 Hey everyone, happy Cinco de Mayo today is May 5th. This is the weekly update video, hope everybody had a great week of trading, I did want to go over one thing real quick before we jump in and that was the, we're going to start doing a trivia contest every Monday morning on our Facebook and YouTube live broadcast on that navigation trading live. So this week we got a new puppy and so the trivia was I wanted to see if somebody could guess what his name was and it was trading related and we had some really good guesses here I was cracking up at some of the guesses we had us was it named stock, FIBO or FIBO short for Fibonacci, Russell, Condor, Theta, Ryan Thurston, GLD, Gold Goldy all awesome guesses I was cracking up but Maria was the winner and she guessed it correctly our puppy's name is Vicks so congratulations she gets a free course she chose to get the the newest course that we're getting ready to put out so I'm going to load that in her members area as soon as it's done here in a couple days so I really want to continue you know keeping you guys engaged especially on Facebook and YouTube the more comments and likes and shares and things that you do on our on our Facebook and YouTube just helps more students find us and find this awesome awesome options training that we provide so keep up the good work and we'll keep doing contests to give away free courses and other cool stuff so make sure you listen in on Monday morning. Let's go to the trades for this week so the first one we did was an opening trade in FXC and this is the one we did live on our broadcast for the trade of the week and we opened a a strangle in FXC IV percentile got up to currently in that 50 range which is what we want to see so if we take a look at FXC and what our positions are we've actually got two different strangles on this one is the one that we put on with three contracts is the 103109 you can see we're still very centered no profit or loss in that one yet and then the one for four contracts that you see here is the 104106 this is one where we had adjusted that so we're still just kind of continuing to wait and let that theta decay need a little bit of a down move to get more centered so we'll continue to monitor FXC. Next trade was an EFA this was a rolling trade and so in this trade we needed to roll the puts up because the price was it hadn't breached our upper break even but there was really no extrinsic value left in those puts and so it's just 18 days to expiration we rolled also from May to June so we rolled the puts up and we rolled the entire spread out to June just like we teach in our courses so if we take a look at EFA right is that the one we're looking at yeah EFA so if we take a look at EFA so we rolled our puts up and then we roll the entire spread out to June so now we have the 6364 you know very tight strangle looking for a little bit of a move back down if we take a look at the charts of EFA you can see it's been on just a really it jumped up and then has it been an extended run to the upside so looking for a little bit of a pullback and a little bit more theta decay to get out of EFA. Next trade we made was an adjusting closing trade in the cues so we had an iron condor on it breached our upside break even so we close out the untested side in this case it was the put side so if we take a look at the cues you can see that's the chart of the cues and then if we look at our chart so so our untested side is still on looking for a down move in the cues in this case I didn't look to put on you know sometimes if implied volatility is decent enough I'll put on another you know centered iron condor around where price is currently trading but in this case with IV percentile at 9 IV ranks at 16 just didn't make any sense so we're gonna we're just gonna hold this and wait for a potential down move in the cues now this thing could continue to rip higher and in that case you know you got to be you got to be ready to take a potential full loss on this trade now remember we already took off the the profit or the credit on the put side that we took off because it was basically at full at max profit but we could still you know incurred a significant loss if price continues to move higher so if you're uncomfortable with that and you just and you want to get out of it you can but remember the probabilities over time as they play out this is going to be more beneficial than taking the trade off if it moves outside that range okay we always take off the untested side leave on the losing side or the tested side look for a potential reversion to the mean or price to revert back a little bit and then you know if we do get a spike in implied volatility I would look to add another iron condor on collect more credit but for now we're just going to wait and we've got let's see what we have we've got how many days left in this trade so we've got 14 days left so we've got a couple weeks I mean we could get back into our range within a day if we have a decent move but we've got a couple weeks so we'll continue to to wait on that one okay next trade was in closing trade in XRT so we bought back our strangle for made over 40% of max profit and with just 18 days left we wanted to go ahead and book that we're either going to roll it or close it and with you know 40% of max profit just made sense to close that trade so if we take a look at XRT we've got we've got another position on still an XRT which is an adjusted trade and it after adjusting it ends up being a 42 straddle so 42 call 42 put prices right here just need a little bit of a move down some more time to pass some more theta decay and we'll take that one off you can see implied volatility is getting crushed in there so you know doesn't make sense to put on a new position in XRT at this point next is a rolling trade in XRT so this is the one I just I just mentioned we rolled our our puts up and then we roll the entire position out to June so now we've got that June position with just the 42 strike as I mentioned opening trade in wheat so had a huge jump up in the price of wheat after an agriculture announcement about the about the supplies in wheat around the country so you saw this big spike and anytime you see a big spike especially to the upside in a grain you can you can usually venture to say that the implied volatility or the options have been bid up and been priced up and so we put on a an iron condor and then as you can see a price just kind of reversed right there remember we this is not accurate so don't look at the implied volatility indicator for the grains you really just kind of have to watch the options and and look at how they how they're priced is what I kind of do on a manual basis which I know it's not scientific and it's not exact but I just kind of watch them and and look at put positions on especially if there's low implied volatility in in the vehicles in stocks and in all the other symbols that we look at so if we look at the graph of wheat can see prices right here and so you can see it's already kind of moved back down from from the point where we put it on so not much of a loss here and we're just looking for potentially a little bit of a move back up to to make a profit in wheat the other trade is a closing trade of an iron condor in soybeans so that was a nice trade closed that out for 40% of max profit which is like which is what we like to manage those winners at in iron condors and then the next trade was in xop so oils really moving around and any oil related ETFs in stocks so xop it's a good choice and implied volatility spiked up to over 52 so we added a strangle in there and I made a note said we'll look to add another position if xop prices move near one of our short strikes so so consider this kind of a half position and we'll add into this if if it moves around quite a bit or if implied volatility continues to scale higher so if we look we just put this on so pretty still pretty centered in xop but you can see it was up you know over almost 4% today and if we look at the chart of xop you can see oil in general and xop in this case has been on a downhill slide and then it boom we got a real decent spike up here implied volatility was in about 52 when we put it on and starting down to 38 so we'll continue to monitor that and watch xop and then lastly this isn't a trade but I sent out some comments on our GLD iron condor because I was getting some questions about this from members for the last couple days I've been trying to get filled and if you take a look at GLD and on our analyze tab so it's breached our downside break even right so the the mechanical thing to do is to take off the untested side so trying to take off that untested side and I just couldn't get filled so if you did get filled great in fact even when price was just right here right outside of our break even I was trying to get filled and was not getting filled so I'm not going to pay up a bunch to chase this I'm simply going to leave it on and if we do get a boot move back then I'll either take off the untested side or just close it out once we kind of get back to back into range so we're this is in the May cycle so again we've we've got 14 days left the risk is obviously that if you continue to hold this and it continues to move down you're you know you could potentially take a full loss on this so again if you're not comfortable with that you could take the entire thing off now personally over time and I just I know this from a lot of experience of trading the probabilities play out over time okay so even if I can't take this off I'm going to leave this side on I'm going to leave the entire spread on in this case and just continue to see if we can get a bounce back up in GLD so that was the last trade go over a couple others here we've got a we've got an iron condor on in corn still very centered not enough profit to take off in corn yet I mentioned EFA EWW we've still got a strangle on in there hopefully be able to take this one off for a nice profit early next week we're at about a 30% of max profit I'd like to get up to about 40 or 50 before we take that off FXC I mentioned that one GLD IWM so here's here's a case where this price breached our break even to the upside we took off the untested side and look at price it moved right back into our range so now we could we could take this one off for about a break even on the entire iron condor right now but I I'll continue to hold this into next week at least to see if we can get a little bit more of a down move and and some more theta decay and one of the reasons I'm you know sometimes I'll take these off at break even after I adjust because then really you're playing defense at that point but in this case I like having that short delta in our portfolio I like having that bias to the downside and so that's that's another reason that I'm okay keeping just this just this size on just this side of the iron condor on because this benefits from a down move and I'm I'm still I've still got a bias a short bias to the overall market Lulu lemon it's another trade we've got on this is an iron condor that we put on trade still you know very very centered so nothing nothing to do in Lulu I already mentioned the Q's SPY we've got an iron condor on kind of hanging out up here near our upside break even but hasn't breached it yet and and again same situation I'm just gonna hold this and keep it on until we either move back down and get a profit or close it out as we get closer to expiration I mentioned XOP and XRT I mentioned that one as well so that's it for today don't forget to join us again Monday morning for the navigation live broadcast on our Facebook page and YouTube channel we'll have another contest a trade of the week in some other cool content so look forward to seeing you then have a great weekend everybody