 What's up navigation traders welcome to this week's video update for pro members We're gonna go over all the alerts and all of our current positions Before we do that let's jump over to the community and talk about who got caught being hot this week this week goes to one of our mates from down under Australia and Dan is a He has posted that he's a newer trader on his profile But he has that's not stopped him from jumping into the conversations Answering questions sharing trade ideas asking some great questions. So Love the engagement Dan keep up the good work. You got caught being hot All right, so let's go to the alerts obviously Monday was a holiday with Memorial Day So first alert was the 26th on Tuesday So right here. So our first trade was a closing of an iron duck in SPY So with the with the price move higher price kind of scaled up the duck beak And so we went ahead and booked that a little bit early closed that out booked a booked a beak profit in SPY Next trade was an opening trade in SPX. So we added a weekly double calendar We had already had one that we put on with I think it was when it was at seven or eight days in the front week Added in the same cycle with the front week being six back week being excuse me front week being three Back week being six and so we at that point had two weekly double calendars on and then I'll get to that. I'll get to the closing alerts here in a minute Next trade opening adjusting trade. So we added an iron condor in gold Did it, you know, we'd like to stay with kind of 30 to 60 days But we're in that 63 day range at the time we put this on and we're over 40% of max profit on on the One in the previous cycle the one with 30 days to expiration So we went ahead and booked that and and put this one on not a big deal But not a big difference between 60 and 63 D 63 days just slightly longer than we typically do But let's take a look at where we're at now in gold. I mean prices kind of like the rest of the market I mean prices kind of stayed in a pretty Stable range. I mean these are actually pretty big swings relative, but in In a pretty steady Steady box there. So let's take a look at this position Pretty close to where we put it on dead centered not much P P&L and so we're just waiting the waiting for the Theta 2 to K in gold Next trade opening trade in SPY so we put on another iron duck in SPY Added this one at the 14 days to expiration. And so let's take a look at that. We've still got that one on So if we look at SPY so that one's right here and you can see prices already moved higher Excuse me Price has already moved higher since we put it on so we're up here in the duck beak Now we still have remember what I like to do is put the put the break even right here Is it right here on the base of the of the duck beak? You can see we still have about a 24% probability that price could get back into that duck head So we're not looking to take this off too quickly But if price does run higher to where we get under you know 10 15% chance of Price getting back to the back to the duck head to that max profit area Then we'll then we could book it early. We've got a beak profit potential of about 119 bucks on this trade with a max profit of 819 so Definitely don't want to take it off too early But at the same time if this thing runs higher with very little chance of getting back Might as well just book that profit and read that redeploy that capital Want to look to add in you know at least one more duck in SPY next week We'd prefer to do that on a down day where we get a spike in implied volatility as well as you know Get our break evens further away from price. So that's the plan in SPY while we're here We still have we also have a an iron condor in SP in SPY Price is hanging out here in the upper end of the range. I'd like to next week. Let's see this one has how many days 21 Yeah, 21 days to expiration. So next week. I'm gonna add a new iron condor in spy out in this cycle In the July cycle, so we'll layer on to that Hopefully we get a little bit of a down move and we can book this one and then continue to manage the the July piece once we put that on And if price moves higher I may put it on to so I'm not gonna necessarily wait for a down move But next week sometime we'll we'll be putting on another iron condor in spy Also have this bunker in spy. So price has run up a little bit on us since we put this on but looking This holding this for that short delta exposure for that big potential move lower and so obviously we've been in kind of a Big kind of a big jump up and then kind of a grind higher and again I say grind but these are pretty sizable moves relative to what we had seen just a few months ago. So You know just kind of continuing to manage. We've got this as far as overall short Delta goes we've got We're at about two and a half to one on our short Delta versus our theta So and that's beta weighted to SPY. So we were definitely short a down move will definitely help our portfolio And I'll show you as we go through quite a few these short Delta positions But you know, we can still we can still manage of this things continues to go, you know sideways to hire as well So that's the plan there Next trade closing trade in SPY. So we had another iron duck on an SPY these options expired on Thursday and so price had run up the beak But we didn't close it out early because we were trying to get filled for under a dollar Which is with what the width of our call spread was and so if we keep you know We didn't get filled for that. So we just went ahead and let it expire with with toss. Anyway There's no exercise or assignment fee. You just keep that beak profit and And move on. So that's what we did there Closing trade in four slash six E the euro So this is one that we had on and we had to roll and adjust several times But but staying sticking with those mechanics got us back to profitability. So we went ahead and close that out booked It's $200 some dollars. I can't remember the exact amount, but couple over a couple hundred bucks on that trade So we're out of six E We've got a rolling adjusting trade in ES. So we rolled one set of our long put verticals in ES We were down to one day to expiration. So we went ahead and rolled that out to 50 days to extend that duration Keep that short Delta in our portfolio. We've still got two pieces on here This one is in the cycle with How many days to expiration this one's got 21 and So you can see prices out of our range here So we need some down movement to get back into range and then this one The one we just rolled is pretty close to where we put it on so it's inside in range here Just holding that first for potential downside exposure Next alert DE Rolled one set of our short call verticals from June 20 or from 22 days expiration out to 50 Now that's not the reason that we rolled it was more because price had ran higher with Small chance of getting back into range and we didn't want to just sit there and let theta decay So we just went ahead and rolled this out Adjusted the strikes accordingly. So let's take a look at DE So we've got two pieces we've got the one still in June That's a little out of range and then the one that we rolled to July Which is right here. So pretty close to where we put it on again Just holding those for that for that downside that short Delta exposure Opening trade and SPX so we opened up a new weekly double calendar in SPX did this one with eight days and 11 days in the back week and so let's take a look at that You can see we've we're up about $89 since we put that on so just holding this and Again, we'll take we'll manage this like we always do. We'll take this off either either one day to expiration or zero DTE or If if price, you know bust out of range, we're gonna get out, you know, we're only we're only in this thing for about Six under $700 per contract. So, you know, if we get down about 400 bucks or maybe even a little less We'll just we'll just bail on this one, but Otherwise we will hold up until near expiration and see what happens if you go through expiration up until You know, here's six four. So here's one DTE and then here's the day of expiration So hoping to book a few four or five six hundred bucks on the trade depending on what volatility does next alert Closing trade in SPX. So this is our other weekly double calendar So we had these two that were both expired today on Friday and so we went ahead and close those out now The one that we closed on Thursday. It was kind of hanging out in the on the break even so if we look at this one As an example is kind of hanging out right out here. So we're down a couple hundred bucks And so we went ahead and close this out because what I didn't want to happen is if we wake up the market gaps higher And then we're taking max loss on this thing We don't we don't want to do that And so we went ahead and close that one out took a small loss now in hindsight I mean had we waited even 30 minutes the market kind of tailed off on on Thursday got back in a range We could have booked it for a profit and then we woke up this morning the market was down even lower So we would have booked a nice profit, but you can't trade in hindsight You really have to we look at this from a standpoint of okay Once we get to one days to expiration or zero days to expiration. What is our risk reward? Proposition meaning, you know prices hanging out right here. Yeah, if it goes lower We can we could book a profit, but if it if it goes higher we're gonna take a much larger loss So when you get down to that short of duration You really want to kind of have that risk reward mentality in mind to figure out Do I take it off now? Do I wait till the last day and that's that's kind of the thought process of what we're going through when We're either deciding that keep or close on one or zero days to expiration So hopefully that makes sense. I've I've talked about that several times So I want to keep keep reiterating that that's what we're doing Lastly closing trade in SPX. So that was our that was our second one So this was the one on Thursday and then this is the one we closed today on Friday Booked a nice profit six hundred and fifty five dollars on this one Small loser on the one we closed Thursday. So overall continues to be profitable And so those are all the alerts. Let's take a look at some of the other positions I already mentioned ES gold Natty gas. Okay, so Here's Natty gas prices right here. We're up over 1900 bucks since we did this roll on this piece of the trade We're still working our way back to profits overall on the on the trade But you know, we've got a max profit here of 4700 We're up 1900 So we want to go ahead and roll this out collect that credit and extend duration We've got 27 days to expiration, but we may not wait until 21 We will probably do this early next week and just roll this out to the next cycle which would be toss calls it August I think Tastyworks calls it July be nice if they kind of standardized that but anyway, the ones right now They've got 60 days to expiration. So next week. They'll have about 57 On Monday, so we'll we will look to potentially roll this position out probably use the same strikes unless we have a big move over the weekend and Just continue to manage it as a straddle Get some more theta decay and work our way back to profits in Natty Bonds bonds had to move higher today. They were we did have a decent amount of profit on this piece still do Not as much, but You know, we've still got a lot of premium in both the puts and and then obviously on the Calls got a lot of room to the downside here. So just continuing to manage this We've still got some decent amount of time in bonds 28 days So either at the end of next week or early the following week we'll look to roll that out extend duration collect the credit continue to Work our way back to profits in bonds ZW wheat we've got an iron condor prices hanging out here pretty close to center. Just waiting for some more theta decay Then we've got a lot of our short delta positions. Apple is at a range need some downside moving to get back in We'll we'll be rolling the price continues higher. We'll roll this out to July. I mentioned de di a So we've got one in June still this way at a range now Markets are closed so that that P&L graph is is off, but still decent ways at a range and then our July piece Is is at a range as well. So again need some down movement in those FXI we've got a bunker price hanging out right here. We're down a tiny bit I need a swift move lower in FXI to help to benefit that position IWM we've got two pieces on here We've got the one in June and then we've got the one in July Well, we'll be rolling probably the one in June out to July Next week since prices so far out of range and what I look like what I look at here to determine when I say it's it's kind of far out of range is I mean if you look at the just the gray shaded box that is the Expected move right let me get the dates right here. So this is on the July piece So it's still well within the expected move for this to get back into range There's a 70 about a 72 about a 68% chance excuse me of a one standard deviation move So that's the probability range and that's up or down, right? So it's still a little bit of chance if price moves higher We don't want to just let the theta decay out of this trade. So that's why we that's why we roll This one, you know, so this one is in June This is June 20th And so you can see we're we're outside that expected move. So, you know, if Into into next week if we unless we get a quick move lower, we make a move higher I'm gonna go ahead and roll this out get back into a positive theta position and continue to keep that short delta exposure in our portfolio QQQ's these are both of them combined obviously price out of range there needs some downside SMH we've got two pieces here one is a bunker and I mentioned in kind of the morning updates in the community You know, we're starting to see a little bit of a sag in the P&L line So we're gonna have to make a pretty significant move lower just to get back to get back to profit So we probably won't wait all the way till 60 days before expiration. So these expire 822 So June 22nd would be 60 days to expiration where we you know, we want to be out of these we'll probably actually take this one off even a little sooner and You know, just take that take that loss and then and then put it Another bunker on with further duration To help capture a potential down move mentioned SPX mentioned SPY XBI We've got a this adjusted short strangle that we've been managing Come on toss update run a little slow today Price is hanging out here in the upper end of the range If we look at the untested side of the puts we've still got a little bit of premium left in there So I haven't rolled those up yet. We're in June. So next week if price continues higher We will roll those puts up and roll the entire spread out to July And then XLK another short delta position. I just looking for some downside to get back into range there So that's all the positions. Those are all the alerts I just want to mention a couple other things in relation to just the overall market I mean this you know this week look at the looking at the S&P's I mean this just looks you know short week four days, but this just looks like kind of a you know Slow grind higher, but these daily moves were actually pretty crazy From a standpoint of just the price action if we go to an intraday charts, let's just go to a five-minute chart What you'll see is Let's go back to so here's Tuesday So the shaded area is the overnight session and then the black is the daily session So, you know, we we had this up move overnight, you know after Memorial Day weekend and then Tuesday during the day Pretty much down look like look like we're getting some momentum to the downside Overnight Wednesday up up up up market opens tanks, oops Market opens and it tanks and then late morning Rip is ripped your face off back to back to new highs for the day overnight session on Thursday just kind of choppy and then Thursday during the day Looked like this thing was gonna really rip higher and then just fell out of bed and broke new lows of the day You know, so we're we're just seeing we're not seeing any kind of trend intraday. It's it's very Head-fakey, you know today was another kind of head fake Friday, right? I mean, you know price started out S&Ps were down like 30 20 30 I can't remember at least 20 and then just You know about what time is this about, you know, right before noon boom market just shot higher So the market does not know what it wants to do. I mean it it still continues to grind higher And and that's kind of the path at least Path of least resistance it appears, but man, I mean any, you know, just keep in mind I mean, you know The world's starting to open back up, right? A lot of things are starting to restaurants Retail youth sports, you know, everything's starting to kind of open slowly back up But you know if if something comes out to where You know, there's a potential you know Whether it's perceived or real outbreak and you know the the municipalities start shutting things back down That's gonna I think that's gonna cause a big ruckus in the markets Hopefully that doesn't happen. I don't want to see that happen But you know, and then there's the there's the trade war stuff with China going on now still and and a lot of other things So just keep your positions nimble. I would suggest having some short delta We certainly do And that's how we're gonna play it. So hope everybody has a fantastic weekend. Talk to you next week