 What's up navigation traders today is Friday, August 3rd I hope everybody had a great week of trading welcome to this week's video update Before I jump in just want to make note. 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So Exciting stuff here and it's super excited about a couple things we have coming for you I can't mention it yet, but it's coming soon. So stay tuned Let's jump into the alerts for the week Starting with Monday First trade was a closing adjusting trade in wheat So that we closed out the put vertical side as price breached our upside break even and So let's take a look at where we're at here So here is that remaining call side price has been really strong and wheat wheat has been my Nemesis for the last year basically every time I think we're about to close it out for a profit We end up having to extend duration and make some adjustments, but it's kind of cool Once this is closed out. It'll be a good example of a trade I'll do kind of a recap of the entire trade going all the way back to last year and You know, this is this is part of the game Not every trade is gonna be a winner right off the bat and knowing how to manage Those trades and make the necessary adjustments is critical to being consistent. So Anyway, here is the short call vertical You can see prices way out here and you need some downside movement still got a decent amount of time here 21 days to expiration before We need to do anything there And then we've also got this other full iron condor, which is out in October You can see we're making some profit there not enough to take off yet So we're just playing the weight game waiting game and wheat at this point Next trade was a closing adjusting trade in qqq. So we closed out one of our sets of short call verticals That's previously part of an iron condor Booked a profit on that piece of the trade and so we ended up just closing it out Booking that profit on that piece because we're still holding our other two sets of short call verticals We were starting to get a little bit too short biased in our portfolio overall So it just made sense to take off some of that short Delta. So we just closed that out If we take a look at the key actually, I'm gonna go back to the cues here We've got another alert on the queue. So I'll go back to the platform once we hit that one Next trade was a opening trade in EEM IV percentile at the time jumped up to 55 So we sold some premium sold a strangle in EEM That trade is still fairly centered got a little bit of profit here as you can see But not enough to take off yet. So just waiting for some more theta to decay in EEM Next trade was an opening adjusting trade in IWM So what we did is we simply added an iron condor in September IV percentiles at 69 at that time and then and then we also Hold our other piece of that trade Which is so here's the iron condor You can see we've got a little bit of profit there But not enough to take off yet and then we've got this other piece Which is a short call vertical from our other iron condor just you know continuing to Look for a little bit of downside to benefit that piece We are we're right at about break even maybe down a little bit on our IWM trade overall Assuming price stays relatively stable should be out of this here in a couple weeks for a profit But we will see what happens. Obviously if we need to make additional adjustments, we will Next trade was an opening trade in Goldman Sachs, so we haven't done many calendars for a while because implied volatility hasn't been low enough to warrant doing it, but IV percentile on Goldman Sachs at this time was right at three so super low We like that IV percentile IV rank to be under 10 is when we really like to start putting these calendars on so Gonna look for about 20 to 25% profit. We've got about 10% profit at this point. You can see it's still nice and centered a little actually about 8% and almost 9% profit at this point But you can see we'll just like let's more time to pass if we look at the chart You can see implied volatility is super low in Goldman Sachs next to zero here so if we get a little bit of a pop and implied volatility and prices stay relatively stable within our range We'll be able to book this profit if remember On calendars if it does go outside of our range We'll most likely add another calendar and turn that into a double calendar and And continue to manage that so nothing to do here yet in Goldman Sachs except for weight Next trade was an opening trade in Disney. So we did a pre earnings long straddle in Disney looking for some price movement and expansion of implied volatility Going into earnings they announced on 8-7 so we want to be out of the trade by then So if we take a look at Disney We've gotten let's see. Let's take a look at the chart So in implied volatility we did have one pop yesterday up in implied volatility Which helped offset some of that theta decay Which is why we are pretty much break even right now down to slightly But we need some price movement to really benefit this thing either up or or a big move down we're going into Earnings on 8-7 so we've got so we'll be taking this off early next week So hopefully we can get a little bit of a price movement before then to Book a little bit of profit Next trade was an opening trade in Google. So we did a short put vertical and Google and We did this a couple reasons one We're anticipating a little bit of an up move in Google obviously and then second Again, we are starting to get a little too short in our overall portfolio So adding in this bullish trade some long Delta helps balance that out We took a look at our Google trade right now. It's down about three quarters of a percent today, but we're still In the profit a little bit up about 120 dollars Looking for a little bit of up movement to benefit that trade and And from the charts, here's kind of what I was looking at. So after earnings It jumped up pretty significantly Not quite enough to warrant putting on a post earnings short put vertical However, it would have worked had had you done that because we did get a couple days of up movement, but it pulled back Down to this down to this level here and just Look so for any time when you get a decent up move and a little bit of a pullback on that first move I like to that that that tends to be a good point of entry. I'm not saying it's a super high probability Not looking at any specific technical analysis indicators or anything like that We're just simply a adding some long Delta in our portfolio and be this look like a good entry For a little bit of a bounce higher. I mean if we get up to 1260 or 1270 Which would be pretty easy to do pretty realistic You know, we're looking at You know booking 40 50% of max profit on that trade. So that's kind of what we're looking for here on Google Next trade was a closing trade in Facebook. So last week We put on a post earnings short strangle in Facebook and we were able to take it off just a few days later Five days later to be exact booked over 30% of max profit So nice trade in Facebook and if you remember what happened in Facebook, let's just kind of go back Let's go back to that chart to to recap FB So what we're looking at is, you know after earnings the stock was down about 20% so a huge move down and What happened is after because it moved down so much We did not get that implied volatility crush right after earnings that we typically do So we we sold some premium with those Price option prices that ivy still elevated And and then the very next day we got that little bit of a collapse That popped up and then continued to decline. So worked out nicely price kind of stabilized around that level And we were able to book a nice quick winner. So good trade there Next trade was an opening trade in Nvidia. So we did a pre earnings long straddle in Nvidia Again kind of like Disney looking for some ivy expansion and price movement Leading up to earnings. They don't announce until 816. So we still got some time in this trade If we take a look at Nvidia We have not gotten any expansion implied volatility It's continued to decline So if we can see a little bit of a pop-up and then a little bit of price movement should be able to book a winner You can see we're still basically at break even here. No profit or loss at this point So we'll see what happens next week in Nvidia Next trade was a rolling adjusting trade in apple. So we went ahead and held this trade Through earnings. Unfortunately apple did make a move higher So let's go to the chart here. You can see prices out of our range So looking for some downside to benefit this trade You can see apple has just been, you know, really strong So we're looking for a little bit of a turnaround to to benefit that piece And again, the whole reason we put that trade on to begin with Was to add some short delta in our portfolio. So we still need that short delta. So we'll continue to hold that for now Next trade was a closing adjusting trade in fxi So we closed out one of our butterflies booked almost 50 profit on that piece of the trade And then we're still holding our other september butterfly So if we take a look at fxi here What you'll see is this trade is still fairly centered We'll hang it out a little bit towards the upside range, but Still just fine and then our other butterfly here And remember one of the reasons we we use puts in call is to help separate them So right now we're clicked on just the call butterfly So you can kind of see what that is here and then to keep them Separate to make it easier for tracking. We did the other one inputs, which is the one we The one I just showed so Just waiting for some more time to pass more theta to decay This one could use a little bit of upside movement And the other one could use a slightly downside movement. So if we click on all these What you'll see is this basically Mirrors kind of looks like an iron condor, right? You've got this Span here where we can profit. We've got our defined risk. So it's just two butterflies Combined almost looks like an iron condor from the risk profile. So Just overall with both of them together you can see we're very centered So just waiting for some time to pass before we do anything here Next trade was an opening trade in tesla And what we did here is we did a post earnings short put vertical in tesla So just like we teach in our earnings course If price moves up beyond the expected move And so for those of you who are newer and may not understand what the expected move is Let's go to tesla So if you go to your trade tab, you can look at this a couple different ways You can look on the very far right hand column And what you'll see is depending on which cycle you're looking at the in parentheses It shows the plus or minus the expected move. So that's basically plus or minus one standard deviation move So you can see with just today. There's an expected move of about four dollars Plus or minus either way If you go out to august for example, there's an expected move of around 28 dollars So right before earnings Let's go to the chart here. I actually marked it Oh, no. Oh, yeah, there it is So I just what I'll what I'll do is The if the stock is going to announce earnings a lot of times I'll just mark kind of where that expected move is to the upside And if price opens above that Just like we teach in our course Then what we then what tends to happen is price will stay above that level or go higher in this case We got in right here And the same day it shot higher and then we ended up getting out today And booked a nice profit. So We uh, I'll get to the closing trade in here in a second, but booked over 40 percent in just one day. So Nice trade in tesla. I played nicely with us for that trade did what it was supposed to Next trade was a rolling adjusting trade in iwm. So we just rolled our short call verticals I already went over that just to recap. Let's go back to that real quick And this is our short call vertical So just continuing to keep that short delta on for our portfolio looking for a little bit downside to benefit that piece Next trade was an opening adjusting trade in fxi. I already went over that We just added a butterfly. So I showed you both butterflies both our call side and our put side We looked to close these for around 20 25 profit So just waiting in fxi And then here's the closing trade in tesla where we booked over 40 percent in just one day that I just mentioned And lastly today we did a rolling adjusting trade in qqq So what we did here, which is slightly different from what we usually do on a roll is we we rolled from Uh, uh, august to september Which is normal But what we did here is we actually widened out the strikes a little bit So we went from three strikes wide to five points wide, okay And we did that to lower the cost of our roll. So we paid a smaller debit to to do that roll Uh, and then we just you know, we continue to keep this on for that short delta in our portfolio So if we take a look at the cues And the reason we did it today is just because with the with the up movement that we had especially yesterday in the cues It kind of went out of our range So we wanted to get back to a positive theta position And so let's go ahead and click on that. So that's what this looks like now So now we're in a positive theta position as you can see right here And just looking for some some downside to benefit that piece now. We still have our other One on in august Which is still in our range still in a positive theta position So that's why we have not rolled that one yet If we can get a move next week Lower than we might either close that or roll it depending on Where our overall portfolio is In respect to a short delta position so Right now our overall portfolio Is at about three to one Of our short delta to theta ratio So remember for every dollar of theta that we're collecting We we like to be anywhere from one to one to five to one as far as short delta And we're right at three to one. So in a good spot And so we'll just continue to manage that as needed So those are all the alerts from the week. Let's take a look at some of our other positions We've got a strangle on in oil We're up a decent amount in this trade overall, but this piece of the trade Still very centered just looking for some more time to pass before we close that out So if it stays in our range here and we get to about 40 50 of max profit will close that out Uh, but let's take a look at a chart of oil To get an idea of where implied volatility is right now still still fairly elevated We are at the yeah, still at the 60 level on the IV rank Which in this case IV rank is higher than IV percentile Typically you're going to see IV percentile be the higher of the two But in this case you can see it's IV rank based on just where the option prices have traded over time Next trade we'll take a look at is es forward slash es, which is the s and p 500 Futures, we've got an iron condor on here still pretty centered Just waiting for some more time to pass there And then we've also got a Short call vertical, which was previously part of an iron condor Price moved out of our range. So we closed out the untested side Just looking for a little bit of downside to get back in our range there And then a separate trade in es was not part of our iron condor trade But this is a long put vertical that we originally put it on just to add some short delta in our portfolio And just still continuing to keep that on we've we've rolled it several times Uh, this is yeah, this really strictly to keep some short delta in our portfolio So looking for some downside to benefit that piece And that's an august which has Still has 14 days left. So we will potentially roll that one next week We like to once we get into the week of expiration or the next two weeks, I should say Once we get into the week of expiration depending on where things are That's when we like to uh to roll those out Another trade we have on is z n which has 49 days to expiration. This is a strangle Spread this out a little bit so you can see it a little bit better We are pretty centered got some profit here Just waiting for some more waiting for about 40 to 50 percent of max profit before we book that one I mentioned apple di a So the dow etf we've got a short call vertical here looking for some downside to benefit that piece That's in august and then we've also got one in september So that that one's well within our range could use a little bit more downside to benefit that piece I mentioned disney mentioned eem e w w. So here's a here's a trade that we've Made a few adjustments to uh, this is an adjusted strangle and just looking for some downside to benefit that piece I haven't added to this even though price was up here kind of you know near our near our break even point typically I would add another one, but Uh, I've been waiting for implied volatility to pop its head up a little higher and it hasn't and we got a contraction today So just managing Excuse me just managing the current piece at this point. Uh, not looking to add quite yet E w z we've got a strangle on here You can see prices hanging out near the upper end of its range, but no need to adjust yet Just kind of waiting there if we take a look at the charts You can see we've still got fairly elevated implied volatility levels So if we need to add to this one if it kind of moves more towards our short strike We may look to add another piece to this Uh, we're just going to hold to see what happens early next week and make a decision at that point I mentioned fxi mentioned google mentioned goldman mentioned i w m in vidya mentioned that one mentioned the cues and then lastly xl k We've got this long put vertical on just looking for some downside to benefit that We will we'll be looking to roll this one or close it out next week depending on where price is So that's all the alerts. That's all the trades. Hope everybody has a great weekend And we will talk to you next week. Have a good one everybody