Iron Condors & Trade Management | Trading A Smaller Account
all right good morning everyone the bell has rung the trading day has started and so has our class trading a smaller account i am delighted to be here with all of you so today we are going to discuss some really philosophical questions like are small loss is a good thing we're going to walk with the bears today we're going to dance uh with the bulls and we have just a ton of great information to share with you so so glad you were all here stick around there's a lot of awesome stuff about to come your way [Music] all right well i want to start by thanking all of you who don't just show up but i mean you guys are here talking in the chat sometimes 15 or 20 minutes before the class even starts and i love how much you love this class so thank you all who are able to be here live hello to mia who was the first one into the chat today kudos to mia and vijay and red solo cup and john and sherry and krishna and michael and el diego and dioso and nelson and um mansur and jeff and pete and alfred and and the list goes on and many others so thank you thank you also a huge thank you to ken rose who brings his wealth of experience with him to this class every friday and so if you've got questions hopefully between ken and i we have got answers for you um if you have questions don't hesitate to type them into the chat if you're watching this in the archives you too can ask questions just type them into the comment section if you love that you can put that in there too and then you can also reach out to us via twitter um ken rose at k rose underscore tda and just i just want to set something up here and barb armstrong at b armstrong underscore tda so that's another way for you to reach us we're posting valuable content on a daily basis and you're missing out if you don't choose to participate in that um but you know your choice it's a free world okay let's get through our important information so we can get right down to business as always we have a john pack schedule um this content is intended for education and informational purposes only none of it is to be construed as investment advice or as a recommendation to trade any particular security or strategy in any particular way also know options are not suitable for all investors there are special risks inherent to options trading that may expose investors to potentially rapid and substantial losses we discuss that in each and every class what the risks are what the potential rewards are also know that this is an intermediate level class so my assumption is that you know these basic trading strategies that we are talking about if you do not don't think like oh i need to hang up and go away stick with us and if you don't understand a strategy type something into the chat and then i can post a link to a getting started with options class that discusses that particular strategy because none of the strategies that we are talking about are that sophisticated per se but if you've never seen them before it can be a little overwhelming so know that this is an intermediate level class okay and know that all investing involves risk including the risk of loss and we're going to look at um you know a couple of potential losses that may go from unrealized losses to realized losses and we may look at some we're also going to look at some gains today where we may want to ring the bell in and take those gains so what are we going to do today we're going to look at the market uh and the bell has just rung so it looks like things were going to be you know up ticking on the open but we'll we'll see we're going to focus today on trade management um and you know and have this conversation you know are small losses a good thing well in my opinion they beat the stuffing out of a out of a large loss and with trade management these are sometimes decisions that we have to make and then our small wins a good thing small gains a good thing when you were maybe hoping for a bigger gain and so we're going to look at that and then of course as always we're going to play some new example trades but in this class we do this delicate dance right because we want to talk about both um we want to manage the trades we've put on in previous weeks but we also always want to be adding new trades so that you know we have a bucket from which we can discuss and and that we can learn from so that's kind of the the point of the whole thing so here we go we're going to go over to the thinkorswim platform now where as i like to say the magic happens you just let me come down to the chat so i can see oh there's ken he is so on top of things in the chat so he just put in the whole getting started with options playlist and i will put that in the comments section on this um archive also so that if there is a particular trading strategy you want to brush up on or you're not familiar with you can click on that playlist and and then pick whichever topic you want if that getting started with options we cover 10 different strategies okay so let's come and look at the spx and you know we haven't done this the last couple of weeks and someone asked a question in the chat that i was in it was actually ken's futures class yesterday and saying you know can we use this on individual stocks and in this class we have been using this on the s p 500 and as you all know i started as a client with td ameritrade i'm a product of this education um and so what the idea was and this was one instructor his idea whether you chose to follow it or not was if this green line which is the intermediate line is trading above this 80 in the red you have permission to take a bullish trade or and it's been there for a very very long time or if it's up trending in the 20 to 80 zone so if it is uptrending in this zone if it's below this line you don't have permission to take a bullish trade and it's self-imposed permission right and if it is downtrending you don't have permission to take a bullish trade and there was a client and this is survey of one i'm just sharing one client's results and i actually have this taped in my office that had he followed this rule he would have reduced his net losses by 62.5 percent and he would have done 26.7 fewer trades and he looked at 273 directional trades that he had done and said if i had layered this over top and not taken trades that went against this promise it would have served me well so what does that tell us for today are we trading bullishly yeah no we are not we are not so and and tomorrow the market you know could tick up so what are we seeing so far today well we're seeing you know and it's very early in the day but we're seeing an inverted hammer maybe right but we're also seeing an index that for the first time in a very long time let's come back and look at a one year on this for the first time since last october 30th and this it has broken below the 100 day moving average and it hasn't come back up so it's below the 10 it's below the 30 it's below the 100 day moving average so you know and this pullback i can get rid of this line so if you want to see how much something is pulled back and i know most of you are probably pretty savvy uh users of this platform just click and drag so you know we're down five percent and i mean it this is normal within an uptrend that's considered normal if you get to 10 now we're you know it's correction bill but this is considered normal but it's a little worrisome when we've now broken this hundred day moving average um this forecast is a script i do have it pinned to the top tweet that you know if you go to my twitter you can see i was listening to music before we started okay i busted on that one and ken rose created this and he is so good with scripts in fact if you're interested in learning more about scripps can teach as a class on friday afternoons at i believe it's two o'clock mountain four o'clock eastern if i'm wrong on that can correct me but i have that right in here so there's a script and you can upload it okay um yeah so i'm not going to spend any more time on that but yeah that's where you'd find that and so it and do we do this on individual stocks if for our purposes no what we do is we look at the s p 500 as our benchmark and say if the market overall is not up trending you know if you want to check that box if you're trying to align a trade in your favor is the market up trending right now things are pulling back so that would be a no and then you'd look at is your sector up trending and if that's a no well that's like that's two checks towards taking a bearish trade yeah okay so let's have a look at our friend the nasdaq tech heavy no financials i mean this is looking eerily similar isn't it you know only today it's down again so we might say well if we would like to you know place a bearish trade maybe we need to you know walk over to the nasdaq and that's exactly what i did and then the dao so the dao you know if we back up you know it had been trading in in a range you know since april and then it kind of broke to the upside and you know it looked like it was a clear breakout and now it looks like it turned out to be a fake out it's back here um in this range again and today we're seeing a bullish harami pattern but it's still within this range and close to the lows you know it you know it hasn't really traded much lower than this since last july so it hit its july low so you know if we wanted to draw another line in here let me just make it this uh so it's kind of come down to this support level that seems to have been running since about july you know this range okay so that's the dao of vex our volatility well this is interesting the volatility is falling today so that's you know an interesting turn of events which means fear is falling so you know i do believe that there was a a couple of a couple of week extension on this whole debt ceiling thing it's not totally resolved yet but um we may have bought ourselves a wee bit of time and then we're going to go and we're going to look at the russell and this is really the scene of our first trade and i'm going to come into studies and i'm going to go to our basic study set only i want to add i'm going to replace the stochastics um with average true range so i'm going to come and edit this and we're going to add atr because we're going to do some atr trades here so i'm going to add this and we're going to get rid of our stochastics just to keep things a little cleaner okay but when we come and we look at the russell we did an iron condor on the russell if you're not familiar with the the russell um or with the iron condor strategy the idea here is that you are selling a short put vertical below where you think it will go and you are selling a short call vertical above where you think it will go and these green lines here are where our strikes are now we only place this trade so here are our strikes so as long as the russell stays come over here as long as it stays below here and above here for the next 14 days we did a 21 day trade um we will be happy campers and i think we've got about a 30 percent return on our our trade thus far so if we come to uh there's our short verticals where's my iron condor bucket oh down here so we're going to come and look at our iron condor now i had thought that you know we'd have a oh sorry we're only up 13 now why do you think 13 we've only got well now it's 48 go figure so we're we're at we're live in the market while this is really flipping around we went from 13 to 48 to 32 percent like boom boom boom but this is still percolating oh we had a 28 day trade so we're one week into four weeks and we've got almost half our profit here so we can let this just percolate it looks like it's kind of staying in this range um but you know if we had 60 or 70 percent of our max gain we might say you know hey i've only been in this for 25 of the time and i've already got you know over half the amount i could close this out and look at doing another one um but this one we're gonna let percolate now somebody said it looks like we could maybe do one of these on the dow also and you know we could look at this and we could so if we go dj x so if we look at this where might we want to put our strikes well we're close to this recent support level so if we wanted to be at say 333 the only time we've gone that low here 336 we we hit it for one day and then we were back up so maybe we could do something around 335 on the put side yes yes so ed taz you're right um i think that and and edward have both typed in i think it has to do with volatility because let's just go back to the vix for a sec i'm sorry if i'm all over but we placed that trade last week on the 24th and this is where volatility was on the 24.
now this is where volatility is now so what does that mean for us if we wanted to do this as a revenue generating strategy well one of the things that some people might do is say well sellers unite because this is about as high as this has been in quite some time so what i want to do is take advantage of this opportunity to sell if you're thinking that it's likely to come back down into the fold so we might want to consider selling i mean it's still actually up compared to where it was yesterday even though this candle is red i mustn't oh no it's down 0.17 half a percent that's why it's red okay so let's come back to djx and look at adding an iron condor on that and so if we look at this and we say okay um we'd want our strikes on the dow to be say 335 and then on the top end could we get up around this 350 mark and we just might not be able to do that so let's look at this 335 so and if we come out here to november so we don't have weeklies on the dow so we'd have to go out 48 days so if we look at this and say okay 3 35 3 30 because we want to see if each side is contributing an amount that would make it worth our while so if we said 335 330 that would pay us a dollar 55 and then if we come and we look at the call side now my concern is we might not be able to get up high enough we wanted to be at 350 ish so could we sell the 350 we get a dollar fifty for that wow that's a lot um so if we look at that 350 355 on the call side we'd get a dollar fifty if we put that together each one of these would stand on its own so let me just come out and make sure i said yeah if i think it may not go back above that 350 so if i then put these two together and i call this sell i want to sell an iron condor 350 355 and then we want to make this 330 we want to sell the three 335 we might even be able to sell the 330. uh 3 330 325.
well if we get 271 we're risking how much well we're risking five five dollars minus the two let's call it 270 just to make the math easier for yours truly so we're we're risking two dollars and 30 cents to potentially make 270. so that's over a hundred percent return on our risk you know that's a that's a pretty um high return for an iron condor now some like you notice i when it looked that high i said okay let's go a little lower let's go down to 330 instead of up at 335 give ourselves a little more room especially if we're a little more concerned to the downside um and so let's go ahead and we can put that in now if we're risking 230 we have uh 24 000 in this account so we can risk we said we could risk 2 we could risk well i think it was 24 000. we've got 24 178. if we can risk two percent that would be 480. so we could do two of these [Music] 270. so we're risking 460 dollars okay so we're going to confirm and send we're going to put this in our iron condor bucket and bob's your uncle um now some people and the reason i'm not going to do this so david has said how would you manage this straight ahead to manage risk um so this is something that you might want to watch on almost a daily basis so like if let's say the market really starts to go up and and volatility comes down if this comes back up and hits its head on the 350 what we might choose to do here is close out the short put side because it'll be worth less and then if it comes back down and and hits its head on this you know bounces off this uh support level then we might choose to buy back the call side i we put in this is our third iron condor trade on the russell and it kept getting filled we would put in a target to say when we've got 80 percent of our max gain let's just shut this down and it it kept getting closed out which was a great thing we made our our 80 return in like a day um but there must be some kind of glitch happening because it we really shouldn't have exited that trade so that's why i'm not putting in an exit but it would be easy to do that to just come in and i'll show you on the next one how we would do that because if we see that the russell is continuing to go sideways what some people will do if they're trading an index and it's been going sideways is they might put on the first trade going out 28 days so they've got 28 days you just here 28 days and how much are they risking they're risking let's say they're risking 400 on a trade now let's make the math easier let's say we're risking 500.
[Music] is 500 and then the next week that trade has how far to go like our russell trade it now has 21 days to go and so and how much is the risk well it's still 500 but now they'll come in and they'll put another trade on and then in week three the first trade now has 14 days to go and then you know the second trade has 21 days to go so then they'll add another trade so now they have another 500 worth of risk and then you know by the time it gets to seven days that 500 worth of risk they're ready to close that out and so in total you're gonna have two thousand dollars worth of risk on the table which with if everything went wrong how much would your account be down by about ten percent but you know if you had a trading strategy where you could just kind of wash rinse repeat for however long that trading strategy worked um then you know you could just keep layering new trades on and managing them so we're going to do that on the russell because what's the russell doing it's continuing to go sideways now if it breaks out to the downside or to the upside would we wrap this strategy up for a time and maybe put it back in our kit bag absolutely but there are a lot of stocks where over the course of the year we have done that wash rinse repeat short put vertical on apple well it was up trending we'd do one do another one do another one do another one until when until it was no longer appropriate to trade that strategy yeah so this is one that we are going to watch on a daily basis but with this one i'll show you how to put in an exit so if we looked at this and said could we come out 28 days now on the dow we can't do this weekly kind of strategy why because you can't trade weeklies on that dow index but on the russell we can so we have a trade you can see here that expires in 21 days well could we come out to october 29th is there enough volume traded well we've got a 60 spread so that's 1 on a 62 option you're going 62 option we can't afford to trade that well if we're doing an iron condor strategy actually we can you know and so if we look at where do we want our strikes maybe we want to leave them in exactly the same place so we do the on the russell the 2340 2345 for the calls and then 2140 21 35 for the puts and so if we come out to our trade tab we're going to come out to 28 days and we're going to come up with we need way more strikes here so we're going to add 40 strikes so we're going to come up to 2340. look at that 40 strikes isn't enough 50 23 40. so we're looking at if we were to sell a vertical a dollar sixty-five this is ten dollars wide so two dollars on ten so that's you know if we look at that 2 divided by 10 about 20 and what is our delta on that well our delta is 16 percent so when we look at that we've got an 84 chance that that would expire worthless and then if we come down to the 2140 2135 now that has a delta of 34. so this is
someone considered this to be a skewed because you know the delta isn't the same or the distance from where it's trading may not be exactly the same so if we did the 2140 2130 we'd get 245 for that so between the two of them we're getting between four and five dollars so maybe we could even do 2130 um you know and 2120 make it even more conservative you know so but but this is totally up to you our other strike is at 2140 so but we could say what if we did 2130 and 2120 we'd get 250 for that and you know when we come out up to the charts 2130 you know that's the lowest it's been and it's only ever stayed there one day now does that mean it can't come through and you know come through and keep on going absolutely so 2130 we changed that and we did 21.30 and 2120 okay so we're now going to set this up and i like to you know creature of habit right right click we want to sell an iron condor where did my iron con there it is so and of course you see this first number you're going wow look at that yeah no this we want to come down to 20 21 30 and 21 20. okay so a 430 credit how much are we risking we're risking 560. and so this is over what we're supposed to risk and so we have two choices we can either say okay we're willing to take a little more risk or we just don't take this trade because these are ten dollar wide strikes and and we can't do a smaller strike window so on this one we're going to put in one just because i want to teach you this concept of how this might work on a on a weekly basis and say note risking you know what i'll put the note in in a sec because i promised i would show you how to put in an exit here so i when you come to advanced orders first single order we're going to tr change it to first trigger sequence and we've done this several times we're going to create an opposite order and then if you said well i want to get out when i've got 90 of my um max profit you'd make it 40 43 cents but what we might want to do is say hey when we've got you know 80 of our max profit so when this is worth 90 cents let's buy it back and take our risk off the table and we would make that good till cancelled and what is that well if it's four dollars he'd make it 80 cents so when we've got it it keeps changing guys so i'm just going to go ahead and put this in we can always change this number when we when we exit so we're going to get in and let's make this let's say we want to get at least 480 for this or we just we won't bother placing this trade because then the numbers seem to be all over it was at five dollars a minute ago okay so we're going to make that at 480 and we're going to put this in our iron condor bucket if it gets filled note our risk at 520 is 40 over our max gain um restriction so we're taking a little more risk now are we doing this like are we doing like double triple quadruple no we're forty dollars over ten percent over um but it's the only way that we could place this so we'll just we'll let that one percolate and see if that gets filled okay and we'll kind of play with this as we go along now there were a couple of other things i wanted to do and i wish we had two hours together but we don't yes we started with twenty thousand so we're we're up you know four thousand in this but there are a couple of trades so we have a short put vertical on crocs and i thought we would just wait and see how crocs did today but it's at 145 and 140. now we're in between the two strikes it's trading at 141.75
and we were paid 115 it's now worth 250 but when i come and look at crocs and you know this could bounce tomorrow so it's in this support range but we've now had six down days in a row so maybe we just say you know what this is not going in the right direction so i would prefer an investor might say i would prefer to take my lumps now and take a 135 dollar lump rather than weight and how much could i lose i could lose 385. so you know we have to say okay tomato tomato which one is more appealing to you i would rather take the 135 hit than a 385 dollar hit so we're going to look at this and say dang it crocs you've been so good to us for so long i guess we can give you this one um and we're going to exit this now we do have an exit in place to buy it back at probably 20 or 30 cents so when we look at crocs oh 10 cents and obviously it's not trading at 10 cents so we're going to come over to this sprocket we're going to cancel and replace that order unlock the box and say okay if you want maybe we can get out for 250 but we're just going to take our lumps on this one um with the idea being we'd rather take a smaller loss i mean this number could be five dollars you know so we're going to manage the damage is the goal here so i'm going to put a note manage the damage are there any questions on that yes and there are commissions so like on the iron condors it's a lot more right because you have four trades so here we have two legs it's a dollar thirty on an iron condor you have four so it would be 260. and if you do two contracts then it would be 520. okay so we're going to put that in now there's one other short put vertical and that's microsoft and we're underwater on microsoft also and this uh blew my mind the first time i saw it so i don't know if it'll blow your mind you guys are pretty seasoned but our strikes are at 290 and 280 750 and it's trading at 283 so when i first started trading short put verticals i thought well that's it i i've got a max loss like i i may as well just not even look at it like oh i'm annoyed but you know what we're not in our max loss our max loss this number would be at 250. we're a
dollar away from our max loss so we're 200 we've got two contracts we're 200 away from our max loss why because we still have time in this so we put this on it did not go according to plan oh there we got our 250. um so when we come and we look at microsoft and i i drew these on the chart ahead of the class let's go in a little tighter you know it's gone through both our strikes there's our 290 strike you know and the 280 750 if i duplicate this drawing and bring it down kind of there's 287.50 it's gone through both now it might come back up through both but it could also this could be you know it's been down trending came up now that was a higher high than this one but not this one lower high you know one day tried to recover down again we might just take our lumps on this microsoft has been very good to us but right now we have another two hundred dollars we could lose on this and so we're going to say no thank you we're gonna play the part of the investor as ken would say um that is going to take you know a smaller loss you know because we position size these two to be as close to a 400 ish loss as we could get so we're only halfway there so you know and and we could let that percolate and and no one would fault you for that decision either but with the way that trend is going it could be lollygagging about and we could just run out of time so we're going to replace that one we're going to say a dollar okay let's try and get out at 1.50
and short put vertical and this is another manage the damage okay now we also have a couple of short call verticals that we put in here one on autodesk at 295 and 300 we have two weeks to go and it's trading at 282 so quite a ways below that so we're going to let that one continue to percolate um i don't have the profit and loss percentage which on verticals is just so handy to have so i'm going to add that we haven't done a lot of short call verticals because the market has been bullish but you know we're less than a week we're a week in and we've got a third of our profit on that and the same on amd we did the 108 110 and it's trading at 101. so how do i mark these on the chart well let's look at amd because i don't know if i put that one on the chart so when i come to amd okay so our strikes are at 108 and 110 so you just draw a line and you'll notice that my price shows up automatically so then i right click edit properties and i have saved as a default you'll notice here it says show price and and i it the default is it doesn't show the price and i changed it to say yeah show the price on the right then i'm going to come over to show name and say show that on the right and then i'm going to type in what i want to show up right here so i'm going to come over here show it on the right and you can save this as a default also but i don't i don't i save this as a default but not the price level because i don't want price level 1 showing up every time i draw a line so this is a short call vertical and the strikes are at 108 and 110 and it expires i think october was it the 14th i'm guessing um yeah so i know you know i've got 14 days left on this and this is my lower strike oh and if you want to then adjust the price of your you know we want it to be right where our strike is at 108. so now it shows us we have a short call vertical this is the sold strike that's how i put those on the chart i think that it just kind of helps you visually okay so we're going to let those just kind of percolate because they're doing what we want them to do and the market seems to be more correcting than not now we have two calls here long call verticals which we were expecting to be bullish the apple one is worth a penny so we have taken our max loss on this and aren't we glad we didn't get cocky and make it double so even though there's a week left we're you know we're just going to let that one ride and then but we have one on car and i think we just put this one in last week but we're up 210 on that we've got 84 of our max gain and 14 days to go so i'm guessing car is up today because it pulled back for a couple of days so we put it in here so i guess it was two weeks ago and and we've got 84 percent of our max gain so why risk snatching defeat from the jaws of victory we've got 84 of what we can possibly make so on this one first time today we may want to ring the bell and not lock in you know a modest loss we want to ring the bell and and take our gain on this one yeah yeah so this color circle i put that color circle on to show when we got into the trade and then if you want to put on a circle to say well when are we getting out you can just put another circle on and usually i the for the exit i make it red you know just so that when i see a red circle it means i chose to get out that day so we got in here we're choosing to get out here yeah so now when i look at the chart i can see i had a long call vertical on this i got in here i got out here and so what i may do is then just take this off the chart to make it less cluttered because i'm going to close this trade out now because we've got most of our gain yeah okay yeah it's very cool what we can do with these charts isn't it so we're going to ring the bell on car and say yeah take that 200. you may say 200 isn't a lot but you know 200 on a 20 000 account that's one percent you know if you could do that on a regular basis you know you're you're doing pretty well so it's base hits my friends okay so we're gonna close that out 445 yeah so taking our our gain okay i don't want to spend all our time i'd like us and we've only got two minutes left so we did put a trade on on the russell but i want to look at um well you know what i wanted to look at apps and and this is one of those next week we'll talk about kind of routines because this was a a stock that we bought and we did so well on and i'm going to post something on twitter on this but do you see this inverted head and shoulders and now it's broken out to the upside and this is about a 20 window and so if we wanted to put a target in you know it would be twenty dollars so i was tempted to do a one atr trade here but what would this trade be it would be bullish it would be bullish and are we taking bullish trades today we are not so we're going to put that one in our pocket and we're going to save that one for next week and you know so we may not be able to you know fully put this in but it'll be your homework and i know that you guys are all sophisticated enough to know how to do this so we have atvi that has been downtrending and we actually put in have been putting in a conditional orders on this but what if we did a one atr trade said if this goes down by two dollars and 23 cents we want to exit now it's going up again today but if it were to come down might it come down to either the previous low as a swing trade or because we put this trade in our account a week ago in the long call class we put it in on monday we reached our target on tuesday but because it's going up today we would do this long call and say the low today is 77.20 so if it hits 76.95 we're going to go
down by a quarter we want to get in and we want our target to be two dollars and 23 cents below that okay so the iron condor that was expiring today got closed out by the system and we we hit our max gain mia on that question okay so we're going to put this one in i am now officially out of time so i have to wrap so it will be your homework come to long calls on monday at 10 o'clock we'll be placing a bunch of similar trades and i will be position sizing them and putting them in this trading a smaller account class so if you cannot attend on monday please watch the archive so long calls high noon on mondays and we're going to be focusing on this directional trade so yeah yeah this is our third iron condor trade on the right so we did do two previously and they both got out at 80 of our max gain so that's your homework i'm going to put this in after the class um so did we do what we said we were going to do well we looked at the market we spent a lot of time on trade management today but we did tee up a new trade on uh on the dow and we also on the djx index we did another trade on the russell and then for your homework it's going to be a conditional entry on atvi um we talked about how small losses can be a good thing so guys if you enjoyed this i know that there was a survey i think posted in the link if ken could repost that my commitment to you is if you will fill that out i read each and every comment let me know what you loved what you'd like to see more of or less of i do this for you so um one is the survey too if you enjoyed this smash the like button please subscribe to this channel we just hit 50 000 um subscribers to the channel this week so thank you to each and every one of you um oh sorry it would be a long put laura if i said long call i misspoke we're gonna do a long put so know that this content is for education and informational purposes only none of it is to be construed as a recommendation of any particular trading any particular security in any particular way know that options aren't suitable for for everyone there are special risks inherent to options trading and laura thanks again that is a long put not a long call that we're going to do on that in order to demonstrate the functionality of the platform we use actual symbols you know just as an example not as a recommendation know that all investing involves risk and with that that's a wrap thanks guys i really appreciate each and every one of you for being here huge thank you to ken um there's that survey click on that bitly link have an absolutely fantastic weekend best of success with your trading and i will look forward to seeing you in a webcast coming up soon take care everyone bye for now