SPX Iron Condor for August 1 closed before the onset of news events Wednesday.
As mentioned in my earlier posts, our plans for the day were to close both open weekly positions to remove risk prior to all the upcoming news on Wednesday.
At approximately 11:00 am Est. with SPX at 1688.18, the SPX Iron Condor position was closed for a debit of .60. This represents a gain prior to commissions of $80, net gain after commissions was $72, which is 8.4% of actual margin/risk.
Some traders may choose to leave the position on until later in the day, but I was concerned about a late-day run-up that would negatively affect the trade so elected to close it early.
Position(s) for August 2 cycle will be entered either Thursday afternoon after the FOMC announcement, or most likely on Friday, as long as the market movement is within our guidelines for trade entry.
Stay keen on your risk management and trade carefully,