XOM Trade on May 30, 2019 13:48 from kerobo0000: Tradervue User Stock Trades.

Rationale:
-portfolio needed short delta and this was a good candidate given it is currently on the decline
-XOM was consolidating right at long term (5 year) support at $71.80 and wanted exposure to the downside in case it kept declining
-wanted the position to be lower risk so set up as a butterfly (played around with a bunch of unbroken varieties but couldn't find something that worked without having too much upside risk)

Recap:

How could I have traded this better?

IVR=32%
Potential ROC= 222% max ROC (target 50% to begin scale out)
Key corporate events (earnings, dividend, investor day, etc.)= No
How much risk should/did I take? $232 total risk in the position (appropriate, as I get better with butterflies, I can increase this up to 3-5% of account)

Trade Planning
-structure: put butterfly
-major support: 71.80
-add point: NA
-stop loss: run til expiration
-take profit price / risk-reduction plan: scale out of half at 50% profit and keep remainder til expiration (monitor closely for fast moving markets as expiration approaches, would like to leg out if possible)

2019-06-11 02:47:13
-scaled out half, price action continues to rally higher
-it cost me $10 on the trade to close out half (remaining half would likely costs the same to close or I can keep on as there are only $28 more dollars left to lose, and if XOM drops, position will increase in value)
-leaving the other half on and if it expires out of the money that is ok