The August4 position closed this morning was the first loss out of 10 weeks; results are summarized here. It's never easy to close a losing trade, but what's more important is to accept the loss and move on to the next trade.
SPX Weekly Iron Condor Results:
The average gain of 5.3% per week since the trade was incorporated into the trading plan is very respectable overall, this week was just one that could not keep up with the upside movement. We will continue to trade the strategy, with another entry planned for later this week.
The rest of the week brings some powerful economic news reports that could bring some volatility to the market:
2:00 pm FOMC minutes
8:30 am Jobless Claims
10:00 am Philadelphia Fed Survey
10:00 am Existing Home Sales
Day 1 Federal Reserve Symposium, Jackson Hole, Wyoming
Day 2 Federal Reserve Symposium (Event goes through Saturday)
10:00 am Janet Yellen speaks at Symposium
2:30 pm ECB President Draghi speaks at Symposium
The earliest entry will be on Friday afternoon. Since this event goes through Saturday, there is also the chance that one of the attendees may say something to the media to rock the boat for the open next week. That adds another element to the normal weekend risk with a weekly trade. I'll post an update on Friday with my recommendations on entry.
As always, stay keen on your risk management and trade carefully,