 Hey everyone, welcome to this week's video update today's Friday, June 7th We are going to review all of our trades for the week But before we do that, let's jump into the community and talk about who got caught being hot Each week like we like to recognize one member of the community for helping other traders This week goes to Jeannie Howped hope I said that right Jeannie and Jeannie's been really consistent Really contributing to the community being active providing insight answering questions asking questions. So Keep up the good work Jeannie and congrats. You got caught being hot Let's let's jump into the alerts for the week starting with Monday the 3rd our first alert was in wheat and we just closed out the put vertical side of our iron condor and Price breached our upside break even so we just closed out the untested side and Looking for price to come back into range. You can see prices hanging out just outside of our range right here So just needing a little bit more downside in wheat to get back into range there. We've also got another position in the What toss recognizes as the August cycle tasty works is gonna call it July But it's the one that currently has 49 days Until expiration you can see we've got some profit in this one, but not enough to take off yet So we're just in the holding mode on that piece Next trade was a rolling adjusting trade in SMH. So we had two pieces on here. We had this This adjusted strangle and we went ahead and rolled that from June out to July We were under 21 days to expiration. And so that's when we look to start Extending duration and rolling that out reduce our gamma risk. And so that's what we did here And so if we take a look at SMH, we've got two different pieces here We've got this adjusted strangle, which is this one here that we just rolled out and you can see prices come up nicely We've gotten back over $700 in profit since that roll now We're still down on the trade overall, but then we've got this other piece as well Where prices just kind of hanging out up here not much P P and L not much profit or loss So just playing the waiting game in SMH Next one rolling adjusting trade in QQQ So we've got two different sets of short call verticals that we've just been rolling to keep that short delta exposure Rolled this one from 18 days out to the 46 days to expiration We were well over 50% of max profit with the down down move that we saw last week and early this week Had moved to a point where we needed to kind of book that lock that credit in and and move on So we went ahead and rolled out and we rolled down our strikes to adjust and so if we take a look at QQQ We've got these two different pieces on here They're very very close as far as the strikes go, but you can see with this up move here Recently over the last few days prices Moved out of our range now. So we're just holding this to hopefully get back into range Also holding holding on to that for that short delta exposure Speaking of short Delta We are just under one to one basically on a ratio of short Delta to Theta We kind of like to be in that range of between one to one and five to one of our short Delta versus our Theta Our Theta is actually slightly higher than our short Delta right now We added an Apple position a short Apple position Earlier this week, which I'll touch on here in a second So we're just kind of slowly adding short Delta and then obviously when the market goes up We naturally gained some short Delta. So we're real close to that one-to-one range slightly slightly under one-to-one Next trade was a closing adjusting trade in FXI. So we closed out the call vertical side of our iron condor There's very little value left in that side. So we're still holding that put vertical side and And then later on we ended up adding another iron condor in an alert So let's go to FXI and take a look here. So we've got these two different pieces We've got the short put vertical that's still left in the June cycle and you can see prices come back up into range So if we get a little bit more up movement, we'll go ahead and book that one Which will book a profit on that June iron condor overall and then we've got our July one Which is fairly centered here. Just kind of hanging out just waiting for some time to pass on that one Next trade rolling adjusting trade in natty gas for slash NG. So we rolled one set of our short strangles We were at 21 days to expiration We went ahead and rolled that out to the one with 52 days and we adjusted our calls down prices been pretty weak in that gas so we're just rolling our calls down staying mechanical and And and staying with the system and so we rolled that out And then we at that point we still had one set that was still in July with 21 days But we had held that for a couple days. We like to just spread out our rolls So we're not doing it all at one price point all at one time all at one point in time We like to spread that out So we did this one and then a couple days later price moved down some more and so we did the other one And so let's take a look at natty gas here So we've got these two different pieces and keep in mind The the short put both of those are at the three strike I've mentioned this before but because this is so deep in the money The open interest starts getting a little bit sparse out here. So we wanted to pick one You know, we didn't want to do the 2.9 a which has zero now the three You know, it's only in the low hundreds which we like to see more than that But if price starts to move in our direction, then we'll we'll get some more Open interest flowing into that strike But we just we're using the three strike that we've done for a couple of cycles now just because it is so far in the money The price is hanging out right here in the lower end of the range We just need we just need some up movement in natty gas to help help benefit that Let me get this chart back on So here's a here's a chart of nat gas and you can see over the last couple weeks We've had a real pretty sharp slide to the downside in natty gas So if we get a little bit of a bounce that will be much welcomed for us on our nat gas position Next trade closing trade in XLV. So we had an iron condor on here booked over 30% of max profit on that trade So we were out of XLV Opening trade in Apple this is what I mentioned just a couple minutes ago We we're just looking for areas to add some short Delta Apple looked like a good choice. And so we just put on a long put vertical in Apple so let's take a look at a chart So what we were looking at is I mean apples had this huge slide down and then started to bounce up and we were looking at this For a potential continuation to the downside now obviously what happened was not what we were looking for we had Massive move up for a couple days now. We're still in decent shape I mean nothing to worry about we're just barely at a range here But just looking for some downside in Apple and so that was we look at these as both a Positional trade meaning we are obviously wanting it to go in our direction So and that's how we look at it if we have a big move in one direction and then a little bit of a reversal a lot of Times you'll get a continuation to that same same direction. And so that's what we're doing Nothing nothing magic about this just looking for Potential setups to add short Delta and an Apple fit that criteria now obviously it doesn't always work out But we could we could still roll over from here. You never know what's gonna happen here, but Just just adding that short Delta kind of offset or some of the other long Delta that we had in our portfolio So that's what we're where we're at an Apple just continuing to hold that for now Next trade opening adjusting trade in FXI I already mentioned that we added that new one We actually didn't take a look at it So we've got the Yeah, the full iron condor out in July. I did mention that sorry It's so it's just playing the waiting game on that piece and then the closing adjusting trade in DIA So we had two different iron condors on one in June one in July We went and closed our June booked over 40% of max profit on that piece of the trade And then we are still holding the We're still holding the July iron condor You can see prices now hanging out in the upper end of the range if it continues higher We'll close out that on tested side and manage as needed Next trade rolling adjusting trade in that gas So here's where we rolled our second set of strangles at this point now we were down to 19 days to expiration so we rolled that out to 50 and Already already kind of showed you those together just needing some upside movement in natty gas to benefit there Next trade was an opening trade in gold for slash GC and as I mentioned in the notes here Iron condors or short or short strangles could be considered in either GC or if you prefer the ETF You could do GLD. I just like I liked GC in this in this case just because of the The credit we were getting and the risk reward So if we take a look here, this is the iron condor We've got a tiny bit of profit since we put that on But just continuing to hold at this point letting some more time pass in Gold if we look at a chart of GLD You can see we've had this big run up and then we got this spike in implied volatility And so now we're looking for price just to kind of simmer down and stay in our range So we can book a little bit of a little bit of profit Next trade closing adjusting trade in IYR So we closed out the put vertical side of our iron condor in IYR as preach price breached our downside break Even there's very little value left So he closed that out then the very next alert and this is these are both this morning We added a new centered iron condor in IYR in the July cycle to pick up some more credit And just to continue to manage that trade This one we did a little bit tighter. Let me show you what I mean here. So if we go to IYR We've got the We closed out like I said, we closed out the June put vertical And so we're still holding that call vertical side. You can see big move in IYR to the upside Broke through our break even so now we're just looking for a little bit of retracement back into range before we do anything with that one And then the other piece that we added was this tight iron condor And you can see price is still very centered. We just put this on this morning But the reason that we did it so tight, it's almost like an iron butterfly You can see we're just a couple strikes different here. We sold the 91 and the 90 Excuse me. We sold the Sold the 90 call and the 89 put So very very narrow and the reason we did that is we're I was looking at different strikes and When you look at these on the call side Look at our long I mean, it's it's to a point where you know, it's fairly low open interest if we went out one more strike There's no bid the ask is 18 no bid and so we didn't want to choose that one So we just tightened up we moved our long strike up to the 94 and then our short strike We tightened up almost near the money just to collect enough credit to make it worthwhile Or we're almost treating this more like an iron butterfly. Well, we're where we will manage earlier So we we might manage this at 25% of max profit as opposed to 30 or 40 on a traditional iron condor So that you get a lower probability of success But you also get a larger credit and so that's why we chose those strikes that we did in IYR So those are all the alerts for the week kind of a light week on the actual alerts scent But we had a lot the last week. So that's just kind of the nature of the beast Let's take a look at some of the other positions oil is making a nice move up today in our favor This is a short strangle that we put on implied volatility was nice and high when we put it on But then the very next day implied implied volatility spiked to a point where we are down about $1,200 on this trade even though price was still well within our range. It was about where it is right now Volatility has contract contracted some and prices moved back up So now we're down still down over $400 on the trade even though we're still well within range So just playing playing the waiting game in oil Yes, we've got this long put vertical that we've been holding for that short delta exposure And you can see that prices with this strong strong movement stocks these last couple days prices moved out of our range So just holding that for some some downside. It's part of our short delta hedge I mentioned gold. I mentioned that gas bonds bonds have been just Incredibly strong too, which is interesting on a big update of the market Uh, you know, sometimes you'll see a little bit of an inverse correlation where bonds will move down But both stocks and bonds are extremely strong today We've got this short strangle that we had adjusted into a straddle You see prices hanging out near the upper end of the range here If we look at just the puts you can see we still got plenty of premium left in those puts So not make not looking to make another adjustment in bonds yet We've got yeah, we've got plenty of time. We've got 49 days to expiration Before we need to do anything here. So just playing the holding game in Bonds I mentioned wheat mentioned apple John Deere we've we put this on for short delta exposure a couple weeks ago And it's actually been very strong even when the market was going down this stock Continue to rally a little bit But kind of a similar thing we had this huge push down and then after the earnings another push down And then it started to bounce up and we were looking for a potential Kind of a rollover continuation, but it has stayed strong. So just holding that for that short delta exposure Could easily get back into range here We've still got 14 days left. So we're not going to do anything with this until at least until expiration week Unless it makes a quick move down and we just and we were able to book profits, but assuming it just kind of Is stays normalized or grinds higher or lower? Well, we've got you know another week and a half or so before we really need to do anything in that I mentioned d.i.a E w w we've got a short strangle on in e w w got some profit there, but not enough to take off yet I mentioned fxi Intel this one's coming back nicely for us back into center This is one that we adjusted and then rolled out And then and now we'll just continue to manage that as needed. Um, we're still down on this one a little bit I uh off the top of my head. I can't remember exactly what we were all uh, what we're down. I will have to look at the The tracking sheet that we use Uh, but we're still down a little bit. So we'll try to get some more profit back in this one before we do anything I w m we've got two pieces on here Uh, this one's come back. This one's come back into range So if we get a little bit more up movement in that piece We'll we'll book that one end up booking a profit on our june iron condor And then this is our full ic out in july which got a tiny bit of profit just waiting for some more before we do anything there Cree kre we've got this strangle that we adjusted into a straddle Uh, you can see we've got a little bit of profit since that roll just waiting for some more before we do anything there Qualcomm we've got this short strangle here Uh, we've got some profit here just going to hold this over the weekend See if we can get some more squeeze some more out of that before we book that if we get a little bit more up movement A little bit more contraction and applied volatility We could potentially be able to take this one off monday or tuesday of next week q q q i mentioned smh i mentioned that one. We've got those two different pieces sp y we've got two pieces on in this one We've got the full iron condor where you can see we've got a little bit of profit on that Just waiting for some more before we do anything and then we've also got our short call vertical Where you can see prices hanging out right here just outside of range So just looking for a little bit of downside to get back into range there XL k this is one another one. We've been holding for that short delta exposure I was looking looking nice, but a couple strong days and prices out of our range now So just looking for some more downside to get back in And then lastly xrt. We've got this short strangle on here with some profit But just waiting for some more profit before we book anything in xrt So that is all my friends everybody. Have a great weekend. Hopefully we get a little bit of a reversal back to the downside Create a little bit of volatility help our portfolio And everybody have a great weekend. We'll see you next week