 Welcome everybody to this week's video update. Let's jump in and go through the trades we made throughout the week. If we start with the trades in order that we made them, starting on Monday December 12th, the first trade we made was an adjustment in our oil strangle position. So if we go to the platform and take a look, all we did was we had their puts down here at 47. Oils made a considerable move higher, so we simply rolled our puts from the 47 up to the 52. So this is an inverted strangle now. And so if price continues to move higher, we'll need to make, we'll look to make another adjustment next week. If it makes a move back down, we will just sit and wait and continue to let that theta decay in our favor. So if we take a look at the next trade we made, it was an opening adjusting trade in XLF. So we simply just added another short straddle to XLF to help widen our break evens. IV at that time was at 65. So let's take a look at XLF. And XLF is the financials ETF. So here's our original straddle that we put on. As you can see, price moved up through our break even. Now one of the adjustment techniques is to roll the puts in a situation like that. Let me reset this so I can take a look at my actual trades here. So one technique would be to roll the puts up to collect more credit. But if you take a look at our puts, we still have a decent amount of juice in there. We still have a decent amount of profit ability on that put side. So instead of rolling up our puts, I simply just added another straddle. And again, this is the key thing about staying small as well is that you can add and layer on positions as implied volatility gets higher and as price moves around. So I never start with a full, huge position. I like to start small and layer positions on, and that's part of the key to staying consistent over time. So when I added that new straddle, as you can see now, this just looks like a strangle. And so we'll just continue to wait and let that theta decay and make any adjustments or take off one of the sides as needed. So next trade was sold an iron condor and IWM. So remember we had a couple of iron condors on. IWM has moved significantly higher. We took our put sides off on two of those iron condors and now we simply added another iron condor on to collect more credit. And so that's what this looks like here. We're in the profit there, but we'll continue to wait. And the key to this is just to continue to add these positions on because we are at a loss in our overall IWM over the last cycle. So we want to continue to add that credit either way at that loss and build that position back up. So we still have one of the losing sides on the old IWM iron condors. And as you can see, expirations today, there's nothing we can do here. This is going to expire for a loss. The only thing we can do is continue to manage, add more credit and put more positions on to take some of those losses back. So let's go to the next trade here. If we go to the XLU position. So we added another strangle in XLU. The IV at the time was it was at 77. So really high. Nice time to put on premium selling strategies. Let's take a look at XLU. So here's the here's the original. We had a strangle on. We had to adjust that. We had to roll roll one of the sides up in that. So now we've got price right here. So A, it's not very centered and B implied volatility was still very high at 77. So all we did was simply add another strangle. And what that does is it widens out our break even. Now we're going to manage these two positions separately. So this is what our second position looks like. But this is the strategy. Again, we're layering on as implied volatility gets higher as price moves we layer on these positions. And that's why you got to stay small so that you're able to do that. Let's see. Next position FXY. So our put side was tested. So we rolled down the calls to collect more credit. IV is pretty low. So I didn't want to add another position on at that point. If we do get a spike in implied volatility in FXY. I'll consider putting on another position. So let's take a look at FXY. So as you can see, I rolled that all the way up. So now we just have an 83 put 83 call. So it looks like a straddle. And we've got price right here just outside. So again, I'd like to add another position on top of this to collect more credit. But with implied volatility, you know, I'll spike up a little bit. It's at 43. So if it stays in that area or goes up a little bit next week, we'll look to add another strangle or straddle onto that position to layer into that implied volatility increase. So next trade was in GDX. So we added another strangle to our GDX position. So IV spiked up to 92 at that time. So I wanted to take advantage of that high premium. So let's take a look at GDX. And as you can see, when I put this on that day, actually by the end of the day, it came back to the low 70s, but it spiked all the way up to 92 at one point, giving us a good opportunity to put on some more some more premium in GDX. So here's our original one. When we're keeping that on, nothing to do on that one. But to collect more premium and take advantage that high IV, put on another strangle. And you can see with that contraction from where we put it on, we're already in them pretty well in a profit, even just after one day in the trade. So that's the key to putting on these trades in high implied volatility, getting that contraction. And that's when you make the profit. Next trade was a closing trade in natural gas. So this is one where we just put it on 10 days prior. The IV is still currently at 78. But from the time we put that on 10 days ago, we got a nice little contraction and we're able to take that off. Let's just take a look at the chart of natural gas. So let's see if we moved to natty gas here. Now, remember, on the futures contract, the implied volatility indicator is not going to work. But I wanted to show you what price did. We put it on back here and it just moved up a little bit and then down right back in centered in our range. We were able to take that off to look at what the implied volatility did during that time. You want to use UNG, which is the ETF. So as you can see, it has spiked up and then the implied volatility contracted nicely for us, which is what gave us that ability to take that off for a nice profit. So going back to the trades here, XBI. This was a really interesting trade and a great example to show why we adjust the way we do and why we roll the positions the way we do. We put this trade on way back in October, on October 27th. We had to adjust it a couple times and we had to roll it to the next expiration cycle once. But we were able to take this off for about a 50% of max profit. And again, when you have to make those adjustments, it just means you're going to be in the trade for more time. But it allows you to give yourself more time to be right, collect more credit. And by doing that, by rolling our puts up and then by rolling it out to the next expiration cycle, we took in credit every time we did that and it increases our probability of success and allows us to have more time to be right. So perfect example of that. TLT. So we closed the call side. Remember TLT's bonds, they've been going down. So we closed out the call side. It just two cents, bought those back there at max profit. And then we will and then I've been trying to get filled on this all week because we're getting closer and closer to expiration, couldn't get filled. Finally got filled and took that off. In FXC, we sold a strangle in FXC and that's the Euro. So let's take a look at where we're at there. We've got a nice spike in implied volatility, gives an opportunity to put that on. Just put it on yesterday so no profit, no loss, still very centered. So we'll wait to see what happens there. And in TLT, so in this one we closed the put side of this iron condor, got out of that one for a small loss. And let's go to TLT to look at what we have on now. So we've got the one, we've got the one side, which is going to expire at a loss. And then we added these another iron condor, in addition to the other ones we already took off. So again, same kind of situation as IWM and GLD where we're where we've had massive moves in one direction. Anytime you have one directional moves for extended periods of time or extended lengths, that's when these positions are going to be tested. And that's the time that you're going to see some losses in these positions. But you've got to stay mechanical. You've got to continue to add on positions, collect more credit. And it'll take a few months to get out of, but you'll get back to where you were. And that's really the only way to manage these types of positions. And keep in mind, we've had a huge move down in bonds. As you can see over time, it's really one directional with tiny pauses and tiny pullbacks, but really one directional. Same with this with the stock indexes. You can see just massive moves with the very little pullbacks. We're having a little one a day. Hopefully we can get a little bit more downside next week and get out of some of those at a profit. And then GLD, which is gold, we've also seen massive moves in one direction. So these are not normal. So we've had a few positions that we've really been tested on, but you've just got to continue to stay mechanical the way that I teach. And we'll get out of these. It's nothing we haven't seen before. It's the IWM, same kind of story. So I closed the call side of the iron condor today. Exited that for a loss. And then again, I already showed you as I continued to add positions added that iron condor on there. And then the last trade I made today was natural gas. So we simply rolled that natural gas from January to the February cycle. So let's take a look at Natty gas. And if you look at what we've done here in the graph, because it's a futures contract and it's already closed for the day, it's going to look a little bit odd. But essentially, we had the 3.45 and the 3.55 strangle on in January. We simply rolled that trade out to February. So now we've got this position. So it's very well centered, had a lot more opportunity, a lot more time to make money on that trade. So let's see, I think, let's see, XLV, we've still got a position on. We're in the profit there. Wait for a little bit of a move down or time to pass before we take that one off, want a little bit more profit in there. XLU went over to this one, we've got another strangle in there. XLF, we went over to that one. And then the only other one, well, two others, we've got a strangle in bonds. And that's just a little bit in the profit. If we get a little bit of a move up in bonds, we'll take that one off for a nice profit. We've got EWW, where I was looking to potentially get out of this one today, but I'm going to hold it over the weekend, get a couple more days of theta decay potentially, and look to take this one off. We're at about 35 plus percent of max profit. I'd like to get up to about 40. We've been in this one for over 15 days. So I like to get a little bit more profit out of that one. And lastly, in SPX, we've got this double calendar on. We had the initial calendar on, which was the 205, 2205, and it moved outside of our breakeven. So we added on the additional calendar. So now we've got the double calendar on. So remember with a calendar, we're looking for a pop in volatility, an increase in IV, and that's going to help this position profit. So we'll continue to monitor and manage that and send out any alerts as needed. So I hope this was helpful. If you have any questions, please leave them in the members forum and we'll make sure we get to you as quickly as possible. Also allows other members to answer your questions if they can do so. So I hope this was helpful. Have a great weekend and we'll talk to you next week.