Today we alerted a 22 point ES rally in chat for another $1,100 – when ES was 2063.75 / 2064 — the most pain that this trade went through was down a few points to 2061 — from there it went up through 2070, through 2080 — and towards 2088.
Since we already had our trade of the week yesterday – cashing out $1,650 – this additional trade was alerted in the chatroom of Whatsapp app – rather than the broadcast list. If you don’t have access, make sure you upgrade.
We legged in (smartly) into an iron condor today — doing the bull put spread leg slightly late when ES was at 2070 — and then the bear call spread leg AFTER ES rallied another 18 points towards 2088 — that’s when we put on the bear call spread leg.
Now, I can comfortably go on a long weekend –assuming the market does not go +50 or -50 tomorrow or over the weekend. Another Brexit crash would not be good. The goal of the iron condor is to collect on time decay over a long 3 day weekend — and also to minimize directional risk as I will be on vacation tomorrow.
Trading on vacation has always been tricky for me — because sometimes my vacation is ruined by a position that goes bad when I land from an airplane. And since I want to have a long-term strategy for trading while on vacation — and also to be within the spirit of this LifeStyle Trading site — I decided to leg into an iron condor — so now I have neutral directional risk — and all that needs to happen is time decay and I should be able to collect another several hundred bucks while on vacation – assuming the markets don’t move much.
Learn the Wave 2 Drop and other patterns in our upcoming Stock Market Video Course
Remember this Youtube video I created where I talked about how awesome of a buying opportunity silver was at 16.03 ? (It’s currently at 18.88 SI)
Did the 3rd wave of silver trigger? Is it possible after waiting years and years for silver to move — the time has come? Or will there be another retrace consolidation before it happens?
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