Weekly Trade Update - Week 38
Hi Steemians,
here is my (a day early) weekly sample portfolio update for Thursday, December 27th, 2018.
Managing QQQ position
On Wednesday markets started to sell off again and my ratio call spread wasn't protecting me enough, so I closed it for a $70 winner per one lot.
I replaced it with an atm short call
No special profit target for this one, since it is just a hedge.
After I sold this atm call, one of the biggest one day rallies I have ever seen started.
Five minutes before the close I decided to close my QQQ January position for a debit of $22.28.
Since my overall credit on this position was $19.73 this was a loss of $255 per one lot.
Not too bad considering the brutal move we had.
New Positions for February 2019
I know my original plan was to take a break from trading until the first trading day of 2019, but premium is so rich at the moment I couldn't resist.
I opened the following positions yesterday about 3 or 4 hours before I closed the QQQ position shown above.
IWM Short Straddle
I collected $11.66 in credit for this one.
My profit target, as always for short straddles is the 16 delta strangle credit.
In this case $2.56. So I'm going to close this position when it trades for $9.11 or at 21 DTE.
FXE Short Straddle
I collected $2.48 in credit for this one.
My profit target, as always for short straddles is the 16 delta strangle credit.
In this case 55 cents. So I'm going to close this position when it trades for $1.93 or at 21 DTE.
GLD Short Straddle
I collected $4.65 in credit for this one.
My profit target, as always for short straddles is the 16 delta strangle credit.
In this case $1.11. So I'm going to close this position when it trades for $3.54 or at 21 DTE.
TLT Short Straddle
I collected $4.35 in credit for this one.
My profit target, as always for short straddles is the 16 delta strangle credit.
In this case $1. So I'm going to close this position when it trades for $3.35 or at 21 DTE.
XLE Short Straddle
I collected $6.14 in credit for this one.
My profit target, as always for short straddles is the 16 delta strangle credit.
In this case $1.23. So I'm going to close this position when it trades for $4.91 or at 21 DTE.
Books Update
My second book which is available for free on Amazon, Google and on Apple for the rest of 2018 has been downloaded over 450 times so far.
Thanks to all my readers for downloading it.
If you like it, you would do me a great favor by writing a short review on amazon.
To fully understand my new book, you need to understand all the basics, which I describe in my first book:
It is still available for huge discount on Google Play, so buy as long as it is still cheap.
You can also buy it on iTunes, Amazon or Barnes and Nobel.
Have a great weekend and a Happy New Year!
Stephan Haller
Legal disclaimer: These are not trade recommendations. Options involve risk and are not suitable for all investors. The trades shown above are for educational purpose only.