Recommended trade entry for Friday, July 1

Option Code: SPXW160708

Expiration: Friday, July 8.

Recommended Trade Entry:

We have been sitting on the sidelines for the SPX weekly trade because of "Brexit". I am very cautiously recommending today's trade entry; for those who are anxious to get back in the water. I do recommend trading a smaller size than usual for those entering with live capital, as we do have the added risk of the three-day holiday weekend in the equation.

- SELL SPX July 8 2135 Call, currently $1.30. Delta of short call: .11.

- BUY SPX July 8 2145 Call, currently $.65.

- SELL SPX July 8 2050 Put, currently $ 2.15. Delta of short put: -.10.

- BUY SPX July 8 2040 Put, currently $1.50.

It is recommended to place the order as a single entry: SELL " Iron Condor".

Current mid price for all four legs: $1.30. We recommend trying to get filled for the mid or a few cents below; $1.25 is the suggested minimum credit for this trade. Bid/ask prices can sometimes be wide, so there is no guarantee there will be a fill at the current mid price. Some traders may get filled at a better credit, others may have to cave in a bit to get the order executed.

Please note: Traders should always be aware of any news events that may cause a sudden move in the market. If that occurs, it is recommended to immediately cancel the working order until things settle. Depending on the move that may occur, the above strikes may need to be changed to appropriate strikes within the .10 - .15 range. It is each individual's responsibility to select the strikes they feel most comfortable with, depending on trading style and risk tolerance.

Update will be posted with exact position details when the trade is opened.

For those unfamiliar with the strategy, the trade management guidelines for all Couch Potato Trader strategies were updated on August 20, 2015, and can be found here: Link to Articles

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

Dot Hazlin