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Option Day Trading SPY and TSLA: 5/1/23


My Daily Process for Trading SPY and TSLA Options


  • Focus on Intraday System Pattern A.
    • Pattern A: reaction zone crossovers with confirmations for an RZ reject or bounce. 
  • (1-2) CONTRACT SIZE.
    • If move in favor, take partial or all profits to minimize risk.
    • Patience will give me what I seek.


Last week was tough, but the lessons were essential to better my trading. So let's be disciplined in what I have developed and learned. Stay true, and above all else, be patient.


Market News

  • It looks like we have ISM Manufacturing at 7:00am PST as the high-impact news today.


  • For today, I have these levels marked: 
    • Reaction Zones: 
      • 416ish (yellow zone)- wait for the cross-over.
      • 414.50ish (green zone)- Cross-over occurred. Wait for the re-test, but I like the lower green zone for a better entry.
      • 413ish (green zone)- Cross-over occurred. Wait for the retest.


  • For today, I have these levels marked: 
    • Reaction Zones:
      • 165ish (yellow zone)- Wait for the cross-over.
      • 163ish (green zone)- Cross-over occurred. Wait for the re-test.
      • 161ish (green zone)- Cross-over occurred. Wait for the re-test.
      • 158ish (green zone)- Cross-over occurred. Wait for the re-test. Kind of far away, so let's see.


  • Got in TSLA at the 161 RZ.
    • stop below 161
    • exit red/green test.
    • TSLA is tough to trade...
    • I anticipated the entry too I fudged the entry.
    • took the small gain.
    • reset and wait for other opportunities.
  • If we cannot continue on the uptrend today, we may have some rejections to plan out soon.
  • Waiting on the SPY RZ retest/pull back to VWAP
  • I came close to entering SPY pullback but wanted below 416.30...
  • trying to stay patient for entries...
  • I got in on the quick pull-down, but I just remembered the news was coming out at 7.
    •  Took quick profits and did not want to get trapped in volatile moves.
  • Will be patient for another entry soon.
  • TSLA choppy but nice bounce from the RZ...too bad I got in too early...
  • Nice bounce on SPY, too... patience really does pay sometimes...
  • Had the opportunity to get in on the TSLA RZ reject too, but didn't push the button.
  • not much else happening...need to head out soon.
  • well, of course, I needed to get in on the 416 reject, and it didn't work out, so I wiped out all small gains today.
  • figures.
  • Well, I tried today.
  • I tried again and failed....not gonna let losses add up today.
  • Sucks, but that's just what was available today.
  • Still, gains are smaller than my small
  • got in on the break, but now I have no patience whatsoever...I'm pissed...this will probably grind higher without me, damn.
  • YUP
  • Well got back in on the breakout/retest.
  • I will give this time now.
    • But in the back of my mind, I'm saying now that I am 100% ready for this. It will just fail in my I will see.
    • 417 is my stop
    • break of day. This is my exit.
    • I bet this will be a loss....just the way it is.
    • sucks to be so negative, but that is what happens.
    • Would love to be proven wrong!
    • getting close to stopping now.
  • Man just feels like I was being fed scraps today...
  • Needed to cut losses. 
  • Not surprised.
  • These are the days that weigh so heavy on my soul!
  • I cannot wait for the day to rise above this!
  • The best plays today for my strategy were definitely TSLA, and I got in early for one opportunity, and the other did not partake; I could have, but I did not.


  • Nothing really set up took what I could but no significant gains, only small losses adding up more than my smaller gains.
  • Start fresh tomorrow.
  • I played fine, just not a day for anything, to be honest.
  • Hopefully, tomorrow is better!


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