My Daily Process for Trading SPY and TSLA Options
DAY GOALS & RULES
- Focus on Intraday System Pattern A.
- Pattern A: reaction zone crossovers with confirmations for an RZ reject or bounce.
- (1-2) CONTRACT SIZE.
- BE PATIENT FOR ENTRIES AND EXITS.
- If move in favor, take partial or all profits to minimize risk.
- Patience will give me what I seek.
- BE MINDFUL.
REFLECTION
Last week was tough, but the lessons were essential to better my trading. So let's be disciplined in what I have developed and learned. Stay true, and above all else, be patient.PRE-MARKET PLANS
Market News
- It looks like we have ISM Manufacturing at 7:00am PST as the high-impact news today.
SPY
- For today, I have these levels marked:
- Reaction Zones:
- 416ish (yellow zone)- wait for the cross-over.
- 414.50ish (green zone)- Cross-over occurred. Wait for the re-test, but I like the lower green zone for a better entry.
- 413ish (green zone)- Cross-over occurred. Wait for the retest.
TSLA
- For today, I have these levels marked:
- Reaction Zones:
- 165ish (yellow zone)- Wait for the cross-over.
- 163ish (green zone)- Cross-over occurred. Wait for the re-test.
- 161ish (green zone)- Cross-over occurred. Wait for the re-test.
- 158ish (green zone)- Cross-over occurred. Wait for the re-test. Kind of far away, so let's see.
RAW TRADING NOTES & COMMENTARY
- Got in TSLA at the 161 RZ.
- stop below 161
- exit red/green test.
- TSLA is tough to trade...
- I anticipated the entry too much...so I fudged the entry.
- took the small gain.
- reset and wait for other opportunities.
- If we cannot continue on the uptrend today, we may have some rejections to plan out soon.
- Waiting on the SPY RZ retest/pull back to VWAP
- I came close to entering SPY pullback but wanted below 416.30...
- trying to stay patient for entries...
- I got in on the quick pull-down, but I just remembered the news was coming out at 7.
- Took quick profits and did not want to get trapped in volatile moves.
- Will be patient for another entry soon.
- TSLA choppy but nice bounce from the RZ...too bad I got in too early...
- Nice bounce on SPY, too... patience really does pay sometimes...
- Had the opportunity to get in on the TSLA RZ reject too, but didn't push the button.
- not much else happening...need to head out soon.
- well, of course, I needed to get in on the 416 reject, and it didn't work out, so I wiped out all small gains today.
- figures.
- Well, I tried today.
- I tried again and failed....not gonna let losses add up today.
- Sucks, but that's just what was available today.
- Still, gains are smaller than my small losses...lol
- got in on the break, but now I have no patience whatsoever...I'm pissed...this will probably grind higher without me, damn.
- YUP
- THE MOMENT I SOLD.
- Well got back in on the breakout/retest.
- I will give this time now.
- But in the back of my mind, I'm saying now that I am 100% ready for this. It will just fail in my face...so I will see.
- 417 is my stop
- break of day. This is my exit.
- I bet this will be a loss....just the way it is.
- sucks to be so negative, but that is what happens.
- Would love to be proven wrong!
- getting close to stopping now.
- Man just feels like I was being fed scraps today...
- Needed to cut losses.
- Not surprised.
- These are the days that weigh so heavy on my soul!
- I cannot wait for the day to rise above this!
- The best plays today for my strategy were definitely TSLA, and I got in early for one opportunity, and the other did not partake; I could have, but I did not.
POST REVIEW
- Nothing really set up took what I could but no significant gains, only small losses adding up more than my smaller gains.
- Start fresh tomorrow.
- I played fine, just not a day for anything, to be honest.
- Hopefully, tomorrow is better!
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