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Option Day Trading SPY and TSLA: 4/18/23

 

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 building permits at 5:30am PST as the high-impact news today.
    • Looks like we had a nice spike into the close with the markets.
      • let's see where we want to go today!
    • We also have TSLA earnings this week on Wednesday after hours!

SPY

  • For today, I have these levels marked: 
    • Reaction Zones: 
      • 415ish (yellow zone)- We already have the cross-over now just need to wait on the re-test for the bounce. 
      • 413.50ish (yellow zone)- Wait for the RZ cross-over.
    • Key Levels:
      • 417ish (thick red dashed lines)- wait for the KL reject. 
      • 411.50 (thick red dashed lines)- Wait for the KL bounce.

TSLA

  • For today, I have these levels marked: 
    • Reaction Zones:
      • 188.50ish (yellow zone)- Wait for the cross-over.
      • 187ish (yellow zone)- Cross-over has happened. Wait for a quick retest back down if we spike at the open.
      • 186ish (yellow zone)- Cross-over has happened. We started to base here pre-market but let's see if we get a spike at the open, followed by a quick re-test.
    • Key Levels:
      • 192.50 (thick red dashed lines)- wait for the KL reject.
      • 182.50 (thick red dashed lines)- Wait for the KL reject.


RAW TRADING NOTES & COMMENTARY

  • Got in on the SPY RZ pullback.
    • stop is at 414.80
    • exit goal 417
  • TSLA had a nice pullback, too... chose SPY.
  • Moving risk to 415
  • probably selling too soon, but price action is moving too slowly for me.
    • I just wanted to lock in safe profits.
  • TSLA had the better reaction at the RZ zone.
    • yup, TSLA is so much better....lol.
  • haha, 100% on the right track.
  • building my confidence behind the scenes...
  • either trade worked today, but I needed more patience on SPY...
    • but ok with it....damned if I don't, damned if I do.
    • rather have profits than turn profits into a loss.
  • Now, just waiting for more plays.
  • Possible RZ cross-overs on SPY (intra) and TSLA RZ.
  • Also things can also reverse sharply, so I'll be ready either way.
  • lol...things reversing now.
    • Waiting for the RZ retest for the SPY rejection...needs to get closer to 415...
  • Possible bounce at the SPY 413.50 RZ...didn't see it pre-market, but this was a cross-over, too, so there is potential bounce play here...
  • possible re-test of the RZs for the reject soon, too...might take longer for that to play out...waiting...watching...attack is the secret of defense...
  • it might take TSLA RZ to reject soon.
  • SPY tested the lower RZ and could have gotten in but wanted an entry below 413.50...might still get it
  • got in SPY RZ bounce.
    • stop at 412.90
    • exit 414
  • went slightly more than expected but remained in the trade for now.
  • I could have added but just holding off for now.
  • running out of time, too; I might get out of the trade soon...
  • getting out pretty much breakeven....small profit.  Ran out of time...need to take my son to school now.
  • yup, working out now that I exited, but too bad, gotta go.
    • building confidence even though I needed to cut my trade short!
  • calling it a day.

POST REVIEW

  • Straightforward day.
  • Absolutely fine with performance and the opportunities.
  • Rinse and Repeat.





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