 What's up, Navigation Traders? Happy Friday. Today is Friday, August 17th. Welcome to this week's video update. Before we jump into the alerts for the week, just wanted to point out one thing. We sent out an email earlier today about the new Navigation Trade Tracker tool that we just got then importing into your member's area. If it is available now, just right down here with the other course downloads, just click on that link here or the image. And we've created a blog post and a video to go with that. So if you just go to the site, navigationtrading.com, click on blog, it'll be the first most recent entry here. So hopefully you like this. We definitely encourage your feedback. We want to hear your thoughts on it. And this is kind of version 1.0. So we're going to take your feedback very seriously as we always do and continue to improve this thing. Kind of the next step is going to be connecting it with the Brokerages API. So Tasty Works is still working on theirs. TD is updating their API. So the next step is going to be to update that so we can get an automatic data feed from the broker to the sheet, which is going to make it even that much easier. But you guys have been asking for this for a while and mainly the issue is, after you do adjustments or roles on some of your trades, it's kind of hard to track where you are from a P&L standpoint. And that's what this is designed to do. We've got formulas in the spreadsheet for all the different futures contracts. So it should make it much easier. Take a lot of the legwork out of it. We've done the heavy lifting for you. So hope you like it. And again, let us know if you have any feedback or comments or recommendations to improve it. So excited to get that to you guys. All right, let's jump into the alerts. So let's go to the first alert of the week, which was on August 13th. And this was our closing trade in CVS. So we had on a short put vertical, a post earnings short put vertical, because CVS opened up above their expected move. So we wanted price to kind of stay steady to hire. And it did just that. So we booked over 50% of max profit in just five days. So great trade there if we take a look at the chart. So we got in here after gapped up after earnings took some heat because it fairly quickly that first day went against us. In fact, I had some members saying, Hey, this thing's going against us. Should we get out? No, let the probabilities play out, which is what we did. And of course, it reversed, not of course, but where it works for us this time, reversed and continued higher. And then we got out on this day here on the 13th, of course, now in hindsight, we wish we would have kept it even longer because it exploded even higher the next day and has continued even higher. But hindsight is always 2020. We booked 50% of max profit, which is awesome. Next trade was a rolling adjusting trade in EWZ. So we had a short strangle and price breached our short strike to the downside. So we rolled down our calls stayed in the same cycle of September still a decent amount of time left when we did the roll. So we just simply rolled our calls down from 41 and a half down to 35. So let's take a look at EWZ now. And here is our, here's our graph. We've got two different pieces to this trade on. Here's the adjusted one. So this leaves us with the 34 put 35 call. So this is almost a straddle. You can see prices right here. So just need time to kind of stay steady and let some more time to pass for that profit line to keep keep coming up. And then our other piece is our 30 38 strangle. And you can see we've got a decent amount of profit here looking for a little bit more before we book this one. So hopefully early next week, assuming price stays relatively steady and implied volatility doesn't spike. Should be able to book this one. So we'll just continue to manage that and do what's needed. Next trade was an opening adjusting trade in ZW, which is wheat. We opened up an iron condor here added on an iron condor. And you'll see that right here. So got a little bit of profit. I need quite a bit more before we take this off, but still continuing to manage that one. Next trade was a opening trade in BBY. So this is Best Buy and they have earnings coming up on August 28. So we entered this as a long call looking for that momentum and in price and expansion in implied volatility, excuse me, implied volatility leading up to that earnings announcement. So if we take a look, we've still got this trade on. And you can see we've got some profit here now up about 100, almost 120 bucks. But looking for a little bit more higher prices and took a little bit of heat the last couple days, but back up again and looking for an increase about up to the 80 range would be nice. We're going to probably book profits when we capture around 30% or so. But we've got a little bit of time before that earnings announcement. So continue to watch that. Next trade is a rolling adjusting trade in the Qs. So we rolled our short call verticals from August to September and adjusted the strikes as necessary. Had just three days left. This was just right at the break-even point, almost in our range, almost out of our range. So that's why we held it a little bit closer to expiration than typical. But we went ahead and rolled with three days left. So if we take a look at what that looks like now, go to our Analyze tab. We've got two different sets of short call verticals on. One is the 180-185. And you can see prices right here need some downside to benefit that piece. These were both part of an iron condor originally and we've rolled them a couple of times to keep that short delta in our portfolio. And this is very similar, just a shy difference in the strike selection. This one is three points wide. And when we rolled this one, we moved that to five points wide with the 180-185. So very similar risk profiles, but just looking for some downside to benefit that. Next trade was a rolling adjusting trade in Ford slash ES. So very similar to what we just did in the Qs. This was a short call vertical previously part of an iron condor. So we rolled that from August to Sep and adjusted our strikes accordingly. I just mentioned that remember when you're rolling futures, you got to do it in two separate transactions. So we buy that one back and sell that one in the next cycle. If we take a look at ES, we've got a few different positions going on here. So let me uncheck these here first. Let me reset this so I can check the correct boxes for us. Let's see. So let's uncheck that one and uncheck this one. So this is our short call vertical and excuse me, that's not right. It's this one here. Yeah, so this one here. So this is our short call vertical. So again, just continuing to roll this to keep that short bias in our portfolio. And then we've got another ES trade in here. So I'll come back to the risk profile here in just a minute. Next trade was an opening adjusting trade in forward slash GC, which is gold. So we simply added another short strangle implied volatility popping up to 78 and price had moved down kind of close to our short strike. It's actually passed it now on our other one. So we just added this short strangle. As you can see, still very centered, nothing to do here except for weight. And then our other piece is this one here where price has in fact breached our short strike. But the reason we haven't adjusted yet, I've gone over this a few times, but let me refresh your memory. We've still got 39 days left in this trade. So when you have that much time left and we look at just that call side, just that untested side, you can see there's still a decent amount of premium left in those call options. You know, we've got a profit on those about 320 max profit of 490. So still some decent premium left in those. So that's why we don't need to adjust yet. Remember, we use that short strike as kind of a reference, but kind of any, you know, if it continues going lower, we will go ahead and roll down the untested side, but not needed at this point yet. We'll just continue to wait a little bit and see if it comes back into range. If it does continue lower, we will make that necessary adjustment. Next trade was rolling adjusting trade in FXI. So FXI had a big move down that day. And so what we did here, which is a little bit different than our typical butterfly adjustment, but we just simply rolled our calls down from 44 down to 41 closer to price. There's very little value left in those calls. So we left the puts alone. We left the long calls alone and we just simply rolled down that meat of the butterfly, the body of the butterfly like we like to call it, rolled that down from 44 to 41. And we're still holding our put butterfly as well. So let's take a look at our total position on here. Let's look at the calls first. So that's what it looks like. So it looks like a weird looking graph. Remember, this risk profile graph is going to look odd after you do an adjustment because it doesn't take into account the piece that you closed out. Toss takes that out of the equation. So this is just what we have left. But you don't really want to pay attention to this too much. You almost want to unclick the long calls and just take a look at that short call. And you can still see we need a little bit of downside to benefit that. And so we'll just continue to monitor and manage that as needed. The other piece that we have on this is our put butterfly. You can see it's fairly centered looking for some more profit before we do anything on that one. So just continuing to wait on FXI. And the implied volatility continues to stay very high. IV percentiles at the 77 mark. IV ranks at 43. So we want to continue to have short premium on in FXI. Next trade is EEM. So we did an opening trade. IV percentile jumped up to 87. So we sold some premium here. Sold a strangle. I also mentioned you could consider buying the wings to define your risk. The problem on low price symbols like EEM that's this low priced is when you buy the wings, it's going to suck up so much of that credit that sometimes it's not even worth doing. And that's why on these lower price symbols, we like to do uncovered or naked make it options because it allows us to collect enough credit. In fact, on this one, we actually did it much tighter than normal. You can see it's almost a straddle. We did the 40 and the 42 and a half just so we could collect enough credit to make it worthwhile. On these short strangles, I like to collect at least a dollar on those to give us enough credit to make it worthwhile. But let's take a look now at our Analyze tab. And you can see price is still well within our range. Just waiting for some more time to pass before we benefit that. Next trade was a rolling adjusting trade in ES. So this was our long put vertical that we originally put on to have some extra short delta in our portfolio. We rolled this from August to September and then adjusted the strikes. And as I mentioned, we widen these strikes from 30 points to 50 points. This increased our max profit and probabilities a bit. Also increasing cost put on the trade, of course. And this role is really to extend duration on the trade and keep that short delta in our portfolio. I also mentioned which I like to just kind of put in the trade kind of once or twice a week just to give you an idea where we're at. At that point we're about two to one on our short delta to theta ratio just to give you an idea. So let's go back to ES and take a look at that long put vertical. Let me reset these again. And so what we're looking at is the one contract. So you can see with the price move up the last couple of days, it's moved out of our range. So just looking for some downside to benefit that piece. And then we've also got an iron condor on in here that you can see is still well within the range but could use a little downside before we book profits in that one. And then I already mentioned the other short call vertical here. Just looking for some downside to benefit that one. Next trade is an opening adjusting trade in oil. So we added a short strangle in oil. Ivy percentile popped up to 63. Ivy rank was 69. The reason I put that in here is because typically a lot of times the Ivy percentile is higher. So I usually just quote that in this case the IVR was a little bit higher. So I went ahead and put that in there for your reference as well and just added this on to our other short strangle. So we still have both and take a look at both of those. So here's the one we just put on still very centered. Got a little bit of profit waiting for some more. And then this one you can see it was down here around the lower end of our range but it's kind of back inside of our range. So hopefully we can just book some profits in both of these eventually. So just waiting for some more theta 2 to K in both of those oil strangles. And we've got a significant profit in this oil trade overall. I think we're up a couple of thousand dollars at this point. But we just we added a couple of times with the rolls and everything else. We'll wait till we take it all off before we put that into our closed trades of course. Next trade was an opening trade in Walmart. So Walmart announced earnings and blew out the earnings expectations. So we had a huge price move higher above that expected move. So we sold some short put verticals. And we did this in Walmart with just two days to go. So the options that expire today on Friday and we just put this on yesterday. But you can see this huge gap up after earnings. So we put this on about right here. And then in fact this one ran away from us pretty quick. So some of the members didn't get filled and then it ran up. You did have a chance to get back in if you're watching it to get back when it came back down. And then price ran up today and we got out up here. And good thing we did because now price is down here and it would have turned into a loser. So we ended up booking a nice profit on that. Let's go to the closed trades real quick to see. Booked a profit of 260 bucks in just a day on that one. So good trade there. And lastly oh so that was our opening that and we closed that. Let's see we have a couple more here. So we had a another closing trade in Nvidia. So this was a pre earnings long straddle in Nvidia. We had some profit earlier in the trade but not enough to take it off. And unfortunately it came back against us. So ended up taking a small loss on that trade in Nvidia. Next trade was a closing adjusting trade in wheat. So in addition to the iron condor I already showed you we also had a short call vertical. Price had come down nicely this week and was back in our range. I was hoping we were going to be able to close that one out. I didn't come down quite enough and then exploded to the upside today. So with just seven days to expiration on this we went ahead and close this one out. Took a loss on this piece of the trade but we're still holding that other full iron condor in the October cycle. So we'll continue to manage that before we exit. And then here's the closing trade in Walmart. I already mentioned that. And then the opening trade the last trade of the week that we did today was a strangle and opening trade in Tesla. Now you know we like to trade our premium selling strategies mostly in ETFs and futures. Because we like to take advantage of that high V in the broad markets. So we don't have to deal with earnings and dividends and that kind of stuff. But in this case Tesla a lot of headlines in the news right now about all kinds of different things with Tesla. So that's creating some significant volatility. So they just announced earnings a couple of weeks ago. But you know just this down move over the last week or so has created some expansion in implied volatility. So we're trying to take advantage of that by selling premium. We were able to with just one contract collect $13 and 13 cents. So our max profit on this trade is over $1300. Of course we'll try to manage that at somewhere between 30 and 50% of that number. But just real elevated prices in Tesla because of the uncertainty. And hopefully that can kind of settle down for a period of time and allow us to profit. So it's kind of like the old saying by Warren Buffett. Bre be greedy when others are fearful. So people are obviously fearful about Tesla right now with the down move and the take this off with the down move and the elevation in option prices. So there's some uncertainty out there. And so that's when we want to try to take advantage of that by selling some premium. So hopefully that works out well for us. So those are all the alerts. Let's take a look at some of the other positions that we have four slash six E which is the Euro. We've got a short strangle on here. Came out of the gate first few days and we're up about $500 very profitable on this trade. And then implied volatility spiked and price went down. Now prices come back up into our range and we're up a little bit on the trade. So kind of a wild ride in there. But as it stays in our range, we can let it do all it wants as long as it kind of stays in there between now and the time the theta decays enough for us to take it off. So continue to monitor that one. I mentioned oil, mentioned ES, mentioned gold, mentioned wheat, Apple. Apple's been a thorn in our side. So we have this short delta play on here, which is a long put vertical. Prices continue to stay strong and moved higher. So this is way out of a range. We're going to look to roll this next week. We're in the September options, which still have a lot of time, which is why I haven't rolled it yet. But at this point, you know, it just makes sense to either roll or close and we need to keep that short delta. And, you know, Apple's not going to go up forever. You know, they are a trillion dollar company right now. So they do have that in my mind. They have a target on their back with all that with all the headlines about them becoming a trillion dollar cap company. But anyway, that's not really why we're short. But, you know, I don't, you know, this thing's been so strong that seeing a pullback, a significant pullback wouldn't be a surprise at all. So we want to keep that short delta and really just keep it a short delta for our overall portfolio using Apple. I mentioned BBY, DIA. We've got a couple short call verticals that were previously part of Iron Condors. This is just all them checked together. We've actually got one with three contracts, one with four, but very similar, just one strike difference. So just looking for some downside to benefit that piece. I mentioned EEM, EWW. We've got this adjusted short strangle on here. I've got a couple questions on this from members like, hey, you know, we've got a nice profit on this. Should we go ahead and take it off? And the reason we haven't yet is just because, one, it's fairly centered and implied volatility is still decently high. And two, we're not quite profitable on our EWW trade with the different adjustments and roles that we've made over the life of this trade. We want to get back to profitability and so we will do so. So we're either going to add to this or if it continues to decay much more, we'll either get at it close to a break-even or small profit, but just holding for the time being an EWW. EWZ, I think I mentioned that on, yeah, FXI I mentioned, IWM. We've got two pieces to this trade on. We've got an iron condor that, which has got some profit here up about $112, not enough, not quite enough to take off yet. And then we've got this other piece of the trade, which is the short call vertical. Just holding that for a little bit more downside in IWM before we book that one. Mentioned the Q's, mentioned Tesla, XLK. This is another trade that we have on. We've continued to have on for that short delta exposure. And so just looking for some more downside to benefit that trade. So that's it. Those are all the alerts. Those are all the positions. Hope everybody has a great weekend. Look forward to another week of trading next week. Talk to you soon.