SPY August Iron Condor Stop Loss Hit, Position Closed
Today's continuing rally was too much for the SPY August Iron Condor; the stop loss triggered and the position was closed as follows:
- BOUGHT SPY August 248 Call, 1.52 Debit.
- SOLD SPY August 253 Call, .19 Credit.
- BOUGHT SPY August 233 Put, .32 Debit.
- SOLD SPY August 228 Put, .21 Credit.
Closing order executed as a single order: BUY " Iron Condor" .
Net Debit to Close Iron Condor: $1.44 (all four legs).
Net Credit to Enter Iron Condor (Opened July 10): $.81 (all four legs).
(Loss): Loss of -$63.
This represented 15% of the margin/risk, our pre-set max loss for the trade.
We have had such a run up there is "certain" to be a pullback at some point, but we need to stay on course with the trade plan and follow the guidelines for our plays.
As always, stay keen on your risk management and trade carefully,