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Option Day Trading SPY and TSLA: 4/20/23

 

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 gapping down again today, so maybe another reversal trend?
      • let's see where we want to go today!
    • TSLA reported earnings yesterday after hours; it seems like an earning loser.
      • I will re-evaluate, and my strategy will be the same regardless.
      • Kind of sucks we couldn't get the momentum going on TSLA, but it is what it is!

SPY

  • For today, I have these levels marked: 
    • Reaction Zones: 
      • 413ish (yellow zone)- Cross-over occurred with the gap down. Wait for the re-test for a potential RZ reject entry.
      • 412ish (yellow zone)- Cross-over occurred with the gap down. Wait for the re-test for a potential RZ reject entry. Same as above, so we need to see how far the bounce goes to the actual resistance zone....time will tell.
      • 411ish (yellow zone)- Wait for the cross-over.
    • Key Levels:
      • 415ish (thick red dashed lines)- wait for the KL reject.
      • 409.5 (thick red dashed lines)- Wait for the KL bounce.

TSLA

  • For today, I have these levels marked: 
    • Reaction Zones:
      • 175ish (yellow zone)- Wait for the cross-over.
      • 172ish (yellow zone)- Cross-over happened yesterday after hours. Wait for the re-test.
      • 169ish (yellow zone)- Cross-over happened. Wait for the re-test.
      • 165ish (yellow zone)- At the current level could be supported or go further down and set up for a retest.
    • Key Levels:
      • 176.50 (thick red dashed lines)- wait for the KL reject.
      • 161.50 (thick red dashed lines)- Wait for the KL bounce.


RAW TRADING NOTES & COMMENTARY

  • Got in on the SPY 412 RZ reject.
    • stop 412.20
    • exit 411.
    • new stop 412
    • haha, right at my stop...
    • still has lots of resistance. Moving my stop back up to 412.20 might need to give this a little bit more wiggle room..wanted to add but decided to hold off and see how this plays out with my initial position.
    • rejecting now....might just get out when we retest VWAP...411.60ish
  • Should have gone with TSLA. Much better reaction...
  • TSLA breaking below VWAP...will see if SPY wants to break VWAP...price action is frustrating me.
  • sold around VWAP...being conservative.
    • haha, as soon as I sold, it started to break more.......
  • I will wait and see what the markets want to do now and will trade what I see...need to be patient.
  • The majority of the more significant moves tend to come later recently...
  • Both charts not retracing as much as expected....variable change may be in order.
  • Will wait for the cross-overs and the bounce entries...
  • SPY finally starting to have some upwards momentum now.... likely to bounce off RZ now, but my time is just about up, so unlikely to trade this.
  • We might have a slow grind up on SPY, and TSLA might go sideways all day.
  • I will see what the charts look like once I return from dropping my son off at school!
  • Kind of choppy and slow moves.
  • Calling it a day.

POST REVIEW

  • Nice solid trade.
  • Nothing else was worth me risking money, so just going to reset and be ready for tomorrow!
  • Rinse and repeat.
    • I am starting to be familiar with this new mindset/strategy/schedule.
    • Let's see how this does with a large enough n.




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