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Option Day Trading SPY and TSLA: 5/12/23

 

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 Michigan Consumer Sentiment today at 7:00am 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 (green zone)- we had a gap cross-over. Wait for the retest for the bounce entry.
      • 410ish (yellow zone)- Wait for the cross-over.

TSLA

  • For today, I have these levels marked: 
    • Reaction Zones:
      • 174ish (green zone)- already had the cross-over. Wait for the retest for confirmation of the bounce.
      • 172ish (green zone)- cross-over occurred. Already had a confirmation pullback/bounce.
      • 169ish (green zone)- Cross-over occurred. Very bullish.


RAW TRADING NOTES & COMMENTARY

  • well 100% ready for the TSLA RZ bounce and put my order in and had the wrong limit price....so I sabotaged my entry...too late now....no fill.
  • Just wow...would be up 50 cents a contract and was going to buy 2 contracts...so I missed out on a quick $100.
  • I messed up and wasn't prepared...was just distracted at the open because I was in the middle of reading something...
  • Nice to see my pattern working without me!
  • Almost $1 per contract...this was the play.
  • Got in on the SPY RZ bounce.
    • Got in a little early again.
    • Took my quick profits at the VWAP test...will likely go more, but with me missing my ideal entry on TSLA do not want to overcompensate for ANYTHING!
  • Nice to see my pattern worked to the T twice today. Nailed one entry and fudged the better one on TSLA. Relinquish and move on.
  • Ended up taking the majority of the move.
  • Now we have a SPY cross-over to the downside...need to be patient for an ideal entry.
  • Got in and tried to be patient, but it was soo hard...
  • fought so hard...just wanted a break of 412 to get out...not worth fighting it anymore...will probably have a free fall now that I am out, but I do not care. 
  • Yup was right and left some decent money on the table, but buyers still need to let this drop, so I don't want to play that game...
  • Most likely done for today.
  • Yup, 100% dead on...got fearful, leading me to get ut because it did not do what I initially wanted...
  • Possible total gain of around $135 or 23%.
  • ON THE RIGHT TRACK!

POST REVIEW

  • 100% on the right track today.
  • Took what I could and relinquished the rest!
  • This week's review will be interesting.



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