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June M3

Discussion in 'General Discussion' started by marat, Jun 2, 2015.

  1. marat

    marat Well-Known Member

    I am at the final stages of closing June M3. I converted it to broken wing fly last week and reduced the width. The position can now be closed outright or gradually with single butterfly orders upload_2015-6-2_7-55-3.png
     

    Attached Files:

    Meathead likes this.
  2. Venkat

    Venkat Guest

    Looks good Marat. Since you built up the support on the right side, wait to accumulate enough negative deltas and exit on a pullback.
     
  3. Meathead

    Meathead Active Member

    Marat - that looks great
    Anyone have any thoughts on my M3 below? It has done well holding a profit but with todays up move, it has gone positive vega. I know I am not in an ideal position and will have to adjust to maintain my profit. Do any of you accomplished M3 traders have any clever thoughts? Thanks

    upload_2015-6-2_11-39-20.png
     
  4. Venkat

    Venkat Guest

    Overall looks good. If you look at the credit wing of 1150/1190 on its own, you must have captured majority of the original credit issued. You can safely roll up that wing up by 10 or 20 points or through broken wing condor (-1150/+1170/+1190/-1200).
     
    Meathead likes this.
  5. Meathead

    Meathead Active Member

    Thanks
    Any thoughts as to the upside
    It is starting to get close to expiration and I know I will start losing my profit; wondering if I should take the money and run or if it is worth adding some credit spreads to raise the upside? Would love to hear any other suggestions - I need to expand my toolbox.
     
  6. Gabor Maly

    Gabor Maly Well-Known Member

    Mine is pretty similar to what you have. Market came back a bit now....but my thinking is this, as I like to be out no less than 15-10 DTE I am not going to chase the upside with aggressive rolls anymore as that will expose my downside more than I like. A slight touch to it (10 pts wide) as suggested by Venkat I may consider at the end of the day but even with that roll Vega will be an issue once more should the market move up by a tiny 5-8 pts the next day. So should the market move up considerably or close above 1260 the next 2 days I will take my profits and run.... (not that the worry around Greece helps the technical picture in any way)
     
    Meathead likes this.
  7. marat

    marat Well-Known Member

    Thanks for the suggestion Venkat. Since I am almost at my max profit level I may also just exit the trade and reenter at higher DTE. BTW this particular M3 was started ~70DTE as I had some upcoming travel and wanted something easy, which it was.
     
  8. Meathead

    Meathead Active Member

    GM
    I went ahead and closed mine out today for @$1650
    Are you still in yours?
     
  9. David Stewart

    David Stewart Well-Known Member

    Great job by the both of you!:)
     
  10. Gabor Maly

    Gabor Maly Well-Known Member

    Metahead, sorry just saw your post to me. I am still in it the reason being is that I wanted to see price close above 1260 which it did on Weds, so I was ready to take it off on Thurs, but price came back on Thurs and closed below that 1260'ish support/resistance zone by quite a lot...so that prompted me to stay in it a bit longer but I will be out early next week latest.
    Good job Meathead, that is good money in the bank and this June up and down whipsaws hadn't made the trade easy IMO.
     
  11. Meathead

    Meathead Active Member

    GM
    Well done. I chickened out on the head fake to the upside, but at least I got something out of it. Further proof that experience goes a long way in trading. Which is why it is extremely beneficial to me (and others I assume) to see experienced traders post their positions/thoughts/adjustments/results in the forums.
    Thanks
     
  12. marat

    marat Well-Known Member

    I closed out my M3 as well.
     

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