Live: Wednesday, Sept. 19, 2018

10:40 a.m. New York time

I have no new trades in sight today. The problem child among my holdings is AAPL, which has fallen below the lower break-even point on my short iron condor. The position expires in nine days, so the question is, will it reverse in time to ease the loss?

This AAPL chart covers five days with five-minute bars. The Elliott wave count is looking solely at the form. The level may be Subminuette {-1}, but I’m ignoring it for my purposes today.


The chart shows AAPL is well within the 5th degree, which means that the decline is on its last leg. The whole movement has last only five calendar days and in its third trading day, so a reversal by the end of the week is certainly not improbable. My normal practice would be to exit AAPL on Monday, Sept. 24.

I’m keeping in mind that the present loss per share on the contracts is $1.72, and my maximum risk is $6.10. The chart shows a small reversal up from today’s low of $215.30. A drop below that level will prompt me to close the position immediately.

Here’s the present state of my options holdings:

sym option debit share price curr % max profit options days left
AAPL 5.62 215.37 (44.5) 9
AMD 0.86 30.56 12.2 16
EWZ 0.86 32.45 0.0 58
GNRC 1.00 58.53 17.4 30
SPY 3.01 290.90 2.0 58

… and my shares holdings:

sym share price net result %
AAPL 215.37 -3.8%
CHK 4.24 6.0%
FXI 42.53 3.2%
SPXU 32.71 -19.4%
VNQI 57.29 0.8%

By Tim Bovee, Portland, Oregon, Sept. 19, 2018

Tim Bovee, Private Trader tracks the analysis and trades of a private trader for his own accounts. Nothing in this blog constitutes a recommendation to buy or sell stocks, options or any other financial instrument. The only purpose of this blog is to provide education and entertainment.

No trader is ever 100 percent successful in his or her trades. Trading in the stock and option markets is risky and uncertain. Each trader must make trading decisions for his or her own account, and take responsibility for the consequences.


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