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Option Day Trading SPY & TSLA: 3/10/23


My Daily Process for Trading SPY and TSLA Options 

DAY GOALS

  • Focus on Intraday System Pattern A-C. 
  • Do not trade anything else
  • Keep position size small
  • Plan for the clear setups ONLY!
  • Patience is the key to solid entries and to maintaining low-stress levels.
  • Fewer trades with more confidence in the trades I act on.
  • Focus on SPY and TSLA options ONLY!
  • Time to simplify the process and improve/reach the next level.

PRE-MARKET PLANS

Market News

  • We have two high-impact news this morning at 5:30am PST: Non-Farm Payrolls and Unemployment Rate.

SPY

  • For today, I have these levels marked: 
    • Reaction Zones:
      • 392.50 (yellow) break above retest for calls (I like the KL reject better) or break below retest for puts.
      • 390 (yellow) possible bounce for calls, but don't want to focus on that setup or break below retest for puts.
NOTE: I am slowly refining this strategy, and it seems more and more likely that the best approach for RZs is to wait for the cross-over event and the retest. Will keep an eye on this trend and see if something is substantial here.
    • Key Levels:
      • 394 (thick white and red lines) looking for a retest of this KL reject for puts.
      • 398 (thick white and red lines) looking for a KL bounce here for calls.


TSLA

  • For today, I have these levels marked: 
    • Reaction Zones:
      • 174.50 (yellow) break above retest for calls or break below retest for puts.
      • 170.50 (yellow) break below retest for puts (not considering the bounce here as the more I think about it, the more the cross-over event seems to be a better filter)
    • Key Levels:
      • 178 (thick white and red lines) KL reject for puts.
      • 162 (thick white and red lines) KL bounce for calls.



RAW TRADING NOTES

  • Nice, got a solid entry on SPY 388 KL bounce. I was thinking about adding another position size onto the trade but was hesitant and also remembered that I need to stay disciplined and not go too fast. Stuck with my original size and waited. 
  • Sold into strength. Will probably go more but need to take baby steps. I can always work on holding longer or taking partial profits until my targets are hit (next phase).
  • Right now just need to focus on generating confidence.
  • Could have made a ton more! But the solid plan, solid execution...took my profits. Just happy to have been able to partake in such a fantastic opportunity. Getting closer.
  • It Seems like the 390 RZ reject is on, but kind of hesitant to take puts down here as the market can bounce fast since we have had some solid down days...TSLA is bouncing strongly too.
  • The bias is more skewed to the upside right now.
  • Got in at the SPY 390 RZ retest for puts. Sold on a nice pushdown. The trend may still be going down and probably selling too soon, but I am pleased with this play and felt like the market was telling me to take my profits and run, so I did.
  • This is probably the best day I have ever traded in a long time.
  • Definitely a confidence boost day...really needed it.
    • I will probably call it a day as I do not want to be overconfident and take shit trades. I need to have this one.
  • Yup sold a bit too soon, but it wouldn't have been easy holding on the way down...almost tested the KL support again.
  • TSLA might have a nice RZ retest for a call entry around 175, so I might watch that for now.
  • Oh, another thing I should be highly frustrated about, but I am not since it was a solid day, is that Fidelity options level 2 was not working and failed to show me the bids and asks. Everything else works fine except the thing I absolutely need...LOL. Kind of unbelievable the crap I need to deal with, but I need to move on if I want to grow.
  • I wanted to get in the 175 RZ retest with calls, but fidelity did not allow me to enter.
    • I restarted the software multiple times, and no fix.
    • Whatever, I'm in this for the long haul, so even if I made more money today, it would pale in comparison over the long term.


POST REVIEW

  • Today was probably the best trading day I have had in a long time.
    • Felt calm, had my plans, and patiently waited for them to set up.
  • Rinse and Repeat!
  • Fidelity had an issue with loading level 2 on the options side, so hopefully, that will not be a repeating occurrence next week. Never had that happened before...
  • Simplifying and gaining more confidence is what I need to focus on going into next week.
  • Looking forward to the weekly review and getting excited for next week.
















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