SPY Trade on Jul 17, 2019 09:50 from AofP2017: Tradervue User Stock Trades.

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Shared by
AofP2017

 

Shares traded: 0
Options traded: 80
Closed Gross P&L: $-330.00

Tags:

0 DTE Broke Rules Iron Condor Lesson Learned Maverick Income Trade

Daily Setup:
SPY is near all time highs and appears to be in a little pullback.
Intraday Setup
Pre market the SPY started higher than the close yesterday but continued to drift lower in the premarket. Premarket, price was noted to bounce off the 299.60 level which has proven to be support/ resistance in the past.
Game Plan
The plan was to enter short on the break of 299.50 level with the stop above 300, which would be a break of today's high. I was expecting the price to come down an test the daily 8ema then potentially bounce back up. I have thought about entering a bull put spread at that time to enter in a 0 DTE Iron condor. At the time, when price was tested, It did break it pretty hard and made me hesitant to close the back end. I told myself, "no reason to be greedy" Once price was trending back up, I did go ahead and add a bull put spread to the position for a little more credit. When the new position was added, it was noted on the risk graph that break even is below more support levels and below low of day. Therefore, I felt it was good trade.
Stop:
300
Target:
anywhere below 300
Reason to exit:
closed the short 300 calls for 0.01 = +0.16
Closed the short 298.50 put for way more than I wanted
Mistakes &/Or Concerns
I kept waiting for a bounce and I had so many chances to get out for a small winner or breakeven. But instead I kept hoping.
Lesson Learned
Don't roll a 0 DTE vertical to an Iron condor. I turned a $170 winner to a $300 loser. Though, I feel that it could have worked out and this movement rarely happens. But psychologically, it bothers me that a winner turned into a loser. I should have took my winner and walked away. The loss was not with the additional 0.10 of credit. Totally not worth it.


Execution detail:

Date/time Symbol Qty Price Position
2019-07-17 09:50:25 JUL17 19 300 CALL -10 $0.1840 -10
2019-07-17 09:50:25 JUL17 19 302 CALL 10 $0.0140 10
2019-07-17 12:42:53 JUL17 19 297 PUT 10 $0.0200 10
2019-07-17 12:42:53 JUL17 19 298.5 PUT -10 $0.1200 -10
2019-07-17 14:21:04 JUL17 19 300 CALL 10 $0.0100 0
2019-07-17 15:57:56 JUL17 19 298.5 PUT 10 $0.5900 0
2019-07-17 16:20:00 JUL17 19 302 CALL -10 $0.0000 0
2019-07-17 16:20:00 JUL17 19 297 PUT -10 $0.0000 0


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