 Almost time for the bell, how many options will you sell? Fire up your platform, get ready to enter But first, let's get the mindset centered Ay, ay, let's go We're not here to gamble, we're here to trade We follow the plan, that's how we get paid Test and trade it, have success Find what works for you and forget the rest Stats and probabilities is what we're about Time to dismiss greed and doubt Focus on the process, not the money And the profits will flow like honey Power our lives, let's start the show Come on trade hackers, get ready to go Zero day options, time to make bank Get locked and loaded, then be ready to play Ay Booked profits on the AM ratio Hit 50% and then my second half Got stopped out for profit Decay special, hit first profit target Got stopped out for, I think, for a little profit Overall Did some discretionary puts They have not gotten out of those yet Got a little downside action coming down So still need a little bounce To get out of those, I was pretty close To closing half at 50%-ish But then it kind of fell So I haven't gotten out of any of those yet For power hour, looks like we're going to get a straddle And lucky where SPX is trading 45-14 Got ourselves a little tug-of-war, Decay So I need to buy my longs for trunch one here Got my longs for trunch one Now, I mean, you know, when I was doing My Bollinger Band analysis, I really thought That the SPX would close up 30 today So I didn't think it was going to be close But being as close as it is The final price of SPX Was 45-15-14 settlement price 45-14-87 So I just want to be clear on which number we're using here Settlement price, right? Because it may be close Love it, love it, I love it Alright, so for trunch one, looks like Yeah, I think it's going to be a straddle We'll see where this thing settles out here in the next minute Possibly could be a 5-point strangle Minute till entry and it's kind of a tweener on the put side Bounce a little bit, it'll be a straddle Or if we stay right here Going in for straddle 45-15 straddle Filled at 820 on the 45-15 straddle for trunch one It's Thursday, usually don't trade Thursday's dick Well, thanks for being here with us I thought after we dipped our toe in negative territory And then we rallied up, I thought It was all over but the cryin' for dick K But he keeps coming back, he keeps hangin' around It's kind of like that team that you know you should be But they just keep hangin' around and hangin' around and hangin' around Got a TGIF in SPX That's pretty much a scratch at this point Centered Also got an NDX calendar that turned into a double It's pretty well centered, down a little bit on that one I mean, a short strangle, our puts are almost 50% But not quite, so not rolling those yet SPX, we've got a duck It looks like it's got a very little chance of gettin' back to the duck head But not quite givin' us beak profit So I'm just holding that one QQQ, we will either close or let expire tomorrow I mean, if it's right here or higher Just let it expire for that beak profit But if it starts to come down We may choose to exit before the close That's all about all I've got goin' on on this Thursday Morrow you got out for five bucks We better try again Tried a couple times earlier Looks like it may No, I already have an order in at five Yeah, I did not get filled You beat us to the Q, Morrow Pretty tight range today Didn't really get too close to the upper expected move Or the lower Kind of up and down around Up a few points, down a few points S&P, Russell, and Dow, all slightly red Dow the weakest Nasdaq is green Notes and bonds a little bit green Oil up 2% Maddy gas down about a percent Grains all slightly lower Bitcoin down a few percent SPX peaking its head back above 45.15 I'm back in the money, baby Dick K, did you figure out what you're shipping me if I went? Oh, okay I did not catch that See what we got here Let's just bring it down for everyone to see Smokehouse Market Since 1937 Alright I like it, I like where this is going Maple Glaze, shrimp, I like it Oh man, my mouth's already watering By the way, if anyone's here that wasn't here yesterday Dick K and I have a bet today Dick's bet was He had some squiggly lines on his chart And he said that if it does that on his chart And that means the S&P is going to close Lower today I said I didn't believe him I said we'd close higher The ending point for SPX Was 4514.87 So if it closes higher Dick K gets to send me Something from Smokehouse Market If it closes below, I get to send Dick K Some Jack Stack barbecue from Kansas City You're just here for the conversation The banter All dokes aside I do want to say this I mean I've traded with all kinds of technical analysis Indicators, stuff like that in the past And so I do stand by my Comments that I don't think there's any edge To them specifically But I do want to make sure You're clear on all the joking between Dick K and I I believe that Dick K is A better trader than he thinks he is I believe he would be just as good without them I believe that he uses certain things To give him confidence to get in the trade But the real magic is how he manages risk And how he manages those trades around those different levels That is my belief And that's how I trade So for anyone new Or doesn't understand that we're joking Or I'm joking Just to be clear I think I've said this before But whatever gives you the confidence To take a trade or manage a trade To a specific level Trendline, Fibonacci Indicate whatever it is To me it doesn't really matter But I really think the magic is how you manage it Around that level, not that level specifically So that's my take About five minutes before I start looking for trunch too I mean I don't expect everyone to agree I think we all All of our minds work a little bit differently We all perceive things differently And so whatever works for you is what you should do That's exactly right That's exactly how I think Elliot could not agree more If we hang around here it looks like we may be in a Could be a straddle, could be a five point strangle Oh, 100% Andrew K This bet proves nothing On either side Absolutely, this is all for fun I'm gonna buy some longs for trunch Numero dose Got close to those 10 cent puts out of the money Low premiums Looking for closest to three bucks on each side Could be the 2015s if we hold A couple minutes still looks like the 4520s, 4515s For trunch too Similar trade I used to do back in the day Was Dick Katie's Trin Dollar sign TRIN So if that closes above 1.5 Or especially if it closes above 2 Typically that's happening when the market's going down But I used to, every time that would happen I would buy it because we a lot of times get a big bounce Or get a bounce But part of the problem is if you didn't A lot of times it really fell apart So kind of going back to my original comments It's all about how you play it How you manage it around those different things That could have been where I got it, I don't know I mean this was Probably, I don't know 10 plus years ago Alright, looks like the 2015s Filled at 460 4520 calls, 4515 puts Fixed down 2% Down to 13.59 Getting back down to levels that we saw The first part of August into July Last power hour of August If we can book a nice centered winner here I will actually be green for power hour In August I need 10k Yeah, it's amazing what position size will do To your emotional Just awareness, whatever you want to call it Position sizing is the key to a lot of things in trading Once I realized that That was a big ah-ha moment for me and my trading for sure I was like, really? All this time it came down to position size I mean I could even trade on Bollinger bands If I trade small enough That's how much position size matters Well, my JSPs are just slightly down now If we stay here, looks like we'll be at the 2015s again Trunch three Buy some longs Trunch three I'm getting up there for some 2520s We can push a little bit All right, Maura, I'll take care Safe climbing If you're doing so tomorrow I'm hanging around the 20s and 15s for Trunch two 2015s, 2015s Give another 40 seconds It is going to come down to the wire All right, 20 calls, 15 puts Trying to get filled at 390 Filled at four even For Trunch three 4520 calls, 4515 puts All right, 4515 is my money number Just going to get 451501 That's beautiful Let us hang around 4515 Just beautiful All right, Thursday No calendars to get into Nothing else to do What else is going on with you guys? Beta junkie, I just shared that link with you in the other channel The JSPs The one I took this afternoon was just a discretionary one By the way, the selling the puts My real ones for the morning Although I do like I checked out a couple of Tim's Afternoon selling puts on a strong squeeze Do you really want to know my thoughts? Is that a serious question? Oh, that would be funny Big waste of time, but funny The bet was the NASDAQ was going to close higher Right, Dick? Chartered market technician What kind of... How much are they trying to scan people for on this? Become a member Members get a CMT Association weekly smart brief Chapter meetings, live webinars Annual dues of 325 I thought it maybe be several thousand to do it 4518, got a three point buffer With 30 minutes to go Dick K, what's your call for tomorrow? My initial analysis might have been off a little bit I think we're definitely closing high tomorrow If you don't today Oh, you're down? I'm up I think we need to make do Make good on our initial bet I'm good with a second wager though You're on a 4-3 ratio for power hour Can't forget about my puts here Sleep, Mr. SPX Just sleep, sleep, stay asleep All right, PT, have a good one Down below 4515 14.87 All right, so let's see I better get ready here Wait, this is in Chesterfield, Missouri I thought this was in Florida Oh, interesting That looks like the shrimp you're talking about Right, you're in Chesterfield? Got a lot of friends from college You're from St. Louis, Chesterfield area Dick K's in Tampa And sometimes Michigan So do they ship anything? 23 gift catalog, let's check that out World famous smoked and grilled Maple glaze jumbo shrimp All right, I'll just go with that I'll take it easy on Dick K, just one pound I won't go for the two pound bundle Oh, yeah, where am I at here on my Tronche 1 stop? Got all cut up in my shrimp All right, got in at 820 About 490 is what I'm looking for on Tronche 1 Currently trading at about 530 Getting close The 15 straddle Currently trading at 550 Looking for 490 I was planning to send a platter for the family Because I wanted to make sure that you Used it as a life lesson to your kids Like kids, this is what happens When you use indicators All right, back to the shrimp I'm not going to go with any barbecue St. Louis, they don't know how to do barbecue That's the Kansas City thing So you got to take that away Definitely going with some shrimp Bubba gump style Hang around 45-18 with 15 and a half minutes to go You need price to come down a little bit To reduce my stop Just a little bit though Slightly above 45-15 preferred All right, my puts are profitable I had a $20 trailing stop So it's currently at $23.85 Yeah, big stop When I put it on I think we were right around here I thought we might dip down to unchange Or go a little red, which we did And then came back up So I wanted to have a big enough stop I didn't get pushed out I got pushed out of my futures though Got stopped out of those I got confident in your technical analysis, Chris You can take on that kind of risk If I get a call from the CMT I'm going to give him your address Make sure the Jehovah's Witness Is on staff to come to your door I'll try to take off half my puts here Trunch one trading out of $5.40 I need $4.90 Or reduce that down to $7.90 If that gets there $4.90, I saw it tick for a second Did I not? $4.90, there it is Alright, reducing my stop On Trunch one $45.15 $45.15 is the Tupac You got it, Atenra A few minutes till I bail Still a lot of juice in that $45.15 straddle In my order at $2.90 Trunch three How about $1.50 Trunch two How about $1.50 $14.87 We're going to have to stay on here A couple minutes after the close To see the settlement price One minute till exit Trunch one at $3.35 Trunch two, I'll put it at $1.75 Uh oh Uh oh It's not looking good for me Trunch three Going down $4.25 on Trunch three $3.75 on Trunch two In a little bounce for Trunch one Trunch one $4.45 Alright, so profitable on all three trunches Could have been a little better If we were a little higher I need a bounce in the last few minutes The thing that really matters All the profits I just booked Means nothing What I really need Is $45.15 to win this bet Dick called up his boys To give it a last minute push down $45.11 Let's get this Five minute chart front and center here Yeah, it's not looking good Should be good guys Not looking good Two and a half minutes We've had some decent size moves in the last few minutes Two minutes Can we get a bounce Can we get a bounce I need a five point bounce In a minute and ten seconds Felt really good about my bet About 12 minutes ago Going the wrong way Where are you going? 30 seconds Looking like the Bullinger bands are going to prevail With a five point drop on the day New pushing towards the lows on the day New lows on the day Alright Dick K Congratulations, you are the winner my friend You are the winner Alright Dick K What's it going to be Look at that Look at those juicy tender morsels of meat Dick I'm a big fan of ribs Their ribs are good Their burn ends are amazing You probably should just get a sampler platter The pit master brisket Burn ends and ribs That looks like a could be a winner The pit master that might be the one Baby back ribs Full slab Sliced beef brisket burn ends Beans oh the cheesy corn You got to have some cheesy corn Casey original barbecue sauce Oh the carrot cake There's amazing too I think this is what you want A pit master Is that good for you Dick K? Oh yeah that's what you need This is what you need Alright done I'll let you know delivery details Or if you're going to be Out of town let me know Make sure we can Arrange the date Alright guys and gals Have a good night See you the first day of September Tomorrow cheers