Out for a scratch at a strike touch. Don't want to be long deltas on Monday morning after we dropped so hard over the last hour.
Thanks DP, you make a good point and I might have been too conservative here. My thinking was that since I was bearish going into the calendar and it was turning into a bullish one, along with not wanting to be short vol with the Syria uncertainty, I should take the opportunity to close the trade for a scratch. On the other hand, this trade was partially hedged by my puts, and in case we open higher Monday this was a partial hedge for those as well. No right answer but it highlights the need to always be aware of and actively managing one's portfolio exposure and not become focused on a single position. I appreciate the feedback.
Careless word choice. I was referring to the desire for the spot price to remain fairly stable with a long ATM calendar. Obviously it's helped by a vol increase all other things being equal. Basically I wanted to position myself for a sizable drop next week.
Oh ya... I can relate to that. Those fearless beginners luck/curse that every trader experiences and keeps them coming back for more. Little did I know that trading is 10% strategy 90% self discovery. I only know its the right fit when i will place the same trade all over again with no regrets
This strategy sounds very good that double or nothing, but $6000 is a lot of money to bet into this kind of strategy, hope you will be able to manage well. All the best for your trading strategy.