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Options Trading SPY [+10% +17%] 11/13/24

 

Options Trading SPY [+10% +17%] 11/13/24
SPY 1-minute chart

Day Metrics

{2} Wins {0} Losses

Day Rating: EFFECTIVE

Overview

This morning, we had economic news released at 8:30 AM ET. October Consumer Price Index (CPI) rose by 2.6% annually, slightly higher than the previous month's 2.4% increase, indicating a modest uptick in inflation. 

Core CPI, which excludes volatile food and energy prices, increased by 3.3% year-over-year, showing persistent underlying inflationary pressures. Shelter costs, medical care, used cars, and airline fares were among the categories that saw price increases, while apparel, communication, and household furnishings experienced declines.

In reaction to the news, SPY's price spiked above the (-) TL and came back down for a re-test. Price chopped around a bit before dipping to a lower reaction zone. There were plenty of opportunities today.

Trades

[1] (-) TL Break Bounce

Entry: Price already seemed to have bounced off the (-) TL, but it was still chopping around at the open. I decided to risk the opening volatility in case the price spikes at the open.

Exit: The price was choppy, but I took my profits as soon as I hit a decent gain. I usually do not enter so close to the open, so I wanted to get in and out.

[2] RZ Breakdown Reject+VWAP Reject 

Entry: Price bounced off of the lower reaction zone and continued to bounce strongly up to the intra-day reaction zone and to test VWAP. This was a great entry.

Exit: I did not know if the market would significantly bounce more, so I locked in my gains as soon as I hit some profit targets. 

๐ŸŽฅTrading Session Recording๐ŸŽฅ on ๐•

-or-


Next Steps

Overall, my execution and mindset were excellent today. However, I was frustrated that I did not get filled for the lower reaction zone bounce. I entered my order, but did not get filled. This would have been a great trade! I didn't chase, and the [2] opportunity presented itself.

I decided to move the end time of my trading session to 8:30 AM PST. Unsurprisingly, I missed out on other potential entries but am grateful for the opportunities I captured today.

I must maintain a simple yet effective approach to my trading sessions.

*Supplementary Images

Options Trading SPY [+10% +17%] 11/13/24
SPY 5-minute chart

Options Trading SPY [+10% +17%] 11/13/24
Order Fills 11/13/24


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