Trade Updates - Closing Winners in GLD and QQQ and a Delta Adjustment in TLT

in #trading6 years ago

Hi Steemians,

yesterday and today I made some position adjustments.

Closing GLD Straddle

GLD close.jpeg

source:tastyworks

I collected $3.42 for this straddle.
My profit target, as always for short straddles, was 25% of max profit (86 cents).
Today I closed it right at my 25% profit target, for a debit of $2.56.
So a nice profit of $86.

Closing QQQ Strangle

QQQ Strangle Close.jpeg

source:tastyworks

I collected $2.86 for this strangle.
My profit target was $1.43, but yesterday I closed it for a debit of $1.65.
So a nice profit of $121.

Delta Adjustment in TLT

This position started out as a October 121 short straddle.
TLT 1.jpeg

source:tastyworks

I collected $3.11 for this straddle.
Today my downside break even was hit, so I rolled down the call to the 117 strike and collected $1.29 in additional credit, as you can see in the picture below.

TLT 2.jpeg

source:tastyworks

Now I am short the 121/117 inverted strangle

TLT 3.jpeg

source:tastyworks

By rolling down the call I reduced my long deltas from 67 to 23.
My overall credit for this position is $4.40.
So at the moment this position is down 86 cents ($86 per one lot).
My original profit target of 78 cents hasn't changed.
So I'm going to close this position when it trades for $3.62 or at 21 DTE.

Book Update

My book should be live on amazon and iBooks within the next 2 days.
I will write an extra post about it with links and lots of screenshots.

Have a nice trading day,
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.

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