My Daily Process for Trading SPY and TSLA Options
DAY GOALS & RULES
- Focus on Intraday System Pattern A.
- Pattern A: reaction zone cross-overs with confirmations for an RZ reject or bounce.
- (1) CONTRACT SIZE.
- BE PATIENT FOR ENTRIES AND EXITS.
- If a move is in favor, take partial or all profits to minimize risk.
- Patience will give me what I seek.
- BE MINDFUL.
- RELINQUISH.
- THE WHEN, WHY, AND HOW OF MY TRADING NEED TO CHANGE.
- It is a time-and-self game now.
REFLECTION
- I will continue my CBT formulation this week and exercise mindfulness with my trading.
- I added relinquishment to my daily goals. This one new aspect is going to be instrumental in my growth.
PRE-MARKET PLANS
Market News
- We have Core Inflation Rate data today at 5:30am PST as the high-impact news.
SPY
- For today, I have these levels marked:
- Reaction Zones:
- 413.50sh (green zone)- witnessed the crossover based on the information. Let's see if w hold it and come retest the RZ for a possible bounce and continuation upwards or a reversal crossover later.
- 411.50ish (green zone)- Crossover occurred. Wait for the retest for the possible bounce.
- 410ish (green zone)- Wait for the crossover.
TSLA
- For today, I have these levels marked:
- Reaction Zones:
- 174.50ish (yellow zone)- Wait for the crossover.
- 172ish (green zone)- witnessed the crossover. Wait for the rest for possible bounce entry or reversal.
- 170ish (green zone)- Crossover occurred. Wait for the retest for possible bounce entry.
- 165ish (green zone)- Crossover appeared. Far away, so it could get here, but I like the RZ above; this one is better for a bounce.
RAW TRADING NOTES & COMMENTARY
- We look strong this morning based on the news. So let's see if we start trending and bouncing off the RZs.
- If not, let's see if we can get in on the reversals...
- Missed my entries on the SPY and TSLA bounces....must relinquish.
- Got in on the second opportunity.
- Of course, it doesn't hold and break through to the other RZ...
- too slow to cut losses...I added at another RZ...
- never ceases to amaze me with my luck.
- Will likely need to cut this but will let this play out.
- I could have easily bought the top of the range with puts but seemed to choose the perfect opportunity to lose. lol
- Will all that strength pre-market be going to waste? Really?
- TSLA is doing it. Why can't SPY?
- If SPY needs to hold 411.50.
- it is clear the move pre-market favored a shift to the downside... an apparent mean reversion.
- The same is true for the panic bounce to the RZ.
- Made back losses and sold break even...what a waste of time.
- Entered SPY for the rejection now.
- Expecting to be screwed here now too...
- stop 413.70
- What a freakin waste of time and energy today!
- Freakin A!
- Just sold, then stepped away and came back probably 2 min, and boom, precisely what I wanted.
- Dead on today...just more of testing my patience, resolve, and relinquishment.
- I will not fail.
- Only will move forward.
- It is clear that opportunities are there, but my mindset and self are the main hindrances to my success. I see this so clearly now.
- Relinquishment will help correct this, and patience and mindfulness will help stabilize it.
- My strategy captured the moves nicely today.
- A 100% winner on the RZ rejection play if I stayed in. Awesome!
- Potential other plays right now, but I need to head out, so I will see how they worked out when I come back...
- got in on TSLA RZ bounce...
- Did not want to risk it, so just got out...need to head out, so I will check and see if I could have held.
- Time is not on my side for this one, so I wanted to get out and be safe...
- I'd like to see if the idea was sound.
- Well, more downside.
- Got in on the RZ reject on SPY....not looking good. Fighting...
- Never ever easy...
- well about to take the puny loss and wipe all my small gains this week.
- Figures.
- Sold for a loss.
- Can't even go in my direction when I absolutely need to.
- Good thing I got out...
- done for today.
POST REVIEW
- I had decent plans but failed to capture the moves.
- I tried some more and was ready for it to work, but it failed me again. Reinforcing my previous cycle of confidence and retracement.
- 1 contract, so not a huge setback, but it feels that way.
- Mentally drained.
- I relinquished everything so I could start fresh tomorrow.
- No more trading after 8:30.
- Tired of letting things drag out and just want to be done in the morning and move on.
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