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Option Day Trading SPY and TSLA: 4/21/23

 

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 slightly down again today.
      • let's see where we want to go today!
    • TSLA looks like it may have found some support. 
      • let's see if this holds!

SPY

  • For today, I have these levels marked: 
    • Reaction Zones: 
      • 413.50ish (yellow zone)- Wait for the cross-over.
      • 412.50ish (yellow zone)- Wait for cross-over.
      • 412ish (yellow zone)- Possible cross-over already and might need to wait for a quick retest of the RZ...otherwise, wait for a more apparent cross-over event.
      • 411ish (yellow zone)- Cross-over has happened. Wait for the re-test for the bounce.
      • 410.40ish (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:
      • 169ish (yellow zone)- Wait for the cross-over.
      • 166ish (yellow zone)- Wait for the cross-over.
      • 163ish (yellow zone)- Cross-over happened. Wait for the re-test for the bounce.
      • 160ish (yellow zone)- Wait for the cross-over.
    • Key Levels:
      • 176.50 (thick red dashed lines)- wait for the KL reject.
      • 156 (thick red dashed lines)- Wait for the KL bounce.


RAW TRADING NOTES & COMMENTARY

  • We have tons of RZs today.
  • Let's see what unfolds!
  • got in on the TSLA 163 RZ bounce. 
    • kinda messy, but stop loss is at 161.50
    • right at my stop
    • annoying!
    • moving stop to 162
    • Price action needs to retest green and hold green for me to stay in....otherwise need to get out...
    • damnit needed to cut on TSLA.
  • Got in on SPY RZ bounce.
    • solid entry
    • 411 is my stop.
    • 412.50 is the exit
    • I could have made back my losses but didn't take my gains.
    • today might just screw me over...
    • quick push down still near stop...just to piss me off!
    • still holding my level ...
    • well needed to cut once again.
  • damn...this sucks.
  • I hate this feeling like I am just getting chopped up...
  • got in again on the more considerable dip
  • now the charts are starting to bounce.
    • was too early...extremely frustrating!
  • TSLA pissing me off with solid green candles...now... I was too freakin early
  • Now, SPY grinding slowly...annoying...
  • got out on the solid push-up to VWAP.
  • PATHETIC PERFORMANCE!
  • made up losses and now green on the day.
    • I am not happy with my performance.
    • I needed to manage losses better.
    • I knew today was a bit different with all the RZs I created, so I needed to be more cautious, not more confident.
    • but at least my plans did play out, but I was extremely early...
  • Potential RZ retest on TSLA at 163.
  • really pissed now.
  • nothing but big green 5 min candles on everything.
    • I sold myself short today.
    • I could go for the reject or the possible RZ cross-overs...so I need to be patient and let the setups unfold.... a tough day so far, so I need to be more aware/analytical with entries.
  • Left so much on the table.
  • possible rejection on SPY at 412.50
  • Well, I just screwed myself over.... so much for making back losses.
    • I got in on the pull back but instead of buying calls, I did puts...
    • needed to cut there...stupid mistake.
    • then I switched and got the proper contracts, then it failed...so another loss...
    • so, back to where I started today.RED
    • I should have just held my puts!LOL.
    • what a mess today.
  • Mess has compounded losses today...
  • too many plays, too many emotional triggers.
  • damnit...I messed up today.
  • ruined my week.
  • All my doing...I gave in to the emotion and failed.
  • I'm destined to only do small-ass positions....forever!
    • I'm cursed when I take larger position sizes.
  • this sucks.
  • most likely done this week.
  • time is up too.
  • PERFECT!
  • Was enticed today, which compounded my eagerness to be more confident...
    • all resulted in failure.
    • and more failure.
    • figures.
  • This loss, although the same result as all other more significant losses, was mainly due to my failing and giving in to emotional triggers.
    • I let my guard down and gave in to the emotion.
    • It is rare because I am usually aware and try to curtail it before I reach this stage.
    • today just was hard.
  • I needed to trade more cautiously today and should have used all the RZs to indicate that.
    • or I just needed to be an observer today because it was choppy, and nothing was clear...
  • damnit, I'm pissed with myself.
  • I'm back.
  • one more trade.
  • in on the SPY 411sih RZ cross-over bounce.
  • sold for small profits.
  • good thing I sold when I did...just panicked a few min after I sold...
  • done for the day.

POST REVIEW

  • Well failed to see what today was.
    • gave in to everything I needed to avoid.
    • I failed myself today (emotional failure)
  • Did well all week and everything was negated in one day.
  • Only thing to do is keep moving forward.
  • Needed to trade more cautiously today or not at all.





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