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Option Day Trading SPY and TSLA: 5/11/23

 

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.
  • EMBRACE CHANGE.
  • EMBRACE UNCERTAINTY.

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. 
  • I am starting to understand that I fear uncertainty very profoundly. Even though I perceive and know my decisions, there lies the illusion in my choices. Knowing makes uncertainty low or eliminates it for me. But in reality, uncertainty is in everything all the time. The impermanence of everything is reality. Change is the actual variable. 
  • I am very resistant to change, and why is that?
    • Knowing the decision or a path makes me comfortable, knowing that my way will have a set outcome. Uncertainty is low, and I can trust my decision.
    • But in reality, uncertainty and change are in everything, so the decision I made and the basis on which I made it has no foundation to be true.
      • It is an illusion I created for myself.
  • When uncertainty is involved in my decision process from the very beginning, I accept and adapt accordingly.

PRE-MARKET PLANS

Market News

  • We have PPI today at 5:30am PST as the high-impact news.

SPY

  • For today, I have these levels marked: 
    • Reaction Zones: 
      • 414.50sh (yellow zone)- wait for the cross-over.
      • 412.50ish (red zone)- at the zone right now and just crossed over. Wait for the retest for the reject entry.
      • 409ish (yellow zone)- Wait for the cross-over.

TSLA

  • For today, I have these levels marked: 
    • Reaction Zones:
      • 174ish (yellow zone)- Wait for the cross-over.
      • 167ish (yellow zone)- wait for the cross-over.



RAW TRADING NOTES & COMMENTARY

  • Waiting for the RZ reject on SPY.
    • I wanted more movement to the upside before entering but never got it failing now...
    • damn 
    • I was watching the right thing just never pushed the button...
    • so tired of missing these.
    • I can't do anything but wait for a possible entry into a bounce...
    • Got in on the secondary bounce.
    • Got in early...couldn't help it...
    • 411.65 is my stop
    • 409 is my exit
    • this is where I can sell for decent profits up about 16%, $52.
    • I'm choosing to stay in so my goals can be hit.
      • Let's see...
      • I am relinquishing the fear.
      • Couldn't do it!!!!
      • Ah, but starting to see the way.
      • It's like doing your hair in a new style!
        • Feels awkward, and you might have to revert back, etc.
    • Sold at a good point, though it did reverse a bit more, and I would have been more frustrated. 
    • Coming back down in the direction now might hit my original goals...time will tell.
    • I am happy for the decent gain and to have fought the fear but glad to have noticed that I needed to take the gain. If I had been stubborn to fight, I would have either given back more of my profits or been highly frustrated on the way down, as it would take a long time to go down.
    • I'm calling it a day!

POST REVIEW

  • Missed the initial opportunity but waited for another shot.
  • Took it and was rewarded.
    • Adapted and tested my previous fears.
  • Today was tricky but definitely a step in a better direction. 





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