Options Trading SPY [+6%] 11/18/24

 

SPY 1-minute chart 11/18/24.

Day Metrics

{1} Win {0} Losses

Day Rating: INEFFECTIVE

Overview

There was no significant economic news released today that could have the potential to move the market.

Following yesterday's sell-off, SPY's price is bouncing off the lows. We formed some intra-day reaction zones, but the price action is a slow grind upwards.

Trades

[1] RZ Reject

Entry: I missed the opportunity to get in on the grind upwards, so I remained highly patient for either a pullback or a reject entry. I waited and was able to get into an entry at the upper reaction zone.

Exit: Price continued to want to grind up, so I managed to lock in some gains before the price continued upwards.

🎥Trading Session Recording🎥 on 𝕏

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Review/Next Steps

I completely missed the entry for a RZ bounce or the (-) TL Breakout Bounce. I was too slow to adapt my thinking. I waited patiently for the lower (-) TL Breakout Bounce/ VWAP Re-test, but that never came, so I just sat through most of the grind.

The slow price action did not entice me to restructure my trading plan, so I waited. When I reassessed the market, I realized I had missed the opportunity for calls.

I did not want to chase anything and remained very patient for a pullback, but none came. I waited past my time window to see if we could re-test the upper reaction zone for a possible reject entry.

An opportunity presented itself, and I entered. The rejection was very disappointing, but I locked in profits. I had the right idea, but the primary rejection occurred much later around the more defined reaction zone above the one I entered.

It may be a slow start because it is a Monday, but I was, beyond a doubt, slow at reading price action and adapting today. I am grateful for at least the one opportunity I did capture.

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

*Supplementary Images

SPY 5-minute chart 11/18/24.

Order fills 11/18/24.