TLT – 09/25/18 – Broken Wing Iron Condor
I got on a little bit of a habit of placing these Broken Wing Iron Condors during this time period. Great if you are expecting the market to move a certain direction, but don’t over do them. If the market suddenly changes on you and you are playing the directional game you will get burned fast. I was lucky and had moved away from them before the market caught me developing a bad habit!
On 9/25 I entered this trade with no upside risk. My break even was at $133.74 and Implied Volatility was at 24.8 and looked to be rising. It showed an almost 73% probability of success and I set my GTC to keep about half of my potential profit.
Just 2 days later my GTC order hit and I closed the trade for a $59.00 profit or about 15.69%. Yes, and in just 2 DAYS!