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Option Day Trading SPY and TSLA: 5/4/23

 

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) 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.
  • THE WHEN WHY, AND HOW OF MY TRADING NEED TO CHANGE.
    • it is a time and self game now.

REFLECTION

  • The process and, ultimately, summation of my trading has led me to produce my current results. It is 100% true. Although I have been improving, the improvements do not matter. 
    • It's like if I were to sit down and do homework for school instead of actually working on the assignment. I noticed my pencil was not sharpened, and rather than doing the task, I spent time sharpening my pencil. Then I sit down again and see that the TV is on, so I turn it off to mitigate distraction while doing homework.  The process goes on. Although minor improvements, the time is now to actually do the homework.
    • This is the best way I can describe what I am feeling and facing now.
  • I'm working on developing Cognitive Behavioral Therapy Tools (CBT) for my trading.
    • Will share developments when they are ready.

PRE-MARKET PLANS

Market News

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

SPY

  • For today, I have these levels marked: 
    • Reaction Zones: 
      • 413.50ish (yellow zone)- wait for the cross-over.
      • 410ish (red zone)- Cross-over occurred. Wait for the retest for the rejection.
      • 408.50 (red zone)- Cross-over occurred. Wait for the retest for the rejection.
      • 405ish (yellow zone)- wait for the cross-over.


TSLA

  • For today, I have these levels marked: 
    • Reaction Zones:
      • 165ish (yellow zone)- Wait for the cross-over.
      • 163ish (red zone)-  Cross-over occurred. Wait for the retest for the rejection.
      • 159ish (yellow zone)- Wait for cross-over.


RAW TRADING NOTES & COMMENTARY

  • Could have gotten in on the TSLA reject, but it was very quick...no play now.
  • It seems like SPY wants to bounce at 405... will see if it will want to break down later...
  • I'm very patient today....just need to let things fall in my lap.
  • might enter at a 405 break...
  • wanted to get in on the break but missed my entry.
  • I got in on the retest......not even putting up a fight; it just wants to bounce and screw me...
  • let's see....hard to stay positive because just used to getting screwed over when I am in a play now...
  • exit will be a break of day lows at 404.50ish
  • got out near day lows... probably selling too soon, but was fighting a lot of emotion and did not want to get screwed over...
  • Nice trade... let's see if time increases potential profits or is a loss....just watching.
  • probably done for the day.
    • even now, patience/more time trump what I have always done.
    • past fears have been severely limiting my potential.
  • Seems to be setting up for a 405 retest now....might take it.
    • but might not
    • getting close to where I need to head out to take my son to school.
  • I got in a miraculous push-up to the reaction zone and got out when it came back down...again probably selling too soon, but the number of times I have gotten screwed over is so significant, and the fear is so great. I just need to win...I need to work on this big time. Let's see how the long-term play will go if I do hold.
  • Choppy rest of day.

POST REVIEW

  • Overall simple day today.
  • I just let the pieces fall where they wanted to fall. 
  • Tried to be mindful and not let things sway me to do something.





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