EL TRADES OPTIONS

This blog will show my longer term Swing trades using OPTIONS. I use specific income producing option strategies with a DIRECTIONAL BIAS. Having a directional bias is critical in earning more, even from what are generally called income trades such as butterflies and condors. The aim of my strategies is to give me more than a 66% edge and to provide a greater than 80% win rate within that edge. The blog shows you the trades I make and how I manage them. For my directional bias, I use the same EL methodology as I employ in my day trading that you have seen for years in the original ElectronicLocal blog. Read the disclaimer.

Wednesday, September 5, 2012

Covered All Open Positions

I covered the SPX Iron Condor position at -1.25 after buying it at -2.30 making a profit of over 10% for the trade. I also covered my RUT Butterfly at 2% profit. I am waiting for the ECB announcement tomorrow before I take any more swing trades. I'm smelling a possible rally from here. I say "smelling" because there are only the earliest of technical signs that may not result in the rally coming. However, due to the uncertainty, I'm sure I'll be able to put on bigger size at a better price when I'm confident in what I'm seeing.

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