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Option Day Trading SPY and TSLA: 4/14/23

 

My Daily Process for Trading SPY and TSLA Options

DAY GOALS & RULES

  • Focus on Intraday System Patterns A & B. 
    • Pattern A: reaction zone crossovers for an RZ reject or bounce. 
    • Pattern B: key levels for a KL reject or KL bounce.
  • Fewer trades with more confidence.
  • Focus on SPY and TSLA options ONLY!
  • Time to simplify the process and improve/reach the next level.
  • Do not give in to negative triggers.
  • Do not give losers more time!
  • FOCUS ON POSITIVE TRIGGERS
  • FOCUS ON ADAPTING TO PRICE ACTION
  • FOCS ON (1) CONTRACT FOR PLAN OPTIMIZATION.
  • FOCUS ON THE ONE PLAN THAT CAN PROPEL ME FORWARD DAILY.
  • GIVE PLANS THE BENEFIT OF THE DOUBT AND LET THEM PLAY OUT.

PRE-MARKET PLANS

Market News

  • It looks like we have Retail Sales at 5:30am PST  and Michigan Consumer Sentiment at 7:00am PST as the high-impact news today.
    • We had slow strength yesterday. Let's see if we get a continuation with some pullbacks today.

SPY

  • For today, I have these levels marked: 
    • Reaction Zones: 
      • 413.50ish (yellow zone)- Wait for the RZ cross-over.
      • 412.50ish (yellow zone)- Near the zone now, so wait for the RZ cross-over.
    • Key Levels:
      • 411.50ish (thick red dashed lines)- wait for the KL bounce. It could also hit 411.
      • 415 (thick red dashed lines)- Wait for the KL reject.

TSLA

  • For today, I have these levels marked: 
    • Reaction Zones:
      • 186ish (yellow zone)- Wait for the cross-over.
      • 185ish (yellow zone)- Crossover happened pre-market with a re-test. Wait for another possible re-test to confirm.
      • 182.50 (yellow zone)- Wait for the cross-over.
    • Key Levels:
      • 188.50 (thick red dashed lines)- wait for the KL reject.
      • 176.50 (thick red dashed lines)- Wait for the KL reject.


RAW TRADING NOTES & COMMENTARY

  • Got my plans ready a bit late today due to my new personal schedule but ready now.
  • TSLA RZ test happening now. 
  • SPY testing RZ now.
  • SPY cross-over event occurring...need to wait on more of a push-up, then pull back for confirmation.
  • got in the SPY RZ bounce.
    • stop 413.45
    • exit at the 415 KL
    • moving stop to 414.50
    • sold very close to my KL now...locking in awesome profits. +30% profits. Solid.
    • is that what an A+ setup feels like?
    • let's repeat that!
  • SPY getting close to 415 KL to reject will wait for it to hit or go above and re-evaluate.
  • TSLA RZ cross-over happening now.
  • Could have entered into the SPY KL push for puts but need to give this time to form the top.
  • Just had a solid trade, so letting things marinate for now.
  • damn stepped away to go to the bathroom and missed the second push above the KL...no chasing now. HAHA, another A+ setup, but I missed it. 100% on the right track. Confidence is building today, for sure.
  • It feels better today.
  • Quick reversal at the RZ test, so we might have another grind higher day today...
  • The SPY KL area is now an RZ zone, so the cycle repeats for my pattern.
    • possible cross-over and retest to repeat the process (this process of the cross over-event incorporates the variable change parameter)
  • Just a waiting game now.
  • For the other scenario, we would wait for more pullback and enter on a lower high on a longer timeframe for the KL reject.
  • Possible re-entry for the SPY RZ bounce
  • Nice reject of the 415 KL. was dead on...could have had multiple chances to get in too. It's ok nice to see this.
  • SPY RZ cross-over occurred, waiting for the bounce back up to re-enter for the reject.
  • Could have gotten in on the bounce up but wanted more of a bounce.
    • on the right track, but I used to getting crap entries, so I wanted to really wait for better entries.
      • guess it is a "damned if I don't" day for these...lol
  • Another cross-over event on SPY. Might even touch my KL bounce areas today too
  • Got in SPY RZ reject.
    • stop is at 412.70
    • exit KLs below 411.50ish
    • I was close to hitting my stop but quickly retraced... looking good for now.
    • I will probably take profit into a 412 break....my time is running out now.
    • I sold and just decided to take my profits...seems to be getting buyers on level 2.

POST REVIEW

  • Finally, a day to be proud of.
  • A triumphant day.
  • confidence building and just enjoying it.
    • smallest size possible, but nice to be dead on the right today.
  • Rinse and Repeat.
  • Looking forward to the weekly review.





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