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Option Day Trading SPY & TSLA : 3/9/23


  • 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.


Market News
  • No high-impact incoming news this morning. Jobless claims due at 5:30am PST might have a little response. We also have Fed Barr's speech coming up at 7am PST, but still little impact, most likely.
  • As I look to chart out levels today, it is clear the market was really choppy yesterday. Didn't notice it as much during it, but now with fresh eyes, the chart is clearly volatile with lots of up-and-down movements.
  • We might get a solid direction today.
  • For today, I have these levels marked:
    • Reaction Zones
      • 399.50 (yellow zone) for a break above and retest for calls for an entry.
      • 396.50ish (yellow zone) for a break below and retest for puts for an entry.
    • Key Levels 
      • 401.50 key level (near the thick red line) for a reject (puts)
      • 394 key level (near the other thick red line) for a bounce (calls)

  • 180 support broke pre-market. Will look at this level closely.
  • For today, I have these levels marked:
    • Reaction Zone
      • 180 (yellow zone) initially for a retest reject, but now could reverse and be a perfect retest call entry for the upside.
      • 176ish ( yellow Zone) for a break below and retest for puts for an entry.
    • Key Levels
      • 186 key level ( near the red line) for a reject.
      • 170.50 key level (near the red line) for a bounce.


  • Both TSLA and SPY setting up for the RZ break retest for calls.
    • I Like SPY better since it has more room where TSLA is right at the level...
  • Got in SPY calls at the retest of the RZ
  • Nice sold near the day highs...might go more, but I traded this with low stress and was really happy with this new, focused mindset. 
  • Now just need to wait for the KLs or possible breaks and retests of the RZs
  • Yup was right. Everything going higher.
  • Nailed the rejection SPY probably selling too soon, but again low stress and feels good....starting to gain more confidence.
  • Feels loads better psychologically today.
  • We are still near the KL areas on both SPY and TSLA. We shall see if they start slowly adding areas of strength for an eventual breakout and retest or set up for double tops for further entries in lower highs, etc.
  • Remember that RZ breaks should only be attempted in clear, longer-term timeframes... For example, I see potential breakouts now, but they are not clear on the 5min and do not have enough time maturity (formation of a clear path for the breakout).
  • I also see the potential time maturity RZ breakdown points too. Patience is key.
  • Looking to play TSLA on the RZ retest bounce at 180 since the chart seems to be really clean today.
  • Didn't really get to the zone like I wanted but was close....things might turn to the downside soon as the RZ breakdowns look to be setting up.
  • LOL, as soon as I think they bounce from the RZs dead on....maybe next time.
  • What has been established is a solid RZ in both charts. See if we can break down this zone for later or see what happens around KLs as they form new reaction zones.
    • starting to see how to read the flow better than ever!
  • Starting to see some of the complexities of my trading that have often led me to variability with my trading. I am starting to realize there is a difference now; specifically, there are anticipatory and confirmatory setups.
    • Anticipatory are the breakouts, the potential double tops, lower highs, higher lows, etc. They provide quick returns/moves when successful, but you are giving in to more risk when you do. Often leading to a lower % win rate.
      • In other words, the event has not occurred, and it is anticipatory.
    • Confirmatory are the confirmations of the breakouts and breakdowns as a retest. They often provide slower returns, but when successful, you are entering a low-risk setup when you do. Often leading to a higher % win rate.
      • In other words, the event has occurred and is a confirmation.
  • Also, in a way to moderate risk is also the time frame in which these occur.
    • for example, if you are trying to anticipate a breakout, let it be so clear that it is definitely leading to a  breakout. Some factors to look for are retests and waiting for consolidation near the level. This can increase the win %. 
  • Also, having a clear exit point when wrong is necessary to limit losses.
  • Tons of factors to consider, but all their sums add up to how much success you will find.
  • Lower highs are forming now.
  • Might take the TSLA 180 RZ break since it is more apparent.
  • Entered the 180 RZ break...kind of pathetic action. Sold when it started to hold up.
  • It might be a better retest for re-entry, but I'm getting tired and do not want to push my luck here. So might call it a day very soon,
  • Yeah going to call it. Mid-day and momentum are not there. It might have nice fades to the close, but I would much rather see if that is true than be in it and be stuck watching all day when I could be doing other things.


  • Today felt perfect. Did not have that much stress and had clear plans and waited for them.
  • Need to repeat this over and over again.
  • Sold too soon on my trades, but okay with it as I was 100% on the right track. 
  • Missed a few entries, too but okay with it since it was still in a gray zone for the entry. Did not hit the spot I wanted, so held off.
  • Played all plans well and took what was offered.
  • Must repeat this process going forward. 


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