SPX September 15 Iron Condor; Stop Loss Hit and Position Closed
The bullish action today was too much for this week's SPX Iron Condor. Our stop loss was hit and the position closed as follows:
Closing details are as follows:
BOUGHT SPX September 15 2495 Call, 3.25 Debit.
SOLD SPX September 15 2505 Call, 1.25 Credit.
BOUGHT SPX September 15 2420 Put, .70 Debit.
SOLD SPX September 15 2410 Put, .60 Credit.
Net Debit (all four legs): $2.10
Net Credit to Open Position: $1.25
This represented a loss of ($85), 10% of the margin/risk and our pre-set max loss. We still have a good track for the year on the weekly Iron Condor, so we must take our occasional losses and stay on the path of our trade plan.
As always, stay keen on your risk management and trade carefully,