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Day Trading SPY, TSLA, VRAX & ADIL: 3/7/23


  • Focus on Intraday System Pattern A-C. 
  • Patience is the key to solid entries and to maintaining low-stress levels.
  • Focus on SPY options is priority #1.
  • TSLA options is #2.
  • Top % gainers for stocks is #3.
  • Will consider increasing contract position size by 1 for next week if adhere to all daily goals this week.

  • Fed Chair testimony today at 7AM PST. Definitely will have a potentially high impact on moving the markets. So be cautious trading around this time, waiting for the moves to scalp or for trends to present themselves to create plans.
  • SPY: looking for the KL rejection at 408 and seeing how SPY reacts in the 404.50 RZ zone (potential RZ reject if it starts to panic below or potential RZ break during mid-day). Also looking for the 401.50 KL bounce.
    • once the market becomes volatile during the fed speech, wait for RZs to set up to scalp/play the moves in either direction.
  • TSLA: looking for the RZ break confirmation to the downside for potential puts. We have the 200 KL reject marked, and the 185-183.50 KL bounce marked.
  • VRAX: big % gainer this morning. A nice reaction at the 1.60 area will look to enter an RZ break above this level for a quick spike.
  • ADIL: big spike yesterday after hours. Looking for the RZ break above the 0.87 area.
  • Nice, I was late to the party on the RZ break of 190 on TSLA but still got in. Got two contracts, so sold one on the pushdown, then sold the other later. Sold way too soon here but okay with it.
  • SPY I fumbled too much. I nailed the entry at 401.50, and we were getting a bounce and thought about taking the profits on the little bounce, but I was like, "no, I usually sell for puny gains, so gonna hold on." And what do you know, it goes red...I was about to take a loss but then noticed more support coming in, so I took another position size to average down, risking the day's low. The likelihood of a bounce was high since the market had an excellent panic reaction to the Fed. I gave it time, but it was testing me to the core. I took the small profits as soon as we broke above 401.50 again. Sold too soon as it went to 402.50, which sucks beyond belief. I really just wanted to get out. How could I have played this better? Need to revisit and answer in the day review below.
  • Damn...SPY bounce and TSLA bounce needed more patience than I had today to have taken more of the move. It could have been a BIG day today. 
  • SPY RZ setting up at 400.50. Will be patient and wait for the break to enter puts. 
    • nailed the move, and good thing I did not have the mindset to want more or to think like I always sell too soon because this time if that even crept into my thoughts, I would have been red on this trade. Played this one perfectly. Got in on the 400.50 breaks, then sold at the low 400.20s. Quick single for sure. But I knew going into it might have a bounce around 400 since that is another key level.
  • things seem to be slowing down now. Going to call it soon.

  • I feel better about my performance today than I did yesterday. I think this is primarily due to not missing plays or the plays I had planned. I missed more upside on everything, but I was in it and experiencing it.
  • I would have probably given things more time if I didn't fumble with my initial SPY trade today.
  • I need to really listen to my intuition and lock in profits. I can always get back in if the play is still in play/setting up. No chasing, though.
  • It is challenging to average down since you are increasing your risk. I knew that going into it but decided I would accept the loss if it went against me, but I knew the probability of a bounce occurring relatively soon was higher, and I was right as the day progressed.
  • I think if I exited my initial trade with a profit and got back in lower, I would have capitalized more on the opportunity/bounce. Still would have sold too soon, but capturing more of the move would feel better.
  • Then my last trade of the day was a quick reaction zone break on SPY, and this one I played perfectly. It did not leave room for any error. If I wanted more or decided to give things time, it would have been a red trade. 
  • I think the big takeaway from today is that you cannot predict how the trade will go, but the one thing that is 100% in your control is your plan and how you execute it. 
  • It would be nice every once in a while to have my plan exceeded and be able to capitalize on it, but right now, that scenario is nonexistent or a low occurrence. However, I believe I am getting closer to at least making it happen ever so often because I am getting better every day and focusing on growth.
  • Overall took 3 trades today:
    • SPY RZ break (puts)
    • SPY KL bounce (calls)
    • TSLA RZ break (puts)


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