SPX Weekly Iron Condor for February 1 Cycle; Entry Plan
As stated in the guidelines for the weekly Iron Condor, it is not recommended to enter a new position if SPX has moved a one-day, standard deviation in either direction. According to my broker's platform, that would mean a move of 20 points in SPX.
As of this writing, futures are down about 18 points. While not quite a standard deviation, the move is significant enough that I am not recommending a new trade entry until much later this morning, possibly even this afternoon, for the February 1 weekly cycle.
An update will be posted with the recommended trade entry when the order is submitted.
For those unfamiliar with the strategy, the trade management guidelines were updated on August 7, 2014, and can be found here:
Link to Articles
As always, stay keen on your risk management and trade carefully,