 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. Gup is 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. Like this sleep away, make sure you're away and race your condos will pay more than everybody. You know why we came here today, now let's get to it. What's up everyone, welcome to Power Hour Live. Today is Monday, December 11th. Hope everybody had a good weekend. First time on the morning session, huh, Meach? Yeah, sorry, I just updated my positions and updates. I actually did that last night, and then I meant to update that portion this morning. So I will be doing, yeah, AM ratio. Potentially JSP's. The 945, iron condor, quiet lunch maybe. Gotta close out some calendars from Friday. No, no large gap up, that's just the future's rolling to March. Yeah, the 945, minimum overnight move up in VIX, 2%, VIX is up 5.8. That will definitely qualify. We do have a 10-year bond auction, 10-year note auction at noon, along with a 3-month bill auction at noon, 6-month bill auction at 10.30. These are central times. So may see a little movement around those. Yep, I will be doing an AM iron condor at the open. Yes, sir, AM iron condor and JSP's will be ready to roll at the open. S&P down 5, NASDAQ down 20, Russell down 1. Dow unchanged, gold and silver slightly red, notes and bonds slightly red. Ten-year yield up a third of a percent. Oil flat, natty gas down almost 10%. Soybeans up, wheat down, corn flat, Euro in the pound, pretty flat. Bitcoin down 6%. Was down more. Five seconds till the bell for the AM ratio. Looks like we'll be at the 4610s and 4590s. So 20 wide, maybe. Hopefully Monday can work. It's Monday magic and my AM ratio will start to fire here shortly. Here comes the AM ratio filled on the 4605, 4590. So only 15 wide. JSP's should also be triggering expected move today, just 16. And there's my JSP's came in at the 4595 strike. I don't have my re-entries on. I turn those off because I've got other stuff coming in this morning with the AM ratio and then the 945 AM Monday, Wednesday trade. I may turn one of them on here in a minute, depending on what happens. Got some calendars I need to close out, all of which are, it looks like they're little winners, not big winners, little winners. Close my 35 at 2515. Try to close my 36 at 2980. Try to close my 37, close my 37 at 3725. And I'm waiting for my 36 to close. Oh, it did close 2980. All right. So those just posted in the calendar channel. Very good. Feels good to get some W's on the board early. AM ratio centered, starting to see a tiny bit of decay come in. JSP needs an up move. Yeah, opt for a dollar. I'm not sure if you heard me mention there's a, the main auctions at noon central today. I won't be doing anything different. The only thing I would potentially do is put on like a discretionary rick right before I may, I may do something like that or buy a straddle just to see if you can take advantage of the little price movement. But as far as my main core mechanical trades, I'm not making any changes to those based on it. Meach, tell us about your new schedule. You going to be hanging out with us more? That's not too bad. At least the way I trade it is more boughtable. No trailing stops or anything like that for me. So that's actually a the best one to bot with the way current trade steward functionality. All right. SPX moving up again. I can move my stop loss down on my JSP's. We're over 20% need about up to about 4607. So about four more points up should hit that JSP. It's at 35% profit. My profit targets at 50% each and skiing. Nice. I'm taking my kids skiing right around right new years right before new years. I usually go skiing every year, but my kids have not done much skiing yet. So that'd be fun. All right. SPX trying to make its way back to Friday's close right there. So basically unchanged on the day. SPX trying to go green. Nasdaq is up about a quarter percent now. Russell unchanged out slightly green. So expected move for the day just a little over 16. So we had an open at 4593. So my 09 to the upside 77 to the downside. Not a large expected move. By the way, I've seen a couple posts here. Well, one did K posted his trade plan from December. I put that in the trade plans channel. You want to check that out and then I've seen a couple of people asking about Tim Weiss's trade plan. Keep in mind. These are just these are his plans at the time. So if he puts something out and you like it, make sure that you save it. Change it do whatever you need to do to it because if his he stops trading it and that's going to go away in his so don't expect him to save that in his trade plans. If he's not trading it anymore that goes for mine or anybody else who shares anything once you you know if somebody shares something a you shouldn't be just saving it and trading it as is anyway. I mean you should be using that as a baseline to start doing your own testing around it and then save it with the way that you want to trade it. So please make sure that you're doing that. All right. JSP is up 40%. One more little push. You can push up to the upper expected move of definitely hit or if it just sits here and the case for a little bit longer aim ratio pushing up towards the call strike of 4605. Check out some other positions. We've got a couple of time flies. We got an iron duck that is probably close to coming off for beak profit. Give it a little bit longer. December 22 time fly almost at break even use a little down move these 29 time fly down a little bit plan to do a 945 am this is I'm always central by the way 945 am iron condor quiet lunch if it qualifies also got a four seven and a six seven DTE that are also slightly green four seven will come off tomorrow morning six seven will come off Wednesday and as a reminder would be scheduled economic reports for the week. I mentioned noon today we've got the little bond auction that tomorrow pre-market CPI also got a 30 year bond auction tomorrow noon Wednesday pre-market PPI afternoon FOMC we will be streaming live for the FOMC announcement doing a couple trades around that Thursday pre-market retail sales unemployment claims Friday pre-market Empire State manufacturing after the market opens flash manufacturing and services PMI no power hour on Fed days SPX still hovering your highs of day just slightly in green territory. I mentioned earlier but just FYI if you looked at your futures charts this morning. A lot of these rolled over to March S&P Nasdaq Russell Dow silver notes bonds by the CBOE contracts rolled over to March from December so it may look like it gapped up but it's just the futures roll but I'll do is I'm going to wait till my JSP's they hit 50% I get out of those I'll turn on my re-entry iron condor to add a little bit more in before the 945 am comes JSP's at 41% need 50 for it to close out one more little push up yeah we are hovering right below the high of the year for SPX the high on July 26 was 4607 4607 we're at 4605 looks like I don't know Friday hit 4609 I forgot we we hit it on Friday and just kind of chopping chopping around unchanged by the way if you're new here these live streams are obviously for me to kind of show you what I'm doing live in real time to kind of fill in any gaps from the trade plan or the courses but we also use this time for Q&A if you have any questions or need clarification on anything now is the time I'm going to jump off here here in a little bit so if you have any questions or things you want to discuss feel free to post all of my trades for zero DTE are in the trade plans channel you'll see the video overview and then the spreadsheet with the option Omega links of exactly how I trade each strategy yeah Cosmo thank you I had updated my positions and updates last night and then I forgot to come in and change the zero DTE and my plans for calendar strategies today so what I'll be doing is today because we've got FOMC on Wednesday I will definitely be doing a 1 2 so that's it I'll be doing a 1 2 I'll put because I want the longs on FOMC day so yeah I'll be doing a 1 2 at 11 a.m. go ahead and update that and they know while I'm thinking about it I need about we need to get above 4606 for my JSP to hit we're at 4605 we get just a little push it's currently at 43% so 2 2 hits to the profit profit target basically means remember option Omega uses one minute increment data so it it wants to see two consecutive hits based on you know that one minute data wants to see it hit that before it would qualify to for me it just it makes it look it just makes it more conservative right because you know a stop is a market order so it's going to hit right away but a limit it's got to push through that limit order so just it just makes it a little bit more realistic so I always use that if I have a profit target I always use a two hits the profit target I'd rather my back test be more conservative than paint a picture of something better than it really is what do you think about optimizing short strikes by day of the week maybe clarify what you mean there but I'm you know I'm I've said many times I'm not the biggest believer on something just based on day of the week there's obviously like Monday especially in the morning we almost always have a volatility increase from over the weekend right so there's there's definitely some patterns and things that happen different days of the week but you know you'll see for example I come power hour I do not I do not disqualify based on day of the week I don't believe there's any pattern in power hour just because it's Wednesday versus Thursday so maybe clarify what you're what you're asking on that am iron condor doesn't use intermittent see about that should yeah I always want to use intermittent on the stops as well if it doesn't it should am Monday you are correct it does not it should yeah so that decreases the metrics a little bit thank you for pointing that out just just fixed it Andrew K Wednesday seems to perform better by selling more expensive strikes around seven I mean if you're if you sold seven dollar strikes this morning you're basically selling a straddle at the open so if you're looking at you know you definitely check the trade log because obviously if implied volatility is higher than you're gonna be further away so it's you know some of it's a little bit of a preference as well Michael Todd asking about trade stewards and bots so currently trade steward only connects to TD Ameritrade which we all know is going to be transitioning to Schwab when that happens Schwab has not released their API yet and so trade steward is ready to roll but it's all on Schwab as far as when that's going to happen so if your account gets transitioned over to Schwab there is going to be a period where you got to wait for them to get that all connected so that's just one FYI number two they're they're working with other brokers they're trying to get everything connected to tasty as well as tradier so that's coming but as far as we do have a a channel dedicated to bots and trade steward so you can check that out above it's up in the first kind of information category channels so you can kind of follow along there what else do you want to know it's I mean you can basically add very similar filters to what option Omega uses so for example on the AM ratio iron condor today I had the filter of well AM ratio is not a good example I don't really have many filters on that one but for example here's my AM ratio Monday that I'm currently in I just set the parameters just like I want it with the back test you know I'm looking for closest to four bucks on each side for my shorts selling the five cent wings are DTE three to two ratio number of contracts timeframe I want to enter profit target 50% stop loss 20 bucks and then you just turn it on and it does it it does it it just executes the orders for you they don't have trailing stops so that's another thing that supposedly is coming and I just hit my 50% on my JSP's and see that was that was just that was executed by trade steward I had the parameters in there for qualified entry and then everything was set and then it just hit so for me it's not about creating automation so that I can just go golfing it you know for me it's automation to stuff like this like Friday was a perfect example I for whatever reason I completely forgot about JSP's use being a setup that that qualified that morning and I was sitting there during the live stream and all of a sudden something filled and I was like well what was that I looked I was like oh yeah of course JSP's qualified in it you know the my bot was on it got me in so that was kind of cool so for me it's about that kind of thing reducing human error and just kind of adding a little bit of automation that way when the trailing stops become available that's going to be a big deal because right now I have to go in and manually trail them so for example on my am iron condor that I'm in starts off at a $20 stop loss but it's a trailing stop so I have to go in and it's at 20 is still at 20 right so now prices move down over a buck so I need to go in and manually change this to I just do it like a buck at a time I'll trail that down manually to 19 now it's 19 when that gets down to $20 and 20 cents I'll trail it down another buck so if there's any other specific trade steward question you have Michael Todd feel free to and to get started I would just go to trade steward you can sign up for their lowest plan gives you access to a few bots or something like that and you can kind of test it out they don't it won't connect to paper trading so you gotta you know you gotta figure it out and make sure you're good to go you obviously start tiny start with one contract or whatever start with SPY and once I once I've been trading on them a little bit longer I just want to make sure I work out any nuances based on different situations I'll be sharing my bots so just like we can share a link for a back test with option Omega you can share a link for bots as well so that'd be cool which makes me a little nervous because there's still a lot of people who don't do their own work and they just copy other people stuff which is ridiculous so I'm gonna there's gonna need to be some kind of qualifying something something I need to do something to make sure people aren't just taking bots and copying them and trading them without understanding the strategy it's just that's the recipe for disaster and speaking of that I you know I think it's really critical that you manually trade a strategy and understand it before you ever automate it you know bots are not so that you don't have to learn a strategy that is absolutely not the case it's not how it works you gotta understand everything and then use the automation to kind of help you minimize mistakes in my mind Andrew K. What do you think about optimizing overnight VIX move by trading day of the week for example I'm only trading Wednesday of VIX move up is zero or more Friday I'm only trading a VIX move down yeah I mean if you if you remember some of Tim Weiss's volatility related stuff when he was more when he was trading calendars and and some of what he talks about it during zero DTE I mean you know the market maker I mean there's no doubt market makers kind of pump the IV up early in the week and then it 10s on average to trail off later in the week so you know using that information and you know deciding how you want to use your VIX filters I think is is relevant you know I I like I like using VIX overnight filters for overnight filters for especially for morning trades I think there's relevance to that you know using a overnight VIX filter for power hour I just I don't think that's relevant yeah Michael Todd on price for trade steward check their site there's different different tiers you'll see it working on a deal for navigation members for trade steward but it's not going to happen anytime soon basically he wants to you know their whole growth has just been from word of mouth and so they're really trying to he's trying to get all the trailing stop and all the different broker connections done before he focuses on actually growing trade steward because he doesn't want he he's really focused on customer experience which is which is admirable so there's nothing no no deal in place so whatever you see on the site is what you're going to get for that the only difference in tiers is the number of bots that you have the Allison so just depends on how many bots you want yeah Kelvin you have total control I be for trade steward is not really on the radar they're working on tasty and tradier right now I be is a little bit different animal so interactive brokers has trade automation toolbox as their kind of their main partner I think all right so hit 50% on JSP's I'm gonna go ahead and turn on my reentry bot we're kind of off center here so I'm just gonna add a little bit more exposure iron condor exposure I've talked about before but I use my little reentry is a little bit discretionary just when I want more exposure based on the other positions I have on so basically got to reentry bots I'm gonna turn on one of them so it's like a half position should come in at the 15's and the OO's trying to get filled more exposure I just want more positions on more size on I waited till my JSP's came off just because I wanted to wait till that risk we wanted to wait till that exposure market exposure came off and now I can add a little bit more back in plus my original morning a.m. is you know it's a little off it's above the call strike so it's not centered like it was when I put it on right so it's just adding another little position centered around the current price good questions good questions what else like my four sevens up about five and a half percent my six sevens up about five to seven percent kind of bouncing around booked winners on all my three five three sixes and three sevens this morning yeah that was brutal I was at the game Ron I want to blame the refs but I always tell my kids you can't blame the refs so I can't gotta eat my own dog food yeah then he's clearly off size but you know I don't know I think that happens more often than it's called just hurts when it's on an awesome play like that and it gets called back my homes was pissed that was Andy Andy was pissed too you don't see any get pissed too often but we just keep dropping balls main can do can't put that on the refs we had plenty of opportunities our receivers are just no bueno all right we would chop it around this forty six oh five level for about thirty minutes now that initial push up to yesterday's close just been chopping here I'm going to jump off here my friends we will be back for power hour take care of some other biz got my profit target on my reentry and my am iron condor it's going to have to manually manage the stops down a little bit as they move in my favor otherwise I'll be waiting for the nine forty five am iron condor here in about thirty minutes potentially a quiet lunch if things stay quiet and we'll be back for power hour all right I'll have a good day chat with you soon