 Welcome to this week's video update I want to recap the trades from the week today is November 11th Friday so going into the weekend. Wow what a crazy week obviously the presidential election had a lot to do with the volatility so let's jump in and take a look at the different positions first of which was eBay if you remember we put on a a strangle in eBay right here right before earnings had a big move against us we rolled down our calls continued to try to get a little bit of a move up and just grinded grinded lower lower lower lower to the point where we we wanted to get out it for a small loss now obviously had we waited a couple more days we would have gotten a little bounce up and probably got out out for a profit but hindsight's always 2020 took a little small $24 loser on the whole trade so not bad for a huge move against us and that's and that's what we're looking to do if we have to adjust a strangle we want to get out for a small loser a break even maybe a potentially a small winner in this case it ended up being a small loser EEM this is a position we just put on you can see we've had a huge spike in implied volatility we take a look at where we're at we just put this one on so we're pretty well centered on EEM continue to wait and hopefully we get a contraction in volatility take that one off EWW that position's gone because we took that trade off that was the trade we put on a couple weeks ago we got a dip in implied volatility here took that one off for a nice 50% of max profit winner GDX has had a huge move down again a huge spike in implied volatility so with GDX we're right here we just breached the short strike to the downside so I considered making an adjustment here on Friday but I wanted to give it the weekend hopefully maybe we get a little bit bounce bounce back up and we can just continue to hold on to that one without adjusting but we'll we'll keep a close eye on that one for Monday so expect a potential adjustment if it if we stay right here or or start to move down a little bit if you look at because it because implied volatility spikes so much we've still got a lot of a lot of what I call juice in the in the call side so if we click off of our put here let me reset this so if we click off of our put and just show the call as you can see you know we've we've still got another $50 left in premium so I'm not in a huge hurry to make an adjustment there if implied volatility was had contracted and we were right here I probably would have made the adjustment much quicker but you can give it a little bit more time you know between here in the break even because I've implied volatility is so high we look at GLD this is one that we made an adjustment to so we had an iron condor on and it made a move big move down breached our break even so our first adjustment like I teach in the course is to remove the untested side so we exited the call side we always leave the tested side on and then in addition to that the second adjustment technique that we use is we just add another so let's click off that we just add another iron condor right there on top of price so we've got a perfectly centered iron condor so hopefully we can get some theta decay from that from that trade and then if we get a move up we could get out of our our initial iron condor for a break even or potentially a small profit and maybe make money on both of them but that's the idea is we want to offset some of those initial losses with another condor to get some more theta decay on the trade IWM this is one that that exploded higher today which is which is really crazy because you see the Russell or IWM is over 2.3 percent S&Ps were actually down on the day so what we're gonna do is we're actually gonna I let that one go a little bit further if it doesn't make a big move down on Monday I'm gonna go ahead and make that adjustment but again I wanted to keep some short Delta over the weekend and because if we do get because of things of being so volatile right now typically if it hit right here I would have made the adjustment but I wanted to keep overall short Delta in our portfolio so instead of putting on a separate trade to add that short bias I just left this trade on if we do get a move great we'll be back in back on the dance floor back in business if not we'll go ahead and make that adjustment pretty quickly on Monday so look out for that QQQ put this on a few days ago this is still in our in our range so nothing to do there but wait hopefully we can get a little bit of a down move get back into the profit maybe get some volatility contraction and take that off for a winner SLV is a trade that we put on today we put on a straddle and remember a straddle is just like a strangle except for instead of selling out of the money puts and out of money calls we sold the at the money strikes to give us a higher peak and on a straddle we look to get out of these trades at 25% of the credit received or 25% of max profit so we just put this one on so hopefully we can get a quick contraction and volatility and take this one off we'll see what happens next week SPY this is an iron condor that we put on we've had again a pretty decent move to the upside still within our range nothing to do here you don't want to you don't want to adjust too soon for sure so we'll continue to wait on that one and then TLT similar to GLD had a big move down so we adjusted that by taking off the call side and so we leave the put side on and hopefully we get a little bit of a move back up we can take that off if not we've made our secondary adjustment which is adding another iron condor stirv still fairly centered there so we just we'll see what happens next week on that one XBI this was a this was a strangle that we had on continued to move higher so essentially all we did was we rolled our puts up to take in more credit we narrowed our range and so now we just continue to let this set and collect that theta if it makes it another move higher we'll have to make another adjustment if it moves back down we'll continue to wait until we can take that one off for a potentially a small profit XLU another big mover like like most things right now big move down we're pretty close to our short strike so no need to make an adjustment yet but we'll be watching that one closely for next week so keep in mind I think things are still going to continue to be volatile because of the election so just remember to keep your the number of contracts and your size extremely small and continue to put on new trades so that you can benefit when this volatility does contract because eventually it will hope that was helpful have a great weekend and we'll talk to you next week