Market Analysis and Straddle Adjustment Strategies (2024-09-12)

This is how the market looked yesterday:

And this is how it looks today:

Things are starting to look green again.

It was a strange day and certainly not good for short straddles. The market went up without taking any stops

Existing Positions

/ESU24 Sep 16th 7DTE Short Straddle

Added two more puts to expand the tent.

XSP Sep 17th 7DTE Short Straddle

Had to make one adjustment but may need another one as the current price is already too close to breakeven.

/ESU24 Sep 18th 7DTE Short Straddle

Suffered a lot due to the huge intraday movement up as soon as I put it on. Closed at around 50% of initial credit received.

Closed for -$2,982.50 return since Sep 11, 2024, 4:27 PM

New Position

/ESU24 Sep 20th 7DTE Short Straddle

Experiments

Some trades that I’m following to learn and try out other strategies.

/ESU24 Sep 12th 1 DTE Short Straddle

1 DTE Expiry so it is more risky but would like to try out adjustments. Also will close it at > 5% PT and ~20% SL

Closed it for -$3,979 return since Sep 11, 2024, 4:17 PM

SPX Sep 17th 7 DTE IronFly

Started as IronFly yesterday and turned into Iron Condor today after adjustment to expand the area.

Closed for -$5,700 return since Sep 10, 2024, 8:14 PM

/ESU24 Sep 13th 1DTE Short Straddle

Closed for +$181 return since Sep 12, 2024, 2:53 PM

/ESU24 Sep 16th 2DTE Short Straddle

Opened this morning and had to do an adjustment due to price keep moving up.

/ESU24 Sep 20th 8DTE BWB

Started with 1 lot but will add until 5 lots if required for adjustments. Currently 2 lots in the trade