Today is FOMC Meeting. I honestly should have just sat this one out. But your boy is a degenerate lol. I sold an Iron Condor at 7635/7645 and 7410/7400 for $0.55. The way I chose these strikes today is basically using the expected move range at 6:31 AM PST which was 45.6. I took this value and added 10, which made it 55.6. I used 55 and multiplied it by 2 and got the final range of 110. I used the open price at 7522 and added 110 and subtracted 110 from that value to get my strikes which is further out from those numbers. You can see the screenshot below.
My stop loss is 300% of my premium today.
So I kinda fucked up today again. There was a spike from an algo trade which dropped the price to -20 in 10 seconds and i closed thinking it would go lower. But then realized it didn’t hit my stop loss or my lower trigger level at all. I rejoined the trade to try and breakeven. Next time I must follow my rules when it comes to closing my trades. This is my last and only trade for the day. Looking to just breakeven honestly at this rate. If not then ill probably lose another $50. I’m down already $-55 at the moment.