SPY November Iron Condor Stop Loss Hit, Position Closed
Today's continuing rally was too much for the SPY November Iron Condor; the stop loss triggered at the short strike of 259 and the position was closed as follows:
- BOUGHT SPY November 259 Call, 1.21 Debit.
- SOLD SPY November 264 Call, .06 Credit.
- BOUGHT SPY November 247 Put, .08 Debit.
- SOLD SPY November 242 Put, .05 Credit.
Closing order executed as a single order: BUY " Iron Condor" .
Net Debit to Close Iron Condor: $1.18 (all four legs).
Net Credit to Enter Iron Condor (Opened October 9): $.89 (all four legs).
(Loss): Loss of -$29.
This represented 7% of the net margin.
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,