Options Trade Management


#1 The day started here with a loss.

#2 I had 3 lot i.e. 75 qty of 38900CE. What I did is I converted 1 lot to MIS and closed it against another trade which was in profit. (Note - All the trades are part of the same setup. I had strangle.)

#3 It is because I had the same view that BN will fill the gap. But also I did not want to get punished badly if my ideation was wrong.
I was already screwed once. So I reduced the position size.

#4 Things went fine. But I am sure now that ORB will not happen. Now my goal is to reduce my position size even further because I thought I will get an upside spike (downtrend break spike).

#5 So I closed one more lot. Closed the CEs and took some new positions. Now that I have reduced ITM PE and still had some” what ” bullish view (despite BN was going down). I did some OTM PEs and OTM CEs.

#6 That fucked up when BN broke 38600 (I acted near 38550.) I closed all.

#7 Waited slightly and sold OTM PEs again as it created wick.

#7 Sorry. Correcting. I did 38600PE and 38600CE. The BEP was coming near 38450. I was expecting BN will move there maximum. But when it broke that (I had profit in that straddle) I closed it and shifted to 38500PE and 38700CE.

#8 So this is the current position.->

#9 My current view is not bearish is because I think BN is at support moment being and the Global market (I follow DAX) is going up. But as my view is constantly going wrong, I reduced my position size in every step.

#10 Refer-> TradingView Chart

All the chart reference and trade reference from this setup is from “D”.
The best setup with 20K profit is TradingView Chart Bounce
The worst setup with basic volatility spread did 16K loss.