 Good morning, good morning, good morning It's time to rise and shine Good morning, good morning, good morning I hope you're feeling fine Good morning, get up, get out of bed It's time to wake up, you sleepyhead Wake up, it's a brand new day And we can't miss out on that day to decay Get your day planned out to be at your best And you gotta make sure you got the right back test Wipe the sleep away, make sure you're awake Cause we don't have time for fat finger mistakes And racial condos will pay the bills But you gotta be quick to get those bills And follow your plan to keep your pockets thick If that market gap's up, look for Uncle Rick Small gap down means it's time for a duck But if it doesn't set up, let's go What's up everyone, good morning Happy Friday, September 8th Hope everybody is well rested and ready to roll We've got, well, when the vicks froze It was up about 0.4, 0.42% We'll see where it shakes out The S&P has now climbed back up into green territory So it's kind of been waffling between A potential Rick and a potential A.M. Iron Condor So I think we'll be doing A.M. Iron Condor I don't think we'll get the vicks contraction But it's right in between Yeah, I'd say I'd give the nod slightly To the power hour one as well I tried to get that same guy to do this one And he kind of flaked out on me So I had to find somebody else But it'll do It'll get you going, get your blood pumping Alright, three and a half, three minutes to the bell Looks like the duck and the just sell puts Will not qualify Unless we get a little moved down By a few points in SPX before the open here I've got an order in to buy my longs For my A.M. ratio Looks like maybe 35 wide Some P.F.1 NASDAQ down three Everything open and pretty flat Well, we've got a good start to September anyway Is there a DTE-wise? So let's hope that train continues on through today I will also be doing a Dick K. Special And potentially a quiet lunch If things stay stable Alright, a little less than one minute to the bell ES is still right near unchanged Which means we should have a Slight bump up in the VIX Not a VIX contraction I would guess Based on watching it this morning before the Index options freeze up in the last 15 minutes Leading up to the bell And now it's down a little bit So we'll get a little bump up in VIX If you open it looks like Which means no RIC for me And I will be doing an A.M. ratio iron condor Like 35 wide This is a $30 stop on this Friday version Trying to get it filled at 1935 Filled at 1950 So I've got the 4470 and the 4435 For my strikes SPX bouncing a little bit at the open Got a expected move of a little over 20 points Plus or minus on the day 71 To the upside and 31 to the downside Now S&P up 5 VIX is contracting Showing a tiny gap down in VIX VIX now down a little over 1% I would consider taking a discretionary RIC If We're keeping a pretty tight range this morning So for my Excuse me for my Friday iron condor I close out half at 50% Of credit received and then The other half at 80% My initial stop loss is 30 bucks And then I move that to 10 If I hit 50% We got that little bounce off the bottom yesterday Looks like we're getting a little continuation Out of the gate today Got a time fly from a couple days ago That Was close to profit target It's close to about Looks like it's at about 4% profit right now Looking for between 5 and 10 This little push-up isn't helping it If we roll back over Even back down to where we opened We should be able to book a 6% plus profit on that MES I'm one of those on the MES strangle with 83 DTE We're close to rolling calls down but I'm gonna hold for now Gonna bounce it up today so If we continue lower I'll need to roll those calls down But we're pretty well centered On the other one It's currently trading at about 49 If we can get out for 44 We would hit our profit target on that one After adjustments Euro getting a little bounce today Got a couple of hedgehogs we need to take off One in oil, one in NASDAQ Both are down to 7 DTE Both will book a little profits I got filled at 1950 on my AM ratio Tick tocks coming in soft So my quiet lunch today Basically just as a As long as the move from the open stays Within a half percent either up or down We'll get to go for that one My version is at 1115 central entry Oh yeah as well as a gap Gap up or down 0.5% And then move up or down 0.5% Obviously the gap was zero so Get to go there so as long as we just stay Within a half percent on the moves from the open now That one will qualify You'd have had to be pretty aggressive To get your JSP's filled at the open And that thing just kind of took off Most likely you would have been chasing Didn't qualify anyway But in the decent little Quick decay coming in Fixed down 1.5 Russell and the Dow slightly red Dow just ticked green Gold and silver slightly green Notes and bonds slightly green Oil slightly green Natty gas up 1.5% Greens a little bit red Euro in the pound slightly green Bitcoin flat Still hanging around that 26,000 Level Alright well while we're waiting I am going to go ahead And manage a couple other positions I'm going to close out the oil hedgehog Looks like I'm going to close out The long duration short puts Of that hedgehog Vertical will expire worthless Or we'll keep it on as a lotto Alright just posted that In the hedgehog channel Also Same thing for NQ Except we'll close both of these Still some value left in the vertical Both of these are at 7 DTE Well it looked like There's a little value left in the vertical And let me out for a buck 50 About a buck 25 There we go Alright I'll take my Buck 25 Just posted that one In the hedgehog channel as well Yeah same with me Dan B I just I had to make an assumption Of what I think the VIX is going to do Based on the pre-market action So I went with the AM ratio As opposed to RIC But let me still get myself Into a RIC here today It's been a while I miss RIC you know Old friends Haven't seen each other all week RIC currently trading at about 1180 I'm going to put in a discretionary RIC here I'm going to put it at 1140 We chop around here In this little level for a little bit Might get filled Let me come back and adjust it Yeah Agui 3068 Check the Morning post I posted the double Calendars I'll be doing today Just to refresh on that I will be doing a 35 In fact I gotta It's a good time to do this I've got to set my alarms To remind me My 35 Actually I'm doing a 36 That'll go in at 230 Got a 35 That'll go in at 250 Got a 6-7 that'll go on 16 Got my DKS reminder in I gotta put my quiet lunch Reminder in Put my 6-7 Reminder in So I got my DKS, my quiet lunch My 6-7, my 36, my 35 So if you hear alarms going off In the background that's what that is Yes Sir Dick K I've been doing that For a couple months Two or three Um I don't I don't know if I ever said that Did I Like I said I Sometimes will vary the entry time Based on my availability Or I just And part of it is just to keep me So I don't forget I also would find myself forgetting Oh you know I'm supposed to enter this Somewhere near the close And then I just forget If I have a specific time But keep me on track better with All the different things I'm trading And with the back tester everyone I just figured hey you know Trading the back test And this is the time that it tests the best Let's go Let's see am I gonna get filled on this Rick Got my order 1140 Is currently trading at about 1160 Was that a comment to me Dick On the Calendar or somebody else Yeah I wouldn't mind checking it out I just Have a lot of little Things going on so I'd have to figure out if it's gonna If it would fit into my Everything else but yeah It actually Might be the way to go for what I'm doing Although I I keep an outlook calendar too So I may have to I'd have to transition all the way over to Google Hate the idea of using two different calendars It's like my Rick My discretionary Rick might hit here It's getting close there it is Alright there's my discretionary Rick Mara why is your calendar Crowded you're retired All you do is trade and climb What could possibly be on your calendar Go to your store Buy milk Buy butter You put each one of those separately on your calendar What's going on there I got you Oh boy Yeah rules I'm not sure You're talking about a hundred miles right That would be what they call a century bike ride a soon Yeah, it's gonna be a little bit of a stiff ride The old tush is gonna be a little sore by the end of that one I guess I already had about twenty five twenty Over twenty five percent decay in the AM iron condor That won't be coming off until fifty percent But nice decay already Alright so decay says Select an import An import file you created Okay I got you Cool I'm gonna check that out today Yeah with the whole VIX thing For me I just I mean I'm not gonna get that granular To the one tenth of one percent Kind of situation I look at it pre-market And I make a decision I try not to overthink that too much Now I also get you know You're trying to trade a strategy based on a back test You want to make sure you're following The exact criteria of the back test I get that too I'm just telling you how I do it Alright SPX bouncing back up Towards highs of day Twenty five minutes till the decay Special kicks in Alright so my Rick I got in at eleven forty So my exit would be fourteen Eighty five SPX new highs on the day Grab myself a little cup of coffee Be back in one minute So one of my boys is in eighth grade So he'll be going to high school next year And I am We're looking at a private school And the name of the school is St. Pius the Tenth And so the real reason That I want him to go there Is because every other Like logos and gear And everything if you Shorten St. Pius the Tenth It's shortened to SPX So like all their hats They're shirts that all says SPX on it And I'm like that's a good fit I mean that just fits all around Slide a little zero DTE on the end of it And I could cover up all bases Yeah I mean that's really the only reason I would send him to school there No other reason Yeah if the mascot was a duck that'd be amazing That's a good question I don't even know what their mascot is Let me see St. Pius X Ah the Warriors SPX Warriors Speaking of Warriors SPX Pushing So we're at a current move from the open of up 0.39% so Up to the expected move or beyond would be Potentially negate quiet lunch If it's up there by that time A couple hours That is true Maro that is very true Maro I gotta say I gotta call you out In a good way You've really changed your Mindset I gotta applaud you man Like over the last I would say Over the last 60 to 90 days You I've seen you go from What was a pretty negative A lot of negativity in your posts To I mean you're I can tell you've been working on it Or I can tell something's happened That has shifted your Mentality because you have completely shifted into Very A much more positive Mindset kind of person Compared to just a couple months ago And I'm being dead serious Like I've just I've watched it And I applaud you for it Because it's a huge deal In trading And I would I would imagine Some of it is You know the just the Deep dive analysis that you've done Which has kind of Helped recreate your perception Of taking losses You're much better loser than you used to be Let's just say that And just overall Better way more positive man So nice job Whatever you're doing keep it up A little push with short lived Alright there's a lot of posts about this VIX That we figured out Do we have a can we can we come up with the common Ground Of what the official reading is going to be Yeah I mean Tomorrow Honestly like I was getting messages from Other members like it was it was affected To the Your your negative your negativity was A little bit toxic to the point where I was getting messages from other people Saying like oh man For tomorrow you know he's doing he's doing Again like that kind of thing and I and I'm just I'm serious if you've you've completely shifted Man I just I can see it I can You know in a couple of videos you've done I can hear it in your voice I can hear it in your I can feel in your posts so It's just and and if it if it was If we could feel it Then it was affecting you internally whether You knew it or not so It's good stuff and I'm I'm talking You know 90 plus days ago Honestly I I don't know exactly when it was but I I remember specifically Like a couple posts When it whenever it was 60 90 days ago I was like Huh that sounds like a new morrow I just thought to myself and then it Just it continued to stay You know positive and Just a whole better Mindset and way of thinking about trading Because yeah man I I mean I I I see I've seen it so many times Where people get into that And not necessarily this is it's not This is not necessarily what you're doing but they Get into this Oh I have bad luck Oh sure enough I'm in the trade so we lose Oh you know that whole Like self deprecating You know just negative I can't win the markets always Out to get me kind of thing and again I'm not I'm not saying that was really Necessarily a lot of stuff you were doing But I've seen Just that negative infiltration Just take people out of the game I've seen it over and over and over And I was I was nervous that Going down that rabbit hole you've You've completely changed around man So it's awesome to see and so maybe those are Some things I should have said to you in private Instead of to everyone but I hope I hope you take it as a compliment Because it's a big deal Yeah sometimes I open my mouth What I'm not supposed to But but honestly I There's nothing I mean I just All all good all Hope you take it as all positive What I'm saying because it is And hey listen I mean I'm sure there's a lot of others who You know think the same way or You know how it's that negative self talk I mean I catch myself doing it still Sometimes calling myself a Idiot you stupid MF Why'd you do that you know All those fun things that we like to say to ourselves But but I've you know I had to I had to myself I had to work through that I didn't get to the point where I would stop doing that Still do but we don't because we don't We don't understand how much that actually affects us In our in our decision making Mind is a powerful thing my friends We have to continue to Just pour positivity on it So otherwise it can Take us down the wrong way Yeah it's great book That's one of the first kind of Whatever you want to call it Self-improvement books I ever read Yeah I love the idea of what you're doing to Bianca on that On that sheet for those of you who haven't seen In Trader Bianca's plan she's got a That she shared in her trade plans on that Spreadsheet she has a drop down that kind of grades Not based on P&L but based on I guess how would you describe it based on your Your feeling about yourself During different aspects of the trade You know Chad who runs the The day trading live stream he went He went through that too Like I would I would hear him on the live streams And he would be saying like of course Of course it went on for profit I just got out You know or Of course I just took a loss I wasn't going to take it I jumped in and sure enough it went against me You know he went through a period of that Really had to work through that And got way way way better And he's a way way better trader now Because of it I mean there's more More to it than just that It didn't just flip a switch and he was a better trader Because he fixed that it's a process But man it's so It's so apparent when you see somebody else doing it It's not so apparent when you're the one doing it A friend told me that About five minutes until the DKS Where's my DKS alarm Alright so it's tracking right now It looks like it about the 44.85 On the call side Gotcha Yeah I did notice the timing of that one was pretty Pretty critical I'm just getting my stuff set up But yeah thanks for the reminder So the 44.85 On the calls And 44.70 on the puts With the shorts We're at an upside move of .43% Tapping on the upside expected move area My quiet lunch today would be at 11.15 central yeah 12.15 eastern One minute 20 seconds until DKS lift off I'm looking at the 44.85 calls And the 44.70 puts For my shorts Trying to get filled at 9.55 9.45 Filled at 9.45 on the DKS E.Allison is there a way with toss When selecting all strikes that it starts more Near market price Every time I try to change to all It basically It starts basically at zero strike And I have a lot of scrolling You can change the number of strikes Like right here on this drop down So I always have it to all So yeah I gotta scroll to add the money But you could change it to 14 Or you can type in here whatever you want Like to only display 30 Right and then That's all it'll show Which in a period like this where You know we don't need to go that far out of the money 30 is fine You need to go further out you just need to open up some more strikes Yeah you can type in whatever number you want there They're just in the default drop down Yeah they have all or 14 but Yep Maybe a DKS lead up intro Not a bad idea There's a lot of little jingles I could We might need Move up currently 0.43% From the open Covering right at that expected move to the upside Let's see if it's gonna hold My AM ratio hanging under the 44.7 44.70 call strike So that could use a little down move The DKS of course is a little bit more bullish My Rick starting to push out of range He's got a ways to go before it hits profit target though I'm gonna need up above 44.83 Area to hit profit target to the upside And Rick So for next week On the econ reports Nothing on Monday, nothing on Tuesday CPI pre-market Wednesday PPI pre-market Thursday Empire state manufacturing index Pre-market Friday and University of Michigan consumer sentiment After the market opens Friday And SPX pushing VIX down 4% Down to 13.8 Annette On the 1, 2 and 1, 3 I do those every Monday Tuesday Wednesday So it won't have an effect however Like when I do it Monday I mean so on Monday the 1, 2 would be the Tuesday Wednesday right so I mean if you do it on Monday I'll probably do a 1, 2 and a 1, 3 That way I'm hitting my longs on both CPI day And PPI day When I do it on Tuesday I'll probably just be doing 1, 2s Because the CPI and the PPI If you look at the options right now I think PPI on the day is the 14th So I think those have a little bit higher volatility right now As far as the option cycles go Yeah so the CPI days at 11.5 And the PPI days at 12 So a little bit higher So I don't really Differentiate between those too much So Monday I'll probably do Some 1, 2, some 1, 3s Tuesday I'll do Just 1, 2s And then Wednesday I would do 1, 2s What you'll notice too A lot of times is Leading up to these days like the day before Tuesday for example Even though you're selling the shorts On the day of the event So on Tuesday we would be selling our shorts on the 13th A lot of times that day it's like The expansion and implied volatility On those options has been pumped up But the day before A lot of times it can contract Is what it looks like to me I don't have any statistical Significant data to back this up But just in my What I've noticed is a lot of times if you get in Like we enter these at 11am central now Or I do What you're seeing is a lot of time The day before a big event like that You might be able to even close it out for 10% Same day, that's a lot of the times When we get those same day pops Where we can just get out and not even hold it overnight So sometimes on those days I even go bigger My position size is kind of 5-10k Depending on my perceived opportunity Or risk and so on a day like that I would be leaning higher up towards that Higher end of position size And then try to hopefully take some of it off Or at least all or some of it off Before the end of the day and not hold it overnight I do try to If I'm doing like a 5-7 or a 6-7 I do try to position that a little bit better You know, if there's different econ reports I'll try to position that a little bit To try to benefit from putting my longs On a higher relevant event day But like, you know this one I'm still going to do a 6-7 Even though my shorts would be on the PPI day And I think a lot of I think some of the Some of the value of those PPI option days Which is the 14th After the CPI After the CPI is released That I think that will contract Some of the volatility In the PPI day options Because they are, you know, tied Pretty uh They are tied together a little bit A little bit correlated PPI at CPI Alright, so for DKS I've got my first profit target at 810 Hey Mirage, I just saw your post Make sure you're posting in the live chat channel During the live streams Looks like you got your question answered though Alright my friends, I'm going to jump off here Looks like the quiet lunch Will be in effect if I don't push up too much higher than high of day By entry time And then that would be it for me Until power hour I don't have any PM iron condors on the docket For Fridays So Everybody have a good rest of your day See you at power hour Cheers