My Daily Process for Trading SPY and TSLA Options
DAY GOALS
- Focus on Intraday System Pattern A-C.
- Pattern A: reaction zone crossovers for an RZ reject or RZ bounce
- Pattern B: key levels for a KL reject or KL bounce.
- Pattern C: RZ breaks (only on clear long-time duration formations)
- Do not trade anything else.
- Keep position size small. DO NOT AVERAGE DOWN ON ENTRIES!
- Plan for the clear setups ONLY!
- Patience is the key to solid entries and to maintaining low-stress levels.
- Fewer trades with more confidence.
- Focus on SPY and TSLA options ONLY!
- Time to simplify the process and improve/reach the next level.
- Actively challenge my regression pattern to ONLY trade my plan.
- Do not give in to negative triggers.
- FOCUS ON POSITIVE TRIGGERS.
PRE-MARKET PLANS
Market News
- Looks like we have just Building Permits as possible high-impact data coming in today at 5:30am PST.
- Let's see which way the market wants to turn!
SPY
- For today, I have these levels marked:
- Reaction Zones:
- 389.50ish (yellow)- wait for the cross-over for the RZ bounce.
- 388 (yellow)-wait for the cross-over for the RZ rejection.
- Key Levels:
- 394 (thick red/white lines)- wait for the KL reject.
- 385 (thick/red, white lines)- wait for the KL bounce.
- 380 (thick red/white lines)- another zone with much support. If 385 doesn't have the support needed for a bounce, most likely, this KL will.
TSLA
- For today, I have these levels marked:
- Reaction Zones:
- 182 (yellow)- wait for cross-over for the RZ bounce.
- 180.50 (yellow)- wait for the cross-over for the RZ reject.
- Key Levels:
- 186 (thick red/white lines)- wait for the KL reject.
- 176.50 (thick red/white lines)- wait for the KL bounce.
RAW TRADING NOTES
- Got SPY for the 388 RZ reject...had some profits but needed to cut it for a loss.
- very choppy.
- A loss sucks, but I got in early on it too.
- I need to wait and see if it will break above or go in the direction I wanted previously.
- Possible re-entry.
- Entered SPY for the 388 bounce..entered in that first 5min chart pullback.
- sold for a loss
- Entered back in SPY 388 RZ for the cross-over to the downside.
- man...never is easy. Always at my tolerance level. Need to either keep holding it or need to cut it.
- Came close to cutting it, but my plan is for SPY to at least retest the day lows or the KL area at 385
- damn, it is hard holding for me when I am right on the trade.....
- made back some losses
- Still red on the day now, but I feel better about how I played. Just sucks that the plays I had on deck didn't work out.
- this is another pattern too. Usually, after a big revelation, when I try to implement a new change, it always seems to be on days when the patterns seem unprofitable. Just unfortunate.
- It makes it hard to stay focused and disciplined when other factors add additional pressure.
- Glad I sold when I did. It bounced, bypassing the negative trigger of holding only to sell at a loss.
- Kind of hard to keep the positive triggers in mind today since it seems like the patterns are failing today, and the market is still very choppy.
- Another cross-over SPY 388 RZ...need to wait for the retest. Pretty substantial spike too.
- Or I can wait for the 389.50 cross-over and retest. I have options.
- Deciding to wait for the upper retest. Seems safer...it is also the red/green level too, so it might be a more solid zone.
- Whoa, nice spike need to wait for the pullback.
- my fear right now is that there will be no pullback...
- Would have been an excellent RZ breakout play but doing that never even crossed my mind...yup just keeps going....lol
- In the range of 394 KL reject zone.
- Got in the TSLA 182 RZ break...my thoughts are that it could possibly mimic what the market did.
- Come on, TSLA!
- extremely slow and barely moved. Decent scalp.
- Got in SPY at the 393.50-394 KL reject area.
- need patience in this one
- Ah, it just will not go in my direction....took my profits.
- I am managing to keep positive triggers in mind as I trade, but keeping an overall positive view is challenging because there is so much chop and no apparent movement in my plays today. Extremely frustrating.
- sold just at the right time to not give back my gains.
- Might get a better entry in a little bit closer to 394
- nice, got it.
- Well made back all my losses today.
- Up a huuuuge a whole 0.47 cents! HA!
- Sold too soon, but today was a tough day for my strategy.
- the KL needed more time to play out, but I already stretched myself too thin today.
- glad to be breakeven and have tested out a new tactic. Didn't help so much with PnL today but made giant leaps in the psychology department. Feels better. Good to have a tactic to stay positive and not regress back to old habits.
- Still hard to keep the correct mindset as I sold too soon yet again.
- BUT IT IS WHAT I DO NEXT THAT MATTERS THE MOST! WHICH CYCLE WILL I CHOOSE?
- The market was clearly bullish today.
- Done for the day.
- It looks like I missed the TSL KL reject too. (stepped way; otherwise, most likely would have tried it).
- Tomorrow is another day!
POST REVIEW
- Had somewhat of a roller-coaster day, Profit and Loss wise.
- Ended up overall breakeven (a puny green day).
- I think keeping in mind positive triggers helped me stay disciplined and may have given me the opportunity to make back earlier losses. The trades I took were solid, although they did not perform well once I was in them, so I only had small gains today.
- If I was still stuck on the other cycle today, I probably would not have traded after the losses or traded with a bigger size, making it a BIG red day relative to my norm.
- Overall, I think it was a successful day.
- Ready for tomorrow, already! LOL
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