Today's bullish move was good for the SPX weekly trade; not so good for the March IWM position.
As I've said before, it's never easy to pull the trigger to close a position for a loss. However, following my trade plan and risk management did result in closing the March IWM Iron Condor for the pre-set max loss a short while ago. At approximately noon, the closing order to close the position for 1.19 filled. The loss on the position was ($61), just under 15% as per the guidelines.
The current market is not being kind to neutral strategies such as the Iron Condor; but as of now I will plan to trade this position again for the April cycle. The approximate entry time will be sometime the week of March 10; entry recommendations will be posted prior to entering.
As always, stay keen on your risk management and trade carefully,