SPX July 7 Iron Condor; Stop Loss Hit and Position Closed
The selloff that began just after we opened the SPX July 7 weekly position was too much for the trade; the stop loss was triggered and the position was closed as per the guidelines.
Closing details are as follows:
BOUGHT SPX July 7 2465 Call, .60 Debit.
SOLD SPX July 7 2475 Call, .35 Credit.
BOUGHT SPX July 7 2390 Put, 12.10 Debit.
SOLD SPX July 7 2380 Put, 10.20 Credit.
Net Debit (all four legs): $2.15
Net Credit to Open Position: $1.30
This represented a loss of ($85), 10% of the margin/risk and our pre-set max loss. We will wait until next week to hopefully get a better entry opportunity for the July 14 cycle.
As always, stay keen on your risk management and trade carefully,