Skip to main content

Option Day Trading SPY and TSLA: 4/17/23

 

My Daily Process for Trading SPY and TSLA Options

DAY GOALS & RULES

  • Focus on Intraday System Patterns A & B. 
    • Pattern A: reaction zone crossovers with confirmations 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 no high-impact news today.
    • Looks like we are still maintaining a bullish trend, but it is still very choppy.
    • We also have TSLA earnings this week on Wednesday after hours!

SPY

  • For today, I have these levels marked: 
    • Reaction Zones: 
      • 415ish (yellow zone)- Wait for the RZ cross-over but also a KL zone, so keep on watch could have another reject first.
      • 414ish (yellow zone)- Wait for the RZ cross-over.
      • 412.50ish (yellow zone)- Wait for the RZ cross-over. This is also the previous close line, so it could be a significant area...
      • 410ish (yellow zone)- wait for the RZ cross-over.
    • Key Levels:
      • 415ish (thick red dashed lines)- wait for the KL bounce. It could also hit 417 if 415 breaks and moves to a support level.
      • 408 (thick red dashed lines)- Wait for the KL reject.

TSLA

  • For today, I have these levels marked: 
    • Reaction Zones:
      • 188ish (yellow zone)- Wait for the cross-over.
      • 186ish (yellow zone)- Wait for the cross-over.
      • 188.50ish (yellow zone)- Wait for the cross-over.
    • Key Levels:
      • 190 (thick red dashed lines)- wait for the KL reject.
      • 181.50 (thick red dashed lines)- Wait for the KL reject.



RAW TRADING NOTES & COMMENTARY

  • I modified my schedule a bit now, so I am getting up at 4:45am PST to prepare for the day. Fully prepared now for the day at 6am PST, so this should work out going forward. 
  • no surprise that everything is moving like molasses!
  • Just patiently waiting for setups...feels good to just wait.
  • TSLA approaching the upper RZ.
  • TSLA cross-over now. Just need to wait for the retracement.
    • no follow through, so no trade.
  • SPY testing RZ now...possible entry soon.
  • TSLA still holding up near the RZ...
  • TSLA crossing over. Let's wait for the retracement.
  • Got in on the retracement.
    • stop loss 187.60.
    • Sold on the nice pop-up towards the Key Level.
    • Excellent trade.
    • Fidelity software had issues with loading level 2, and when I scrolled, my charts moved, so it was hard to see my windows.
    • Need to restart the software.
    • Just stupid, the added things I need to deal with...
      • the extra software issues just had to happen on a trade that was already almost stress-free and just needed other things to fill that gap today, I guess...lol
  • Possible entry again on the clearer retracement, but in no rush; just had a solid trade.
    • huge move, so it might be risky with the volatility.
  • TSLA 190 Key Level definite resistance, so I played that perfectly.
  • better plays will be the SPY RZ cross-over or the TSLA RZ cross-over to the downside.
  • Knew it TSLA breaking down again...very volatile, and price action likes to screw people over.
  • TSLA had the RZ breakdown, but I don't really like this zone anymore kinda choppy, so I might avoid it. Not as clear as I would like.
  • It looks like I would have been okay to take the RZ reject on TSLA...choppy, but nice to see the opportunity there.
  • I might have an intra-day RZ cross-over on SPY, so I will watch this...
  • The more I think about how I developed my RZ strategy, the more I realize it incorporates the idea of variable change...
    • it elegantly aligns with it, in my opinion.
  • SPY cross-over is very close now.
  • TSLA is having another RZ cross-over too.
  • got in SPY RZ reject stop at 412.50
  • I probably got in too soon, but I was excited.
  • I added 1 more contract...new stop loss of 412.65
  • exit will be selling into the break of 412
  • new stop 412.50
  • Sold. My time is up. Need to take my son to school.
  • damn came back and finally broke down. Nice to see that I was 100% on the right track!
  • Approaching mid-day, so going to call it a day.

POST REVIEW

  • Was patient today and took a solid trade.
  • Very satisfied with today even though did miss some opportunities.
    • one play I chose not to proceed with since it was kind of choppy, and the other play I just missed because away from the computer.
    • But glad that they were a part of my plan.
  • Rinse and repeat tomorrow!






Labels:

Comments

Post a Comment

Popular Posts

Weekly Review: 5/8/23 to 5/12/23

  My Weekly Review Process OVERVIEW I started the week with little to show for it on Monday . I played what I was supposed to, but my thresholds were hit, and looking back, I got in too soon and sold too soon. Other than that, I was dead on with the play. It was more of a timing/patience game. Which is hard to work on when I am still trying to gain confidence. Tuesday continued to provide adamant resistance to success. I was 100% ready for opportunities, but the follow-through on my plays left much to be deserved. Nonetheless, I played what I needed to play and left it at that. Frustration was definitely building up here.  On Wednesday , more testing of patience and timing. I still need to improve in achieving profitability, but I am on the right track with my chosen plays. The opportunities were clear, but my mindset and self hindered my success. I see it more clearly than ever. Relinquishment will help correct this, and patience and mindfulness will help stabilize it. The day ended
Post a Comment
Read more

UPDATES ON FUTURE POSTS

  Updates on Future Posts MOVING CONTENT TO X (Twitter) I will no longer be that active on my webpage but will shift to my X account.  I have learned and grown from my experience writing blog posts/ recording in my online day trading journal. At this time, I feel a stronger pull to change the medium by which I document and share my progress. Change and growth is an ongoing process.  I look forward to the future. Sincerely, Helixtrader36  Follow @helixtrader36 Tweets by helixtrader36
Post a Comment
Read more

Day Trader Behavior Cycles: The Foundations of Change

  Reward and Punishment Cycles THE QUESTION What Behaviors Do I Repeat? As I stepped into the realm of trading full-time, I quickly realized how psychology and specific behaviors can positively or negatively affect trader performance. Beginning trading full-time in one of the most hyper-inflated markets and one of the best bull markets in history, I witnessed very volatile and drastic moves. Having been learning about the market on and off for a couple years before full-time immersion, I was approaching the market cautiously. But due to the highly bullish nature of the market, it seemed my cautious approach was nothing more than a hindrance. As I started participating in the market, I slowly fell into a false sense of security. I knew this wouldn't last forever, but the opportunity was too great to not push and be a part of the crowd. People made lots of money regardless of what or when they bought. Those who held and hoped were rewarded handsomely. As the days, weeks, and months w
Post a Comment
Read more