added 4x Sep 84 Puts. plan to add 2x more but maybe not today. So far the game plan is:
1) create -12x/-12x July Puts/Calls and +12x Sep Puts (long) to create a core position with a defined downside risk.
2) incrementally (e.g. 2x at a time) add/remove July Puts or Calls trying to catch market swings. This will temporarily unbalance the position somewhat but the change in risk will be small.
I am assuming 30K account for these trades (the actual account is somewhat larger but it contains other independent positions). The max loss i am willing to incur at this point is ~8K (~2x gains from June strangles). No stops are used, instead the position is actively managed depending on the market behavior.
1) create -12x/-12x July Puts/Calls and +12x Sep Puts (long) to create a core position with a defined downside risk.
2) incrementally (e.g. 2x at a time) add/remove July Puts or Calls trying to catch market swings. This will temporarily unbalance the position somewhat but the change in risk will be small.
I am assuming 30K account for these trades (the actual account is somewhat larger but it contains other independent positions). The max loss i am willing to incur at this point is ~8K (~2x gains from June strangles). No stops are used, instead the position is actively managed depending on the market behavior.
).