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 (1-2) CONTRACTS 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.
- BE WARY OF SUCCESS AND THE REGRESSION METRIC (MINDFULNESS)
PRE-MARKET PLANS
Market News
- It looks like we have no high-impact news today.
- Looks like we are trending sideways for now.
- let's see where we want to go today!
SPY
- For today, I have these levels marked:
- Reaction Zones:
- 412.50ish (yellow zone)- Gap down cross-over occurred. Wait for a retest.
- 412.20ish (yellow zone)- Wait for cross-over.
- 410.40ish (yellow zone)- Wait for the cross-over.
- Key Levels:
- 415ish (thick red dashed lines)- wait for the KL reject.
- 409.5 (thick red dashed lines)- Wait for the KL bounce.
TSLA
- For today, I have these levels marked:
- Reaction Zones:
- 166ish (yellow zone)- Wait for the cross-over.
- 165ish (yellow zone)- Gap down cross-over occurred. Wait for the retest confirmation.
- 162ish (yellow zone)- Wait for the cross-over.
- Key Levels:
- 169.50 (thick red dashed lines)- wait for the KL reject.
- 160 (thick red dashed lines)- Wait for the KL bounce.
RAW TRADING NOTES & COMMENTARY
- Okay need to just calm down for today. Just wait for my setups and take what is given.
- We may have some gap-down re-tests coming up, but we can also have the cross-over variable changes, too....will need to see how price action moves today.
- Got in SPY RZ re-test
- stop just outside the RZ. 412.60ish
- ideal exit the RZ below. 410.50ish
- I do not like it getting out with small profits.
- it looks like it wants to reverse and do a cross-over.
- just going to wait to see what price action wants to do.
- Not going to rush in. Going to wait for a nice cross-over and re-test...if we don't get it, we don't get it...
- got in on the cross-over pullback on SPY... let's see where we can go!
- stop 412.50
- exit 413.50 midpoint is 413, so also aiming to exit here
- I gave it time, but being choppy, I am out!!
- Probably being extra cautious, but I DO NOT CARE!
- yup gonna hit my mid-point....lol
- Possible re-entry on a better RZ cross-over re-test...
- The market seems strong, while TSLA looks weak, so we will need time to confirm more of a direction on both.
- choppy....the choppiness matched my unwillingness to give things time. An almost perfect match...
- Be patient and wait...
- Pathetic profits...but great adaptation and discipline.
- We might get a reversal cross-over on SPY now, but we need to see what plays out...but still at a possible bounce spot....so 50/50...I do not like the price action, so it is better to sit and wait.
- New RZ on SPY at 413....will wait for cross-over if that happens...otherwise might have a downtrend today.
- Got in on the TSLA KL bounce.
- stop 159.80
- exit 161.50
- Figures...I get in and panic more...
- then it comes back up and barely scratches breakeven....gave it time to go green, then back to red...
- unfortunate....just what I am dealt...
- NEVER EASY!
- shit gains and almost perfect losses and still red on the day...This is the scenario that frustrates me so much.
- now TSLA is bouncing more....just missed it by 1 min great...
- figures...
- whatever, out of time.
- Small loss so far today...fine...but stupid
- I'm considering eliminating TSLA from my trading strategy...starting to annoy me.
- As soon as I got back, I wanted to put an order for the KL/RZ reject, and my entry was quickly taken away...
- alright, got in
- stop breaks/holds 160.
- exit is 156
- unbelievable...stopped out.
- Done.
- Bullshit.
- Small losses and even smaller wins today.
- Frustrated.
- Switched. Let's see if it holds 160, and we finally get a grind up...
- this will be my last trade... extraordinarily frustrated and annoyed with today.
- Well gave it so much time only to make nothing.
- Lesson today...just wait for more of a deal on entries. It is not worth it to enter perfectly or early...
- Seems like I will be selling too soon here too. But I need to leave the computer.
- FRUSTRATING DAY.
- Dude, I waited so long for it to move. So now the moment I needed to sell because I needed to go somewhere was when it moved!?!
- come on!
- Annoying.
- Whatever. Circumstances have always been an issue. I hope no one has to deal with this ridiculousness.
- But if you do, you must keep moving...dwelling will not help.
- Just venting here so I can move on as well...
- I just had to try one more. For the RZ reject on SPY.
- stopped out.
- another small loss.
- I'm done.
- Too frustrated.
POST REVIEW
- Well, I gave it my best today.
- Small losses and even smaller gains.
- unfortunate day.
- not much I could do better today other than to have waited for a better deal on the KL entry on TSLA, but even so, price action left a lot to be deserved today.
- After I was out of TSLA, it performed as expected.
- I gave it a lot of time, but unfortunately, my threshold was hit before it moved.
- I made 5 cents and left 40 cents on the table.
- Need to be okay with today and be ready for tomorrow.
- Resetting everything back to 1 contract for now...there is still a time factor I want to optimize/test.
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