My Daily Process for Trading SPY and TSLA Options
DAY GOALS & RULES
- Focus on Intraday System Patterns A & B.
- Pattern A: reaction zone crossovers with confirmations for an RZ reject or bounce.
- Pattern B: key levels for a KL reject or KL bounce.
- Fewer trades with more confidence.
- Focus on SPY and TSLA options ONLY!
- Time to simplify the process and improve/reach the next level.
- Do not give in to negative triggers.
- Do not give losers more time!
- FOCUS ON POSITIVE TRIGGERS
- FOCUS ON ADAPTING TO PRICE ACTION
- FOCS ON (1) CONTRACT FOR PLAN OPTIMIZATION.
- FOCUS ON THE ONE PLAN THAT CAN PROPEL ME FORWARD DAILY.
- GIVE PLANS THE BENEFIT OF THE DOUBT AND LET THEM PLAY OUT.
PRE-MARKET PLANS
Market News
- It looks like we have no high-impact news today.
- Looks like we are still maintaining a bullish trend, but it is still very choppy.
- We also have TSLA earnings this week on Wednesday after hours!
SPY
- For today, I have these levels marked:
- Reaction Zones:
- 415ish (yellow zone)- Wait for the RZ cross-over but also a KL zone, so keep on watch could have another reject first.
- 414ish (yellow zone)- Wait for the RZ cross-over.
- 412.50ish (yellow zone)- Wait for the RZ cross-over. This is also the previous close line, so it could be a significant area...
- 410ish (yellow zone)- wait for the RZ cross-over.
- Key Levels:
- 415ish (thick red dashed lines)- wait for the KL bounce. It could also hit 417 if 415 breaks and moves to a support level.
- 408 (thick red dashed lines)- Wait for the KL reject.
TSLA
- For today, I have these levels marked:
- Reaction Zones:
- 188ish (yellow zone)- Wait for the cross-over.
- 186ish (yellow zone)- Wait for the cross-over.
- 188.50ish (yellow zone)- Wait for the cross-over.
- Key Levels:
- 190 (thick red dashed lines)- wait for the KL reject.
- 181.50 (thick red dashed lines)- Wait for the KL reject.
RAW TRADING NOTES & COMMENTARY
- I modified my schedule a bit now, so I am getting up at 4:45am PST to prepare for the day. Fully prepared now for the day at 6am PST, so this should work out going forward.
- no surprise that everything is moving like molasses!
- Just patiently waiting for setups...feels good to just wait.
- TSLA approaching the upper RZ.
- TSLA cross-over now. Just need to wait for the retracement.
- no follow through, so no trade.
- SPY testing RZ now...possible entry soon.
- TSLA still holding up near the RZ...
- TSLA crossing over. Let's wait for the retracement.
- Got in on the retracement.
- stop loss 187.60.
- Sold on the nice pop-up towards the Key Level.
- Excellent trade.
- Fidelity software had issues with loading level 2, and when I scrolled, my charts moved, so it was hard to see my windows.
- Need to restart the software.
- Just stupid, the added things I need to deal with...
- the extra software issues just had to happen on a trade that was already almost stress-free and just needed other things to fill that gap today, I guess...lol
- Possible entry again on the clearer retracement, but in no rush; just had a solid trade.
- huge move, so it might be risky with the volatility.
- TSLA 190 Key Level definite resistance, so I played that perfectly.
- better plays will be the SPY RZ cross-over or the TSLA RZ cross-over to the downside.
- Knew it TSLA breaking down again...very volatile, and price action likes to screw people over.
- TSLA had the RZ breakdown, but I don't really like this zone anymore kinda choppy, so I might avoid it. Not as clear as I would like.
- It looks like I would have been okay to take the RZ reject on TSLA...choppy, but nice to see the opportunity there.
- I might have an intra-day RZ cross-over on SPY, so I will watch this...
- The more I think about how I developed my RZ strategy, the more I realize it incorporates the idea of variable change...
- it elegantly aligns with it, in my opinion.
- SPY cross-over is very close now.
- TSLA is having another RZ cross-over too.
- got in SPY RZ reject stop at 412.50
- I probably got in too soon, but I was excited.
- I added 1 more contract...new stop loss of 412.65
- exit will be selling into the break of 412
- new stop 412.50
- Sold. My time is up. Need to take my son to school.
- damn came back and finally broke down. Nice to see that I was 100% on the right track!
- Approaching mid-day, so going to call it a day.
POST REVIEW
- Was patient today and took a solid trade.
- Very satisfied with today even though did miss some opportunities.
- one play I chose not to proceed with since it was kind of choppy, and the other play I just missed because away from the computer.
- But glad that they were a part of my plan.
- Rinse and repeat tomorrow!
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