New Trade Entry: SPX Weekly Iron Condor for August 1; order filled.

Order executed for this week's position:

- SOLD SPX August 1 2135 Call, 1.30 Credit.

- BOUGHT SPX August 1 2145 Call, .60 Debit.

- SOLD SPX August 1 2065 Put, 2.80 Credit.

- BOUGHT SPX August 1 2055 Put, 2.05.

Order was filled as an "Iron Condor" for $1.45 net credit (all four legs).

Margin/Risk is calculated by the width of the wings ($1,000), less credit received.

Margin/Risk for this week's trade: $855.

Target Gain: 7% of margin/risk or $60.

Max loss: 10% of margin/risk or $85.

Below is the risk graph of this week's position as shown on my broker's platform:

SPX August 1 Weekly Iron Condor:

Below is the SPX chart showing the short strikes:

SPX 6 month chart

Trade Management:

The guidelines call for the position to remain open until target gain is reached, as long as SPX stays between the short strikes. They also call for exiting at the pre-set max loss, or if SPX reaches either short strike.

For those unfamiliar with the strategy, the trade management guidelines were updated on August 7, 2014, and can be found here: Link to Articles

Trade updates will be posted as appropriate.

As always, stay keen on your risk management and trade carefully,

Dot Hazlin