It was a normal profitable week with $1,600 profit only. The indices were still in range but vol was up to 15 with Yuan devaluation. Equities ended higher for the week on Greece's bail out deal approval. ES/SPX & RUT are still in the down channels within their current CHVA. RUT appears weaker than ES and NQ. I need to keep in mind of possible FED rate hike in Sept and seasonality of OCT.
Grains haven't recovered from the sell of after USDA's WASDE report. I didn't have much activity in this front. I will only keep a small, limited positions in grains until I am completely out of the market in options selling. Grains are more suitable for a trend play.
I am thinking about to take 50% profit on my put positions of two entries on each expiration period. My holding period has been longer (Avg 36 vs 22 days) in 2015 than 2014. There are variables in grains holding. The trading procedure may be like:
1. Enter a GTC order to exit 1/2 position at 50% profit after established a put positions;
2. Try to sell a 2nd set of puts with my rules of engagement;
3. Enter another GTC order for the rest of 1/2 position at 75-85% of profit if the order for the first half is executed or the 2nd set is filled.
4. Reducing margin is a secondary consideration on exciting both puts and calls.
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