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Option Day Trading SPY and TSLA: 4/11/23


My Daily Process for Trading SPY and TSLA Options


  • 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!
Note: I am changing my daily routine. I will not post premarket; I will only post at the end of my trading day. I have been getting up at 4am PST to start my day but will now get up at 5am daily. Making some changes to hopefully get me on a better routine. Also, I will be decreasing my position size to 1 contract ($100-$200) to better manage my trades. Quite frankly, I  am pissed with not just my performance but the circumstances surrounding when I do increase position size and that my average gains are just not good enough as I rarely capture the gains I need to propel myself forward. So going to use this new schedule to make improvements for the better. Getting more rest, doing less busy work, decreasing risk so I can be more involved in the moves I want to be. We will go from there.


Market News

  • It looks like we have no high-impact news today.
    • Let's just see where the markets want to go today!
    • We have core inflation tomorrow, so volatility might be around the corner!
  • For today, I have these levels marked: 
    • Reaction Zones: 
      • 410.80ish (yellow zone)- could have a spike for possible RZ reject.
      • 409.50ish (yellow zone)- near the zone right now. Let's see if this will hold or have a cross-over event for an RZ reject entry. This is also a major KL from yesterday and the close from yesterday, so a high convergence area.
    • Key Levels:
      • 412.50 (thick red dashed lines)- wait for the KL reject. 
      • 408.50 (thick red dashed lines)- wait for the KL bounce. 


  • For today, I have these levels marked: 
    • Reaction Zones:
      • 185ish (yellow zone)-  near the zone right now. Wait for the panic for a possible RZ bounce. I like this area since it has a major KL and is close.
      • 188ish (yellow zone)- waif for the cross-over to enter for the RZ bounce.
    • Key Levels:
      • 190.00 (thick red dashed lines)- wait for the KL reject. 
      • 182.50 (thick red dashed lines)- wait for the KL bounce.


  • Looks like we had a solid bounce day yesterday
  • We are definitely up-trending now within the consolidation zone.
  • Both TSLA and SPY seem to be entering an uptrend pattern... let us see if it holds true!
  • Keep an eye out for variable change instances...
  • Got in on the pullback into the 409.50 RZ for the bounce.
    • stop loss is 409.40
    • exit is the test of the 410.80 RZ
  • We had the same move on TSLA, too but chose SPY.
  • Had a nice little pop and was thinking about taking profits but decided to hold now, fighting near the entry again/my stop....never easy!
  • If we can hold above 410 will adjust for a new stop.
  • fighting 410 now...
  • Jeez, where has all the strength gone from yesterday...kinda annoying. Still has not hit my stop but getting me antsy.
  • TSLA is holding near the highs, but SPY still fighting the lows...annoying.
  • Came back down very close to stop. Let's see if it can bounce; very annoying. I might have a variable change here, so I might switch too.
  • Finally, a nice 5min green candle... let's see if this candle holds...
  • Moving stop loss to 409.50 now.
  • As a side note, the more extended/swing trading ideas seem to yield the most % gains....if I took the KL idea yesterday and held it all today, it would have been a massive gain. So much opportunity out there. 
  • Annoying needed to stop out. Switched and bought puts.
  • if it can't stay red, I will get out.
  • 409.75 is my stop
  • Jeez, now that I switched,  we are starting to move sideways and have more small green candles.
    • about to take another loss
    • stopped out...annnoying!!!!!!!
  • Best play needed to have taken my profit from the beginning.
  • The best setups now are the intraday breakout trades at 410.20 for SPY and TSLA 188 RZ break.
  • got back in SPY calls.
  • new stop is when it can't hold green anymore 409.60ish
  • Got out for another loss.
  • Switched to puts.
  • Stop is at 409.60...exit 408.50
  • wow, just so choppy today...should have been extra conservative and taken profits on my initial trade....and avoided all of this stupid chop.
  • well, finally, in the right mindset to take advantage of longer-term moves and figures that the market is not moving at all. 
    • extreme choppiness and minimal trading range...
  • After this trade, I think I am done.
    • it would not surprise me that the moment I move on and call it quits, the market will finally pick a direction.
    • got out and took the loss.
  • Should have sold the panic before on SPY too,...I guess I did not learn my lesson but wanted my exit plans to hit, so I stayed strong.
  • Got in TSLA for the Intraday break.
    • exit the 190 KL
    • been here before on TSLA and took profits only for it to keep going....less let's see if it is damned if I do or a damned if I don't type of day.....or will it work out according to plan?
    • Will see. SL 188.25.
  • Let's see...I am so ready to give winners time... let's see if the markets will be willing!?!
  • I would bet I get screwed just because I am in it. But let's see! I'm testing... small position. 
    • Like I said, been here many times before...either I was in it and sold too soon, or I had the plan ready and didn't execute it. 
  • TSLA RZ cross-over event, too...possible re-entry on the retest.
  • looking like a damned-if-I-do scenario right having a pullback but it might still work out...
  • added on the RZ re-test.
  • SL 188.70...will be done if this hits.
  • This one play can wipe out all these small losses and then some if it works according to plan.
    • trying to trust my plan here....but the question is, will it be on the winning side today or the losing side of my trade performance.
    • hard to be optimistic here...
    • testing my stop
  • YAY! 
  • Just what I need.
  • Gave this pattern the benefit of the doubt, which still failed me. I was often unprepared for this pattern, and today was a day that it didn't work out.
  • more significant red day...could have taken profits twice, but I wanted to at least see my plans work...
  • If I performed/acted how I usually do, it would probably have been a small green day or near breakeven because I would have most likely taken those profits when they were available.
  • The only thing that did not make this absolutely horrible is that I kept small position sizing...the only positive.
  • extraordinarily annoyed and frustrated today.
  • I was in two solid plays.
    • I could have taken profits on both because both hit the halfway mark to my plan exits...annoying.
  • good thing I cut losses on TSLA..just fell through the RZ
  • I definitely wanted more today.
    • just sucks because wanting more was merely wanting my plans to work when I am in it. It has no problem hitting them when I'm not.....
    • just kind of discouraging since I was ready and willing...
  • It's days like this that I really have a hard time because it is hard to get better from today this... it either it is, or it's not.
    • will it be a day I take profits too soon and let my plans hit, or will it be a day I don't get in and lets my plans get hit, or will it be a day I am ready for my plans to be hit only for everything to fail or is it a day where everything works?
  • I mean, whenever I am ready to give my strategy the benefit of the doubt, this happens...and it always seems to be at the wrong time. So when I never give my strategy the benefit of the doubt, I always cut myself short either by not playing or taking profits too soon.
  • My strategy already has a decent win %, but I am still failing.
  • Is it really that simple to give my strategy the benefit all the time to really fully optimize it?
  • no better time to test than right now (using the smallest position sizes)
    • just sucks can't really do much more today...
    • price action is kind of all over the place today...


  • Well, very frustrating day.
  • I think I performed well and adhered to stops, but nothing worked.
  • I had opportunities to make losses back, but I really wanted to see my plans through.
    • If it were my average days, I would have taken those gains...but I have been there and done that and wanted to at least capture more of the move.
  • Very hard to pinpoint how to improve on days like these, but I think I can give my strategy the benefit of the doubt every day and at least be willing to let my plans play out.
    • based on my performance, I usually don't, so let's see if this thinking helps.
  • Moving forward will add
    • It hurt me today....but that is not always the case...


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