 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 Let's go, we follow the plan, that's how trading 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 Come on trade hackers, get ready to options Time to make bank, get locked and loaded Then be ready to play What's up everybody, happy Monday October 30th Welcome to Power Hour Live, day before Halloween baby It's getting spooky, it's getting spooky S&Ps up a cool 55 NASDAQ up 180, Russell up 12, Dow up 560 Look at the Dow up, almost 1.75% Got a short squeeze on our hands, currently up about 0.8% from the open So I will be doing my 2 to 1 version for Tronch 1 Looks like we're gonna get 5 wide I hit my profit target on morning AM ratio Hit my profit target on quiet lunch I've also entered a PM ratio that is currently up a little bit And I also have a RIC, which is down a couple K I need to push above 180 to get out of my valley So enter Tronch 1 here in just a couple minutes Had a little push up at the open, fell below the open Kind of chopped around for a while and then started pushing at about 11.45 central Been grinding higher since, pushing and grinding A little bit lower, lower premium 5 wide That's what it's looking like here There's even a chance it could be a straddle if we come down a little bit Looks like we'd probably still be 5 wide Kind of right in between on the 75s On the calls, give it another 30 seconds before I pull the trigger Looks like the 70, 65s 70, 65s, 5 wide Oh, dang it My RIC is in the way I'm afraid that was gonna happen It's causing issues, I'm just gonna have to close RIC Alright, so RIC, RIC you're gone RIC he's gone 70, 65, trying to get filled at 11.25 What? I think it must be from my shark That I left some on Let's try this Filled at 11.05, 70, 65s Yep, 2 to 1 I thought I could use my longs but It's a leftover vertical from a different trade that I closed But because of the shorts that cancels it out Had to go ahead and buy my longs Alright, so the old short squeeze tends to work pretty good Power hour, so let's see it Let's see it today, kind of a weird Monday Volatility contraction at the open Started to pump back up and then stocks rose Vix is now down 7% Back down into the under 20 Currently at 19.77 My power hour short squeeze hits at about an 80% rate Which is better than normal power hour win rate Well, I usually do my reverse iron condor in my other account But I ended up, I don't know, it's a long story But I ended up doing my AM ratio in the other account And then I got a PM ratio in my other account So I just kind of botched my normal procedures today So I had to get rid of RIC So on my PM iron condor It gets down to 705 I will reduce my stops currently at 815, 810 Or power hour, trunch one I got in at 1105 So I'm looking for 665 To reduce my stop on trunch one Added a 1-2 DTE Earlier today it's pretty much break even at this point I've got a 4-7 and a 6-7 Both of those were doing really nice Whenever the market was coming down Or sideways, this little push-up Is put those a little bit in the red Got a TGIF That is up a few hundred Got a single-put calendar that I had hedged with a vertical I looked at taking the vertical off And actually getting a little profit on it And then positioning another calendar To turn it into a double calendar But decided just to leave it And creep it up to new highs of day What are you guys dressing up for for Halloween? We got Dick K's pick, he's the only one though Nice Waterman, I like it You mental master, you That would be an interesting party Just a party of traders Dressing up for Halloween The one is the Chili Man, I like it So when we get to 665 I would move my stop to 965, correct Three dollars over the current price My PM is down to 730 I'm looking for 705 Nice, right MP? I still need another 50 cents to come out 720, 710, 705, there it is Reduced my stop on my PM trade So I just do the ratio on Trunch 1 So I'll be going back to 1 to 1 For Trunch 2 and 3 My Power Hour Trunch 1 short squeeze version Is not trailing, it's just 6 bucks And then I reduce it to 3 at 40% Oh, the PM? Yes, the PM is trailing Oh, it's just a regular stop, I see Interesting, I think I used a different OCO template Yeah, yeah, yeah Thank you, Ryan P Should be trailing Alright, there we go, good catch About 7 minutes until Trunch 2 Let's see what all financial juice is up to today A couple of red things What are the US Treasury expects to borrow 816 billion in January through March Assuming an end March cash balance of 750 billion Okay, let's borrow some more money Why not? Elliot, are you getting tossed, figured out? Figure out how to set up the OCOs I think this morning you're trying to figure out How to close shorts only Got you, yeah, that'd be Trying to do both at the same time Would be a little taxing Oh yeah, what are you doing on this side of the pond? Nice 4 minutes until Trunch 2 Buying my longs for Trunch 2 Getting some good decay in Trunch 1 so far Around 870 Looking for 665 to reduce my stop Trunch 2 could be 10 wide for some low premium Could be 5 wide for normal decent premium I missed about 10 to 20 cents at entry Not sure what you mean Oh yeah Yeah, but I don't base it on what I should have done I base it on what I actually got filled at 75.70s as of now Give it another minute SPX approaching highs of day 75.70s 5 wide Gonna get filled at 5.50 Filled at 5.50 75.70s Biden's meeting with the U.S. Senate majority leader Schumer in the bipartisan A.I. group tomorrow Biden speaking on artificial intelligence Boy, whew That's gotta be riveting Added a new time fly today Closed out the other one Added a new one in the No 17 cycle It's currently obviously pushed up Since we put that on Add a calendar above 41.80 if it pushes up there BXX verticals coming in BXX down 7% Not too far away from our profit target in QQQ Trunch 1 down to 7.15 I'm looking for 6.65 Trunch 2 I got filled at 5.50 3.30 3.30 would be my adjustment point in Trunch 2 Murph Dog tat is only available with Interactive Brokers Trade Steward is available on TOS Trunch 1 down below 7 Need price to come down just slightly to get that one Reduced few minutes until Trunch 3 Buy my longs for Trunch 3 No one's still hovering around 7 Trunch 3 looks like it could be 75.70 It's not 6.75 But price popped back up Could be 80.70 Give it another Minute plus SPX pushing new highs Like it could be 80.75s now Trunch 3 5 wide 80.75s Trying to get filled at 4 bucks Build at 4 dollar 4 dollar even On the 80.75s Trunch 1 all the way up to 9 bucks For tomorrow Employment Cost Index Pre-market Consumer Confidence 30 minutes after the market opens And then Wednesday the big day ADP non-farms before the market opens 30 minutes after the market opens SM, PMI and JOLTS And then FOMC Wednesday afternoon Nice little pullback Trunch 1 back under 7 6.45 oh there we go 0.65 so reduced my stop on Trunch 1 Trunch 2 I'm looking for 3.30 Currently at 4 bucks Trading naked the only thing I'll be trading on FOMC Are my FOMC trades Which I'll share here in a minute Trunch 2 may take a minute Alright let me find those So here's the FOMC long strangle that I'll do 30 delta long strangle Then here's my FOMC iron condor that I do So the last one I posted at that FOMC iron condor Basically is entering the trade Right before the FOMC data is released And then taking it off Right before the press conference starts So you get an initial volatility crush But a lot of times not a whole lot of movement So it's only a 30 minute trade So we're trying to Book a little profit in that period And then be out before the press conference starts And then right after the press conference starts We enter a long strangle To benefit from the movement that Typically happens during or after the Presser Trunch 2 down to 365 I'm looking for 330 In 350 350 345 340 335 A little bit more 340, 335 And for 330 Right there in between my strikes Just need a tiny bit more decay to come out 335 again 335 Haven't seen 330 yet There's 330 Adjusted my stop on Trunch 2 All stop adjusted down Now We wait 4175 is my sweet spot Anywhere between 70 and 75 would be good My PM Could use closer to 70 My 4-7 I'll close tomorrow morning My 6-7 I'll close Wednesday morning I did do a little futures trading A few little stopouts I got stopped out in both directions on MES Tried to get short here I thought maybe that's all it had At that initial push Just following NTT got stopped out Turned around and went long Got stopped out somewhere in this little Chop zone and then I did not catch the The real run up My Trunch 2 goes from 3 to 2 So I adjusted it to 530 Yep So Trunch 1 is at 965 Is my stop Trunch 2 my stops at 530 And Trunch 3 my stops at 7 23 minutes to go Early indication market on close And balance 198 million sell side Yeah if we could just be nice to all Trunches equally That's always best Well it got cold in Kansas City all of a sudden It's down in the 30s Last couple days Not my favorite By the way if you're new here Once we get in our positions There's a lot of downtime so if Anybody does have questions Trying to figure out everything Feel free to post Wow 80 in New York You had to bring that up Yeah that's a source subject today around here You guys look good Defense well both sides actually Looks really good Defense shut us down I mean my home's had 7 seconds To pass and he still couldn't find an open receiver Now you guys played good I'm not going to I'm not making excuses with the flu I mean we have to give you 1 out of every 16 Getting a little move lower here Down to 41.70 Trunch 3 my stops at 7 And prices at 5.50 Apple event tonight Okay Trunch 2 Market on closing balances 11 million buy side 1 here in about 7, 6 minutes A little over 15 minutes until the bell Trunch 1 down to 360 Trunch 2 down to 250 Trunch 3 Is it 5.30 Yeah Quanteo So you got the zero DTE course channel Which is It's got a Like an AM Iron Condor Course in there It's not necessarily how I trade it now With Exactly with deltas and things like that But it'll kind of give you the framework And then the best thing to do Would be Assuming you have option omega I just posted my trade plan In the trade plans channel for November So every month I update that And so every strategy that I trade Has a Option omega back test link That gives you all the details About exactly how I trade it And in the course there's also the reverse iron condor Yeah so the framework's all there It's just a matter of you Kind of creating your own Position size and structure Based on How you want to trade it Position size One to one versus ratio So hovering around that 4170 level Good conversations About Some of the trade automation stuff I started a new thread If you haven't seen it up in the Kind of right below the back testing channel Towards the top I just called it auto trading And then there's a couple One for the trade automation toolbox Which is with IB And then one with trade steward I just signed up for trade steward Over the weekend just starting To explore Some things I might be able to do With that I definitely don't look at automation as a way To Just turn on my computer, hit a button And I can walk away the rest of the day That's definitely not How I look at it I look at it more from a perspective Of there might be a few strategies That are so mechanical That makes it easier to automate Just to Lower the number of manual entries I have to do And reduce some Potential Fat finger mistakes Race coming down below 4170 Trunch three stops at 7 Spreads currently trading above 6 So trunch three is going to need a bounce The final market on close In balance number 565 million On the high side Race catching a little bounce back above 71 Eight minutes to go Yeah, Ed, I've thought About using that forum style Channel For other things too, but I just haven't So I figured I'd try it for the auto trading It looks I've seen it in the option omega one They use it for some of their stuff So I think it'll work well Specifically for a topic like that Potentially for others as well Appreciate the feedback though Close trunch three at four I got in at four Maybe closing trunch three here shortly Since it's Not really in a range where I Consider holding it Trunch two down to $1.40 Trunch one down to $2 Coming up on five minutes Until the bell Yeah, I'm going to get out of trunch three We get a little bounce here $3.50 No bounce yet Looks like my Yeah, my PM iron condor Filled at $1.15 I was just getting ready to go to lower that Lower that price But it got filled That's right, take it, 90% winner Trunch three needs a little bounce I've got my order at Trunch one at $0.65 It's currently trading at $0.90 And I may get stopped on trunch three Here should be getting stopped You know what? I probably don't have a bid Do I? I do not I don't know I was not paying attention to that Alright, out of trunch three at $0.750 So that one will be a loser Trunch one is getting close to $0.65 Partial partial Trunch ones Trying to get filled There we go, trunch one filled at $0.65 And $0.60 I need a bounce for trunch two One minute to go Trunch two currently trading at $0.220 My order is at $0.55 I'm going to put trunch two at $0.250 I need a little bounce here And There's the bell Alright, so it looks like trunch two I made about $0.36 Trunch one was the big winner In at $0.110 Out at $0.65 And then trunch three Was a loser, got in at $0.450 So nice winner overall Also won on my PM Winner winner, take it Dark Avenger Answered my PM question from earlier Retype it if you would Also, do you always plan to do $0.221, trunch one? No, the $0.221 is only for the short squeeze While the November trading plan has the PM-IC ratio for Wednesday only So today was the PM short squeeze Iron Condor So those are two different trades If you look at the spreadsheet You'll see If we're in the short squeeze Up half percent from the open I'll do the PM every day But I've got a couple other Just one to one PM Iron Condors Are on Wednesday and I think on One other day, I can't remember Off the top of my head, it's on the sheet though All right my friends, good stuff Good winner to start the week Coming in on the last day of the month Tomorrow Elliott, of course, booking His normal 26K today Nice Elliott, nice job All right all, take care See you soon