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Option Day Trading SPY and TSLA: 5/10/23

 

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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