Options Trading SPY [-19% +2% +33%] 11/15/24

SPY 1-minute chart 11/15/24.

Day Metrics

{2} Wins {1} Loss

Day Rating: EFFECTIVE

Overview

At 8:30 AM ET, the U.S. Retail Sales for October were released. They showed a modest increase of 0.4% from the previous month, aligning with market expectations. However, core retail sales, which exclude autos, were up by only 0.1% against an expected 0.3%.

SPY's price did not move in reaction to the news. However, we gapped down from the previous day and are in a downtrend.

Trades

[1] RZ Bounce

Entry: Since we already had a significant gap down and started to push up from a pre-market low, I wanted to re-test the reaction zone and enter calls for a bounce.

Exit: I anticipated too early and gave it too much time before cutting losses. The bounce area was lower than I was willing to hold.

[2] (-) TL Reject

Entry: SPY's price bounced decently, so I waited for the test of the (-) TL.

Exit: I was rewarded with a firm rejection in my favor. I locked in an excellent percentage gain.

[3] RZ Breakdown

Entry: Price action showed weakness, so I wanted to try an entry at the break of the intra-day reaction zone.

Exit: After having a decent gain, I did not want to risk giving up gains, so since my initial entry was expecting a quick push down, which did not happen, I decided to cut the position for a small gain. Moments after the floodgates opened, and nothing but downward price action!

🎥Trading Session Recording🎥 on 𝕏

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Next Steps

Overall, I am happy about my trading session today. I still need more practice with 0-DTEs and the risk structure to hit -10%, but today's loss seemed more straightforward to manage psychologically than yesterday's losses.

It sucks that I was in the trade of all trades today and made only 2% with 100%, 200% or even 300% in the possibilities.

Besides the FOMO, I am glad I could take advantage of some opportunities today. Above all, I'm happy I was 100% on the right track and that my awareness of improving my system has never been clearer.

I must maintain a simple yet effective approach to my trading sessions and put risk management at the forefront.

*Supplementary Images

SPY 5-minute chart 11/15/24.

Order fills 11/15/24.