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Option Day Trading SPY and TSLA: 4/26/23

 

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.
  • BE WARY OF SUCCESS AND THE REGRESSION METRIC (MINDFULNESS)

PRE-MARKET PLANS

Market News

  • It looks like we have Durable Goods Orders at 5:30am PST as the high-impact news today.
    • Looks like we broke key support and are trending down for now.
      • let's see where we want to go today!

SPY

  • For today, I have these levels marked: 
    • Reaction Zones: 
      • 410ish (yellow zone)- Wait for the cross-over.
      • 408ish (green zone)- Gap down cross-over occurred. Wait for the re-test.
      • 406ish (yellow zone)- Wait for the cross-over.
    • Key Levels:
      • 410ish (thick red dashed lines)- wait for the KL reject.
      • 405 (thick red dashed lines)- Wait for the KL bounce. Remember, wait for a better deal. 

TSLA

  • For today, I have these levels marked: 
    • Reaction Zones:
      • 163ish (yellow zone)- Wait for the cross-over.
      • 160ish (yellow zone)- Wait for the cross-over.
      • 159ish (yellow zone)- Wait for the cross-over.
    • Key Levels:
      • 165.00 (thick red dashed lines)- wait for the KL reject.
      • 156.00 (thick red dashed lines)- Wait for the KL bounce.


RAW TRADING NOTES & COMMENTARY

  • TSLA cross-over now.
  • Got in the TSLA 160 RZ reject.
  • Sold at the RZ below...seems to have more buyers. Taking the excellent single.
  • more downside on TSLA
    • broke through the RZ 
    • damn, almost a 100% trade opportunity.
  • Damn missed a second entry on the pop-up to the RZ was too slow to enter...
    • literally was 2-3 seconds from entering
    • now gotta wait for the KL bounce...
  • gotta wait for the deal...if I miss, I miss...waiting for the "deal" entry.
    • now that I am ready for the "deal," I won't get it, but ok with it...lol
    • I got a little "deal" but left an even bigger "deal" on the table.
    • now fighting to cut a loss
    • shot up so fast and is near breakeven...
    • weird action, but it seems like the bottom is in, so it might hold for now...
    • well gave my losses time and failed to adhere to my rules here.
  • Maybe SPY KL bounce will be better
  • damn wanted the bounce and got nothing on TSLA...the best play was the RZ reject, and I missed it...unfortunate.
    • I needed to cut losses fast on TSLA
      • I failed
    • That significant of a % loss should not happen. 
  • Waiting for SPY to crack 405 so I can at least try the KL bounce there...
  • waiting for the deal on SPY now...I probably won't get it...
  • yup bounced nicely at 405, which was my original plan...but I wanted it lower.
  • Today, I am off the mark.
  • Sucks I failed to cut my losses fast today...my fault. 
  • Possible entry for 406 rejected though
  • Unbelievably, fighting the whole way will not reject....so pissed off.
  • what a waste today.
  • I'll take my loss. I deserve it. 
  • My setups were solid today
    • Failed to get in on two; on two, I profited minimally; on one, I failed to cut losses.
  • Pissed at TSLA for breaking through support.
  • I'm pissed that I failed to cut losses.
  • I'm pissed for not getting in on those two trades.
  • Damnit.
  • That's how close the success I want is. It's right there...I just need to grab it!
  • I took another stab at the SPY reject....quick scalp because I am frustrated and feeling negative now.
  • Small loss on the day now made some back.
  • need to go and will be back.
  • damn, 405 KL was dead on...failed to execute it.
  • only play right now is a 406 RZ bounce play on SPY. 
    • a cross-over too.
  • a very "damned if I do" and "damned if I don't" type of day today.
    • so close.
    • keep pushing myself
    • I am going to break through very soon.
  • Even though the morning plays seem done, the longer-term intra-day plays could be set up now.... let's see what is available for startups here.
    • I'm willing to test today.
  • I keep falling for the same stuff.
  • I tried several other plays that set up and resulted in losses.
  •  Increased position size and more losses.
  • Going to take a break from trading now.
  • REDICULOUS!

POST REVIEW

  • My fault.
  • When I expect "realistic" things to happen, I get screwed when I have bigger position sizes.
  • I was just tossed around today, missing setups and building frustration.
  • just compounded, and nothing went my way...besides my initial trades with small gains.
  • Going to take a break from trading now.
    • I win small and win often.
    • Losses occur less but are more considerable.
    • Keep digging myself in the whole.
  • Need a reset.
  • Sucks!
  • Well, after cooling off a bit. I think I'm going to do the following:
    • I will go through my regular motions but will be paper trading until I figure out what is always holding me back.
    • I had enough of this crappy performance. 
    • The opportunities are there.
    • I feel like a fool.
    • Something is happening that I am not seeing.
    • I will not use any real money until this is solved.




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