 What's up navigation traders welcome to this week's video update today's Friday, August 30th the last day of the month Hope everybody is looking forward to a great Labor Day weekend Don't forget Monday the markets are closed. So we'll be back at it on Tuesday So enjoy your long weekend. Let's get into who got caught being hot this week to start with This week goes to Sarah Walker. Sarah started a great conversation about tracking trade portfolio management She herself is a newer trader, but she has been very helpful in answering other new traders questions. So love to see that Really happy to have you in our community Sarah keep up the good work. You got caught being hot And so let's jump into the alert for the week I'm starting with Monday's alerts on the 26th Let's get back to the first one there. Okay, so we we had a double calendar on our weekly double calendar in SPX and we were able to squeak out a Little bit of a profit got a tiny winner on that one. I think it was a hundred bucks on that one So got that nice move up that morning and we're able to book a tiny profit It was in a losing position. So we're able to squeak out a nice little one in that Next trade was a rolling adjusting trade in ZB in the bond So if you've been following these bonds have been a little bit of a thorn in our side to say the least They just continue to rally starting to get a little bit of a contraction back to the downside this week So hopefully that continues. We get some sideways down to sideways kind of two-sided action Let's take a look at ZB So this is the one that we rolled and so you can see prices sitting right here fairly close to center here, so just waiting for some more time to pass some theta to decay and our favor on that piece and then we've got this other inverted strangle, which is you know prices way out here and You can see this is kind of a range here So we need we were actually at 21 days to expiration on this piece And so we could have rolled that today. I'm just holding it over the long weekend See if we can't get a little bit more down movement early next week before we roll that out to November as well So let's take a look at the charts of bonds Obviously we've had this huge rally with the Fed being dovish and hinting at interest rates Continuing to decline that's inverse correlation of bonds the bonds are have been set higher So hopefully we can kind of just bounce around here or potentially You know contracting down would be even better But this is kind of the game that we play to stay mechanical with our roles and making those adjustments to get back to profits in bonds Next trade was an opening adjusting trade in ZW, which is wheat We entered with 60 days to expiration added another iron condor in wheat and so let's take a look that that trade We it's down about two and a half percent today. So pretty decent move and it's been on a Pretty solid downhill slide for for quite a while here But this is our iron condor here price is kind of hanging out in the lower end of the range right here Nothing to do yet, but wait, you know if price does continue lower We'll look to add potentially another centered iron condor around the price at that point But just holding for now Next trade opening trade in SPX. So we added a or excuse me. We opened a weekly iron condor in SPX A few days later price made a pretty significant move higher. So a few days later We went ahead and opened a double calendar as well. So we've got these two different pieces We've got one double calendar and we've got one weekly iron condor in SPX So let's go to the platform and take a look at both of those If we go to SPX here is our weekly iron condor I've put this on when it was dead centered prices made a significant move higher So right now we're hanging out right near the right near the break-even point keep in mind Tuesday is the last day of trading for for this one Get my screen in here a little bit better Tuesday is the last day of trading on this expiration cycle. Oops There we go So we're gonna be taking this off Tuesday morning So obviously we hope we can get it just a little bit of a sharp move lower if we can get a nice move lower and Profit line at that point will be up here. So that would be a nice one Obviously if if price continues to rip higher over the weekend opens up on Tuesday morning higher We're gonna take a loss on this trade So keep that in mind in in managing for your own overall risk tolerance Next the other piece of this not the other piece But the other trade that we have in SPX was this double calendar that we put on because the price is hanging out right here So we've got a little bit of profit just holding on to this Until we get some more profit potential here if we go to the trade tab You can kind of see what we've got the double calendars got seven days to expiration and that weekly iron condor has four So that's where we're at on our weekly income SPX trades Those have been working out nicely had some big closed winners I just I just recorded the monthly recap for all of our closed trades. So you'll be you'll be seeing that come out Either today later today Friday or tomorrow on Saturday as well Oh The other thing I was gonna show you just on on the SPX chart, you know, this thing has just been really I mean, it's we've had some really violent moves down violent moves up violent moves down violent moves up and and but we're really just kind of Kind of staying right in this little kind of a box here So not that that really means anything from a support and resistance or Channel thing, but you know the way I look at this is is at some point it's gonna break out either Either to the upside or to the downside and it's probably gonna be a pretty decent size move if I had to guess And so just kind of watching this I mean we're at the upper end of this little kind of range here So it'd be nice if we kind of roll over and get back down But you know, you don't know I mean this thing could just continue to rip higher We could go to new highs and we just have to manage accordingly. So that's just kind of where we're at on the S&P 500 Next trade was a closing adjusting trade in ZW So I already showed you the the new iron condor that we added and then on this one We closed this out booked over 50% of max profit on that piece of the trade so getting back to close to Profits in ZW we're still down We're still down some but we are working our way back in ZW I've had that ZW iron condor on just kind of adding taking them off for quite a long time now Will be nice wants to just kind of get get out of that and start with a clean slate But still working our way back in ZW Next trade was an opening adjusting trade in EWZ. So we had one short strangle on Price kind of got down to the lower end of the break Lower end of the range in that one. So we added another EWZ short strangle And so let's go to the platform and take a look at that our other one We ended up taking off today So this is the only one that we do have on now and you can see prices moved up since we put that on But still well within range. So just waiting on this one to To do anything there Next trade was a closing trade in Intel. So this is a short strangle that we put on an Intel Right after the earnings and in the stock move significantly against us right from the get-go So we're we're down trying to manage back made several adjustments roles And we were able to book a tiny profit overall basically a scratch trade But going from being down significantly Working our way all the way back to a scratch Very powerful technique. That's why we stay mechanical That's why we teach the way we do as far as our roles and adjustment strategy So we are out of the Intel trade now Next trade was the opening trade of the double calendar and SPX already showed you that and Then we had a closing adjusting trade in Ford slash GC So we we closed one set of our iron condors in gold Bucked almost 40% of max profit on that piece of the trade and now we're still holding our other remaining short call vertical We also added another iron condor this morning. So I'll go over that here in just a second before we go to the platform Next trade was a closing trade in CRM. So this is one that we put on as a post earnings Shortput vertical right after the they announced earnings Just like we teach in the course if a stock moves above and beyond that expected move to the upside There's a good chance that it's going to kind of grind steady to higher In this case CRM got caught in the downdraft with the rest of the market Let's go to the chart So you can see here here is here is the earnings announcement It opened up here and so we put this on right around here looking for prices to cut this and this red line Represents the expected move so it opened above the expected move kind of bounced around here for a while And then we had that that was the huge down day in the overall market and you can say you can see CRM got caught in that as well So price went significantly against this right from the get-go and then just kind of bounced around Yesterday had a big rally up and then today had a nice rally up and we closed out when price was up here And we were able to book a nice profit 35% of max profit on the trade took a little heat to get there, but still worked out just fine We put this on with with just a couple of weeks, so it's gonna expire next week So we wanted to take that off and we were in a profit position. So that is what we did Next trade we had a closing adjusting trade in SMH. So we had two sets of short short strangles on an SMH This one here in September got down today was with had 21 days to expiration So we wanted to roll or close that we opted to just close this piece and the reason is is it was dead centered So any kind of movement in one direction was gonna obviously, you know lesson where we're at from a from a profit standpoint We're over 40% of max profit on this piece since our last roll and just to reduce some exposure I mean we're getting such significant implied volatility contraction both yesterday and some today and so I just wanted to take advantage of that book that piece Reduce our overall exposure to SMH and then we're because we're still holding this other piece out in the October cycle And if price makes a decent move in one direction goes kind of near the break even on this one Then we can add back in, you know jump back in and and continue to get back to a profitable profitable position in SMH So let's take a look at where we're at now. This is the remaining piece that we have on Price is sitting right here pretty pretty centered And so just waiting for some more time to pass on that and like I said if price gets up here It gets down here and if implied volatility is decent We'll add another centered short strangle to continue to collect that credit and get back to profits in SMH But it's been acting nice for us over the last couple weeks. So hopefully that continues Next trade was a closing adjusting trade in EWZ. This is the one I mentioned. We took this one off We had two sets and with this nice move up today Well, it's actually pretty flat as well as I'm recording this But it was up earlier this morning booked over 45 percent of max profit on that piece of the trade And then we're still holding that other short strangle that I showed you in October and Lastly we did an opening adjusting trade in GC So we added an iron condor here out in the November cycle with 59 days to expiration And so now we're still holding that short call vertical piece in the in the previous cycle and we're holding This iron condor that we just added here. So price is sitting right here I mean look at the I even adjusted these these strikes down a little bit from the 20 Delta But this just shows you look at look at how much more range you have on the upside than you do on the downside And that just that just shows kind of that call skew that's going on in gold Meaning the calls are trading richer than the puts But but so that's why it's not quite dead centered even though we just put it on is because of that call skew And then the other piece that we have in the previous cycle is that short call vertical So looking for a little bit downside movement in gold to get back into range there So if we can just get down into this range that would be nice in in gold and we could get out of that piece So that's where we're at on all of our alerts Let's take a look at some of some of our other positions starting with four slash six be the British pound We've got this short strangle on Pretty close to where we put it on just kind of dead centered here No profit or loss just waiting for some more time to pass in the British pound In oil we've got a short strangle on here a big move down today almost 3% move lower But that just kind of brought us right back to center. So we're up a few hundred bucks Just waiting for some more profit before we do anything there in EES the S&P futures We've got this short bias position that we're holding for that short delta exposure You can see prices right here on the breakeven. So just need a little bit of downside to get back into range there Natty gas has been playing really nice for us this week. We've had a nice up move in that gas Getting us back Back into range more getting us back to some more profits there Up about 27 almost 27 hundred bucks since we did this roll, which is nice both of these pieces They've got 26 days to expiration. So next week We will look to roll at least one of those out to the next expiration cycle and depending on how much price movement We get we might roll both of those but That's where we're at in Natty gas I already mentioned bonds. I mentioned wheat apple We've got this long put vertical that we put on for some short delta You can see prices just out of range here could use some downside movement in apple to get back into range John Deere price is hanging out pretty close to the breakeven just inside the range there right here So just looking for some more downside to benefit that DIA we've got these two sets of short call verticals that we've been rolling for for that short delta exposure See prices right here just inside range EEM This was a long put just a just a long put that we put on for some short delta. You can see prices moved up So we're down Couple at 185 bucks on the trade right now. So just waiting for just looking for some downside action to benefit that trade I mentioned EWZ GS Goldman Sachs We've got this long put vertical prices right here just outside the breakeven So looking for some downside action to benefit that IYR we've got two different iron condors on One is this one here out in October where you can see the prices pretty pretty well centered up a little bit Just waiting for some more profit and then on this piece here, which is still in September Prices I feel like prices been hanging out in the upper end near this breakeven for quite a long time Let's take a look at the chart. Yeah, it's just it's just been kind of bebopping around just kind of trading sideways for the last couple weeks and So we could use a little bit of downside movement in IYR to before we book anything there QQQ we've got these pretty similar to DIA. We've got these two sets of short call verticals prices just outside the breakeven Looking for some diet downside action to get back there SMH I mentioned SPX I mentioned SPY So we've got two pieces on here We've got this short call vertical spread where prices just outside the breakeven right here And then we've got a another full iron condor That we put on here where prices prices pretty centered. So just playing the waiting game on that piece Vxx we've got this short call vertical spread. We've had on for for a decent amount of time This is still in September. So we've got still got a significant amount of time left 21 days Yeah, 21 days so just Obviously if the stocks continue to rally that's gonna benefit this trade so This trade will benefit from implied volatility contraction. And so that's what we're looking for there We put this on back here when we got a spike in implied volatility The IV spiked up as well as the price of Vxx spiked up Thinking it was a good point of entry and obviously we know what happened after the fact We got even more of a spike and so now price has just been Bouncing around there and and you can see where it's at now. So getting back down into range So we just need a little bit more downside in that to benefit XLF is the financials They were looking really weak. I thought we were gonna get a little bit of a continuation to the downside We haven't we haven't really gotten that we got this we got in here when price was about right here And it's moved up a little bit on us. So just looking for some downside to get back into range on XLF and Lastly XLK kind of similar story a lot of these short Delta positions are kind of hanging out near the break even and Just looking for a little bit of downside to benefit those so where we're at overall in the Schema things from a short Delta perspective We're at about two and a half to one about two to one two and a half to one on our short Delta versus our theta ratio So definitely got a little bit of a short bias so could use some more downside action in stocks So hopefully that happens next week Like I said, everybody have a great long weekend and we'll catch you back here on Tuesday. Have a good one