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Option Day Trading SPY and TSLA: 3/29/23

 

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 bounce. Or a spike into RZ for an RZ reject/Panic into RZ for an 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.
  • Do not give losers more time!
  • FOCUS ON POSITIVE TRIGGERS.

PRE-MARKET PLANS

Market News

  • It looks like we do not have any high-impact news today.
    • Maybe the market will finally pick a direction today.

SPY

  • For today, I have these levels marked: 
    • Reaction Zones: 
      • 399.50sh (yellow)- wait for the spike up to test an RZ reject; otherwise, wait for the RZ cross-over for the RZ bounce but near a KL, so it is more likely to hit resistance.
      • 398ish (yellow)- wait for the panic for possible RZ bounce or the cross-over for RZ rejection. 
  • Key Levels:
    • 400 (thick red/white lines)- wait for the KL reject. The next KL is at 401.50.
    • 397.50 (thick/red, white lines)- wait for the KL bounce. The next KL is at 396.00



TSLA

  • For today, I have these levels marked: 
    • Reaction Zones:
      • 193.50ish (yellow)- wait for the cross-over for the RZ bounce. Mid-range here, so a possible RZ reject play if there is a morning spike.
      • 190ish (yellow)- first time I've seen overlap for an RZ and a KL; wait for the panic to the RZ for possible bounce; otherwise, wait for the cross-over to the downside for the RZ reject.
    • Key Levels:
      • 196.50 thick red/white lines)- wait for the KL reject. 
      • 190 (thick red/white lines)- wait for the KL bounce and a key RZ area. Interested to see how this plays out today. The next KL is 188.



RAW TRADING NOTES & COMMENTARY

  • Got in on the RZ bounce since we had the cross-over event.
    • being cautious since we are in the KL area too.
    • TSLA is strong, so we might be able to spike more. But, of course, price action is not moving.
    • got out with small gains...not liking that we can not break the resistance might be better to wait and see what happens before deciding what to do next.
    • well, contracts are moving, and we are heading up now.
    • needed patience for the 400 test...still unwilling to give it that much of my patience...I think this will come with more confidence, which I am working on.
  • Will see if we can enter the RZ bounce for TSLA. It touched it already, but I want to see more support.
  • got in TSLA RZ bounce.
  • no patience..small profit. Literally just sold at 3.10. Now contracts are at 3.35. 
  • I gave the SPY trade lots of time, but no movement gave TSLA a little bit and hit my self-induced threshold.
    • Wish I would have started with TSLA; my mindset would have fit this perfectly.
    • 100% on the right track and trying to keep positive triggers in focus. 
  • Stay positive and repeat!
  • Wow, getting a repeat of price action from yesterday....might need to wait for a longer-term play...
  • got in SPY for the RZ break
    • I feel myself getting extremely frustrated with this price action
    • sold puny profits
  • Got in TSLA KL bounce entry.
    • let's see how the double RZ and KL play out.
  • Ahhh so frustrated with the price action today.
    • sold for another dismal gain.
    • very much operating in the best positive cycle, but price action frustrates me today.
    • I think I need to step away to cool off.
  • Yeah, TSLA had a nice KL bounce but was unclear initially. Needed a ton of patience for that one...
  • go in at the lower high SPY KL reject.
    • after this trade, I AM DONE! Today's price action is so very frustrating!
    • I'M DONE; I CAN'T TAKE THIS PRICE ACTION ANYMORE!
    • Another small gain...no patience for this price action today.

POST REVIEW

  • Very similar action today as yesterday.
  • I handled today a lot better.
  • No losses, but very frustrating.
  • I hope price action changes soon because this is tough to navigate daily.
    • At least I could modulate myself so much better than yesterday.
  • Still taking the right plays, so on the right track. Slowly building confidence, but hard to make much on price action like the last few days.
  • Tomorrow is another day!










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