The initial premise for this trade was a fib retracement if I recall correctly. Is that still the trade? Or is this just a buy and hold now?
It was fib levels down to the 100% level (or 0%, depending on how you look at it). Below that I had to change things up a little bit but the basic concept is still the same. I adjust the target profit when price goes down certain amounts.
10/18: SPY -$5,472.00 hedge -$1,808.80 Net for this trade: -$7,280.80 (unrealized) $1,223.60 (realized) $2,931.69 (realized) $1,129.72 (dividend) $3,561.93 (estimated dividend) $5,221.55 (realized) ------------------------ $6,787.69
10/19; SPY -$13,737.00 hedge -$1,472.20 Net for this trade: -$15,209.20 (unrealized) $1,223.60 (realized) $2,931.69 (realized) $1,129.72 (dividend) $3,561.93 (estimated dividend) $5,221.55 (realized) ------------------------ -$1,140.71
10/20: SPY -$10,716.00 hedge -$1,577.80 Net for this trade: -$12,293.80 (unrealized) $1,223.60 (realized) $2,931.69 (realized) $1,129.72 (dividend) $3,561.93 (estimated dividend) $5,221.55 (realized) ------------------------ $1,774.69
10/21: SPY $2,451.00 hedge -$2,119.00 Net for this trade: $332.00 (unrealized) $1,223.60 (realized) $2,931.69 (realized) $1,129.72 (dividend) $3,561.93 (estimated dividend) $5,221.55 (realized) ------------------------ $14,400.49
10/24: SPY $11,115.00 hedge -$2,482.00 Net for this trade: $8,633.00 (unrealized) $1,223.60 (realized) $2,931.69 (realized) $1,129.72 (dividend) $3,561.93 (estimated dividend) $5,221.55 (realized) ------------------------ $22,701.49
10/25: SPY -$2,793.00 hedge -$1,934.20 Net for this trade: -$4,727.20 (unrealized) $1,223.60 (realized) $2,931.69 (realized) $1,129.72 (dividend) $3,561.93 (estimated dividend) $5,221.55 (realized) ------------------------ $9,341.29
I may be selling some covered calls soon. Or I may just close the whole thing out. I'm nowhere near my profit target but I'm not so happy with how I spaced out the buys on this trade and I don't like that SPY has to drop to 105 again before I'm going to buy anymore. That's like 20 points of play, although I don't mind sitting through drawdown (obviously, if you've been paying attention to this thread). ITM covered calls may be a good way to force the position to close. Of course if I do that price will go straight up
10/26 SPY $4,332.00 hedge -$2,224.60 Net for this trade: $2,107.40 (unrealized) $1,223.60 (realized) $2,931.69 (realized) $1,129.72 (dividend) $3,561.93 (estimated dividend) $5,221.55 (realized) ------------------------ $16,175.89