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Option Day Trading SPY and TSLA: 5/3/23

 

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

  • It is self-evident that the one thing standing in my way is the self. I believe I have sharpened my trading skills to trade any pattern I want, but the one thing that that market will not allow in this current environment is an undeserved success. 
    • I believe that in other market environments, this issue of the self, at least for me, can be completely hidden and a non-issue.
      • It's like you are a fish, and suddenly, you are swimming fine but then realize that the water is gone, the tide has gone out, and you are stuck and left in a finite environment that can be very dangerous for you.
      • On one side, the market is unyielding; on the other, the market is revealing a gift for growth. 
  • Like I've mentioned before, I have driven myself here. There is a reason I am here. I need to overcome and rise from this anew.
  • I have progressed in other trading areas, but the self overshadows those successes. They do not matter here, now. The how, when, and why are the problems right now. What I trade are the specific patterns, which are always there, some better than others, but how, when, and why part of trading is more beneficial for long-term success and a better foundation moving forward.
    • The when with my trading stifles me from getting in too soon or exiting too soon. TIME
    • The how with my trading always seems to pull me back from where I want to be. SELF
    • The why with my trading is why I cannot move forward. SELF
  • I can work on timing. For the self, I think I need more time to change these.
  • Patience and mindfulness seem to be the keys I need to forge.

PRE-MARKET PLANS

Market News

  • It looks like we have ISM Services PMI at 7am PST, Fed Rate Decision at 11am PST, and Fed Press Conference at 11:30am PST for the high-impact news today.

SPY

  • For today, I have these levels marked: 
    • Reaction Zones: 
      • 412ish (yellow zone)- wait for the cross-over.
      • 410ish (green zone)- Cross-over occurred. Wait for the retest for the bounce.

TSLA

  • For today, I have these levels marked: 
    • Reaction Zones:
      • 165ish (yellow zone)- Wait for the cross-over.
      • 160ish (yellow zone)-  This may be a lower-high area that builds off support. Wait for a cross-over/ retest of this for a bounce. Not an ideal situation but worth keeping an eye on this.
      • 159ish (yellow zone)- Wait for cross-over.


RAW TRADING NOTES & COMMENTARY

  • Will only be paper trading today. 
  • The 409/410 SPY RZ bounce is the only play on my list.
  • TSLA showing strength. 
  • SPY non-eventful.
  • The market seems to want to completely bounce and negate yesterday's panic...so annoying... already halfway there.
  • SPY crossing over...
  • Pull back now... could have entered, but just watching for now.
  • No plays for me

POST REVIEW

  • Took relief in just watching today.
  • Trying to find a better way forward.
    • It will take time.



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