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Option Day Trading SPY and TSLA: 5/2/23

 

My Daily Process for Trading SPY and TSLA Options

DAY GOALS & RULES

  • Focus on Intraday System Pattern A.
    • Pattern A: reaction zone crossovers with confirmations for an RZ reject or bounce. 
  • (1-4) CONTRACT SIZE.
  • BE PATIENT FOR ENTRIES AND EXITS.
    • If move in favor, take partial or all profits to minimize risk.
    • Patience will give me what I seek.
  • BE MINDFUL.

REFLECTION

  • Yesterday was very non-eventful. I think I pushed my setups too much yesterday and shouldn't have. I stretched them too thin and activated them when I should have just sat back and done nothing. If I had sat back, this would have eliminated most small losses. However, I did act, but there was no follow-through with the price action, so they were small wins on the plays I did win.
  • This was a day where I was 100% ready and patient, but the market was calm and unwilling to provide opportunities.

PRE-MARKET PLANS

Market News

  • It looks like we have no scheduled high-impact news today.

SPY

  • For today, I have these levels marked: 
    • Reaction Zones: 
      • 417ish (yellow zone)- wait for the cross-over.
      • 416ish (red zone)- Cross-over occurred. Wait for the re-test for the rejection.
      • 414ish (green zone)- Cross-over occurred. Wait for the retest for the bounce
      • 412.50ish (green zone)- Cross-over occurred. Wait for the re-test for a bounce.

TSLA

  • For today, I have these levels marked: 
    • Reaction Zones:
      • 162.50ish (yellow zone)- Wait for the cross-over.
      • 160.50ish (yellow zone)- Wait for cross-over.
      • 159ish (yellow zone)- Wait for cross-over.


RAW TRADING NOTES & COMMENTARY

  • I have two potential plays on SPY. One is a bounce, and the other is rejection. There is probably a higher probability of rejection since we have already had substantial green days, so a pullback is likely.
  • Today feels like a breakout day if I can manage my patience...
  • got in on the bounce...since we had a morning panic...
  • fighting my stop...go figure!
  • TSLA lovely spike at the open...
  • SPY needs to hold 414. If it can't, I need to get out...
  • Unbelievable. Got out with a puny ass loss...thought I was profitable, but I guess not. Just will not yield!!!!
  • better bounce will be the RZ below...
  • frustrating...but I need to wait until SPY drops to 413
  • possible entry on TSLA on the pulls-back bounce
  • I was tempted to get in on the SPY  but really want closer to 413.... let's see if I am damned if  I do, damned if  I don't....lol
  • well looks like I was right about today...but on the wrong side, of course..go figure...once again, digging myself into a freakin' hole!
  • That's it. I'm feakin' done.
  • I had the opportunity to get in on the reject before this considerable drop, and I didn't...figured the bounces would be better...I just never choose the right play.
  • I am so disappointed and frustrated.
  • Now I'm scared to trade.
  • My confidence is zero now.
  • I cannot trade real money.
  • I just kept adding to losers... The opportunity was great for a bounce. Unfortunately, I was wrong and paid the price...My original thought of being biased to the downside was dead on, but I adapted and switched...
  • I magnified my losses because I was confident in the bounce, which never happened. 
  • I failed to be disciplined in keeping position sizing small.
    • paid the price.
  • I am just so sick of not winning anymore.
  • when I win, it is so tiny it doesn't matter.
  • I am in a huge hole now...and the ways out are slim.
  • tried again...failed!
  • Just wow...
  • Now, I am officially not trading for a while.
  • My break is here.
  • I am forced to take a break.
  • Stupid.
  • Of all the days to choose bounce steups, it must be this day. Ridiculous!

POST REVIEW

  • Does not matter what I do. I am still failing to catch anything.
  • The harder I grind, the more difficult it gets.
  • The relief I do catch is minimal and has no benefits.
  • Taking a long break from trading might help reset and fix whatever keeps pushing me down.
  • logging off for now.
  • My performance is the exact opposite of what I want. HOW!
  • Going forward, I will eventually get to paper trading, but I will just be journaling to unravel deeper-rooted issues from this day forward.
    • I wish I was in a different place moving forward, but I'm here, and unfortunately, this is the next step I need to take.
    • All the steps I have taken thus far are not worthless but have led me here. I will not let all that work evaporate.
    • It will mean something.
    • There is opportunity, but I consistently fail to grasp it.
    • I am not sure other traders needed to go this far, but if they have, I deeply respect them.
      • But this is my journey; this is what plagues me.
      • If I want to be successful must overcome this aspect of my trading.





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