a look at SLV and what happened there so we put that trade on at the beginning of the week kind of the same story as EEM just had a severe contraction in implied volatility which allowed us to take that straddle off for a nice profit in just in just a few days in just five days in SPI we did another adjusting trade so we had an iron condor so we bought back the put side because SPY continues to move up and then we added another iron condor in SPI to continue to collect more credit so let's take a look at SPI as you can see we've had a nice contraction in volatility however it's it's the prices can been kind of one directional and moved out of our range so here's the here's the tested side or here's the here's the the call side of that iron condor that we still have on so as we if we get a move down we'll be able to take that off for small profit and in addition to that we added another iron condor to collect more credit and that's fairly centered so we'll continue to wait if you'll notice one thing I did a little bit differently on this one our initial iron condor was five contracts and the new iron condor that I added was was only three and part of the reason is is because implied volatility has gotten so low in SPY so if all ability was still up here I would have done more contracts but that's just a part of part of managing your managing your risk managing your credits managing your theta so I did a little bit of a reduced size and then let's see I think then we had a couple more trades so we had a closing trade in EWW I already mentioned that we took that off for a nice profit in just four days and then today Friday November 18th we had one other trade and that was an opening trade in the euro and that's the futures contract forward slash 6e so let's take a look at that trade look at 6e it's had a it's had a big move down we haven't had any trade in it any trade in during that period but IV is up here IV percentile 86 IV rank at 74 so it was a great time to put on this position IV so you can take a look at what we've got here typical one standard deviation strangle and its price is still extremely centered as we just put this one on today so I hope this was helpful and we'll talk to you next week