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.
[caption id="attachment_1562" align="aligncenter" width="500" caption="SPDR Gold ETF"][/caption]
[caption id="attachment_1563" align="aligncenter" width="500" caption="SPDR Gold ETF"][/caption]
: http://traderpau.files.wordpress.com/2009/07/2009-07-08-gld.png : http://traderpau.files.wordpress.com/2009/07/2009-07-08-gld_prop.png