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

 

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

  • Superfluous processes must be eliminated. They will muddy the waters of action.  
    • this goes for both physical and internal/psychological processes.
    • Clarity will enable growth.
      • understanding and listening are the foundations of change.

PRE-MARKET PLANS

Market News

  • It looks like we have Non-Farm Payrolls and Unemployment Rate at 5:3am PST as the high-impact news today.

SPY

  • For today, I have these levels marked: 
    • Reaction Zones: 
      • 408.50ish (yellow zone)- wait for the cross-over.
      • 406ish (green zone)- Cross-over occurred. Wait for the retest for the bounce.
      • 404ish (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.
      • 162ish (green zone)-  Cross-over occurred. Wait for the retest for the bounce.
      • 160ish (yellow zone)- Wait for cross-over.


RAW TRADING NOTES & COMMENTARY

  • SPY may have another cross-over event at 408.50ish...keep on watch.
  • SPY cross-over...waiting on a pullback.
  • TSLA 165 cross-over now. Breaking out now will wait on the pullback for confirmation.
  • it seems we are getting a little pullback, but I want the ideal entry.
    • If I don't get it too bad...
  • nice breakouts...
  • just seems like everything will just be going up without me... let's see if we get a pullback that's worth it.
  • Recording CBT data in a new spreadsheet.
  • Looks like I missed the breakout, and no opportunity for a pullback....figures.
  • No sense in chasing, but it seems like it would have worked out today...but too late.
    • Next time, if I chase, it doesn't do this...so this is a trap for sure. Luck and lure are an attractant for failure.
  • Unlikely to make a trade today, unfortunately...

POST REVIEW

  • Not trades.
  • Nothing set up the way I wanted.
  • Just a slap in the face today for not playing the initial breakout.
  • Whatever.



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