Week Three Summary – IRA Goal – 12/16/18 – 12/22/18

Last week I setup these 3 objectives for the week:

1.) Understand the entry criteria for an iron butterfly.

2.) Finish education track #3

3.) Build something in XL for basic position tracking.

I got buried in work this week and really didn’t get much done in terms of furthering education. Which means objective #1 and #2 didn’t happen. #3 didn’t happen either but not because I didn’t try. I ended up finding everything I needed inside of the TOS platform.

In other news, we did add quite a few trades this week. Some hedging for what’s become a shit show of a start to January and some that now reach out to February.

Overall beta weighting looks pretty scary right now, or not, depending on how you look at it.

We’re in the midst of the worst decline since 2008 and my portfolio is somehow at break even. To me, this is absolutely shocking, if you’re of the buy and hold mentality you’re really not going to be in a good mood on Christmas day this year.

I had to build a 2 year chart this week to be able to find levels of support and resistance. It really looks like the “Trump Rally” didn’t create any solid levels of support as we’ve blown through all recent levels like they weren’t even there.

You could argue that we could find support from the close on Friday, but I was watching that close and the selling was insane.

It makes sense that we should get a bounce here, the news isn’t *that* bad, but market sentiment right now is in the shitter so who knows. I would love to see us bounce here and consolidate for about 25 days. That would turn Jan expirations green and be amazing validation for this style of trading. If you can have money on the table and walk away with a profit after a chart like the one above, you’re def on the right track.

So we’re going to try these weekly objectives again:

1.) Understand the entry criteria for an iron butterfly.

2.) Finish education track #3

3.) Find a better way to chart P&L

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