Adjustments and Comments on Open Trades
SALT – Sold 10 Jun $5 puts for a net credit of $500. Move stop loss at $5.88. Quote now is $.25 x .50 so place GTC limit to close at $.25/share for 50% max profit.
CPLP – Purchased stock $3.63. Trail stopped out at $3.34 last week for $290 loss.
MOS – Sold 10 March $29 puts for $350. Current quote is $.16 x .17 so close at $.17/share for gain of $180.
FB – Sold 10 Mar 140/150 bear call spread for $720. It held support in the $130 range so sold 10 Mar 125/120 bull put spread for $650 to convert to a short iron condor and increasing our Max Gain to 1,370. Closing both spreads now would lock in $450 gain, so move stop loss to break even. Notice how time decay and adding the short put spread was a great trade “adjustment” to turn the trade more profitable. Here is a chart lesson showing this Trade Adjustment:
DO – Sold 10 Mar $15 puts for $400. Closed at $.12 x .13 so have over 50% Mas Profit. Move stop loss to $17.18.
EA – Sold 10 Mar $80/75 bull put spread for $370. Mid-point to close is $.23/share so move stop break even.
VRX – Sold 10 Apr $12.5/7.5 bull put spread for $.470. Note: Holding over 2/28 earnings is higher risk. Stop Loss: $12.88.
Happy trading! If you have any questions or comments, please e-mail Greg Capra at Greg@mastertrader.com or Dan Gibby at Dan@mastertrader.com
All the best,
Greg Capra
Managing Director and Pristine Founder
Dan Gibby
Chief Options Strategist
Follow Greg on Twitter and StockTwits to get real-time updates:
Twitter: @GregCapra
Stocktwits: Greg_Capra
