Exit Stop: -2 GLD 100 JUL 09 91 CALL .45

GLD broke below $90.50 today and touched $89.09. It’s now rebounded to $89.35 around noon. I’ve set a stop for my long call options at the low of the day. Having regretably sold my long puts last week, this supposedly strangle options strategy is now cooked.

I still believe my entry was good. But I screwed myself on the exit. When the price reached a near resistance last week, I should have set a loose stop on the calls and not the puts. Just to account for the case if we’re back into a trading range.

Update: I sold my calls at 12:20 for 0.50.

SPDR Gold ETF

SPDR Gold ETF

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