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Option Day Trading SPY and TSLA: 3/16/23

 


My Daily Process for Trading SPY and TSLA Options

DAY GOALS

  • Focus on Intraday System Pattern A-C. 
    • Pattern A: reaction zone crossovers for an RZ reject or RZ bounce
    • Pattern B: key levels for a KL reject or KL bounce.
    • Pattern C: RZ breaks (only on clear long-time duration formations)
  • Do not trade anything else.
  • Keep position size small. DO NOT AVERAGE DOWN ON ENTRIES!
  • Plan for the clear setups ONLY!
  • Patience is the key to solid entries and to maintaining low-stress levels.
  • Fewer trades with more confidence.
  • Focus on SPY and TSLA options ONLY!
  • Time to simplify the process and improve/reach the next level.
  • Actively challenge my regression pattern to ONLY trade my plan.
  • Do not give in to negative triggers.
  • FOCUS ON POSITIVE TRIGGERS.

PRE-MARKET PLANS

Market News

  • Looks like we have just Building Permits as possible high-impact data coming in today at 5:30am PST.
    • Let's see which way the market wants to turn!

SPY

  • For today, I have these levels marked: 
    • Reaction Zones: 
      • 389.50ish (yellow)- wait for the cross-over for the RZ bounce.
      • 388 (yellow)-wait for the cross-over for the RZ rejection.
    • Key Levels:
      • 394 (thick red/white lines)- wait for the KL reject.
      • 385 (thick/red, white lines)- wait for the KL bounce.
      • 380 (thick red/white lines)- another zone with much support. If 385 doesn't have the support needed for a bounce, most likely, this KL will.



TSLA

  • For today, I have these levels marked: 
    • Reaction Zones:
      • 182 (yellow)- wait for cross-over for the RZ bounce.
      • 180.50 (yellow)- wait for the cross-over for the RZ reject.
    • Key Levels:
      • 186 (thick red/white lines)- wait for the KL reject.
      • 176.50 (thick red/white lines)- wait for the KL bounce.




RAW TRADING NOTES

  • Got SPY for the 388 RZ reject...had some profits but needed to cut it for a loss.
    • very choppy.
    • A loss sucks, but I got in early on it too.
    • I need to wait and see if it will break above or go in the direction I wanted previously.
    • Possible re-entry.
  • Entered SPY for the 388 bounce..entered in that first 5min chart pullback.
    • sold for a loss
  • Entered back in SPY 388 RZ for the cross-over to the downside.
    • man...never is easy. Always at my tolerance level. Need to either keep holding it or need to cut it.
    • Came close to cutting it, but my plan is for SPY to at least retest the day lows or the KL area at 385
    • damn, it is hard holding for me when I am right on the trade.....
    • made back some losses
  • Still red on the day now, but I feel better about how I played. Just sucks that the plays I had on deck didn't work out.
    • this is another pattern too. Usually, after a big revelation, when I try to implement a new change, it always seems to be on days when the patterns seem unprofitable. Just unfortunate.
    • It makes it hard to stay focused and disciplined when other factors add additional pressure.
  • Glad I sold when I did. It bounced, bypassing the negative trigger of holding only to sell at a loss.
  • Kind of hard to keep the positive triggers in mind today since it seems like the patterns are failing today, and the market is still very choppy.
  • Another cross-over SPY 388 RZ...need to wait for the retest. Pretty substantial spike too.
  • Or I can wait for the 389.50 cross-over and retest. I have options.
  • Deciding to wait for the upper retest. Seems safer...it is also the red/green level too, so it might be a more solid zone.
  • Whoa, nice spike need to wait for the pullback.
    • my fear right now is that there will be no pullback...
  • Would have been an excellent RZ breakout play but doing that never even crossed my mind...yup just keeps going....lol
  • In the range of 394 KL reject zone.
  • Got in the TSLA 182 RZ break...my thoughts are that it could possibly mimic what the market did.
    • Come on, TSLA!
    • extremely slow and barely moved. Decent scalp.
  • Got in SPY at the 393.50-394 KL reject area.
    • need patience in this one
    • Ah, it just will not go in my direction....took my profits.
  • I am managing to keep positive triggers in mind as I trade, but keeping an overall positive view is challenging because there is so much chop and no apparent movement in my plays today. Extremely frustrating.
    • sold just at the right time to not give back my gains.
  • Might get a better entry in a little bit closer to 394
    • nice, got it.
  • Well made back all my losses today.
  • Up a huuuuge a whole 0.47 cents! HA!
  • Sold too soon, but today was a tough day for my strategy.
    • the KL needed more time to play out, but I already stretched myself too thin today.
    • glad to be breakeven and have tested out a new tactic. Didn't help so much with PnL today but made giant leaps in the psychology department. Feels better. Good to have a tactic to stay positive and not regress back to old habits.
    • Still hard to keep the correct mindset as I sold too soon yet again.
    • BUT IT IS WHAT I DO NEXT THAT MATTERS THE MOST! WHICH CYCLE WILL I CHOOSE?
  • The market was clearly bullish today.
  • Done for the day.
  • It looks like I missed the TSL KL reject too. (stepped way; otherwise, most likely would have tried it).
  • Tomorrow is another day!

POST REVIEW

  • Had somewhat of a roller-coaster day, Profit and Loss wise. 
    • Ended up overall breakeven (a puny green day).
  • I think keeping in mind positive triggers helped me stay disciplined and may have given me the opportunity to make back earlier losses. The trades I took were solid, although they did not perform well once I was in them, so I only had small gains today. 
    • If I was still stuck on the other cycle today, I probably would not have traded after the losses or traded with a bigger size, making it a BIG red day relative to my norm.
  • Overall, I think it was a successful day.
  • Ready for tomorrow, already! LOL














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