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Option Day Trading SPY and TSLA: 5/8/23

 

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 a move is 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

  • I will continue my CBT formulation this week and exercise mindfulness with my trading. 

PRE-MARKET PLANS

Market News

  • We have no high-impact news today.

SPY

  • For today, I have these levels marked: 
    • Reaction Zones: 
      • 414ish (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:
      • 175ish (yellow zone)- Wait for the cross-over.
      • 170ish (green zone)-  Cross-over occurred. Wait for the retest for the bounce.
      • 165ish (green zone)- Cross-over occurred. Far away, so it could get here, but I like the RZ above; this one is better for a bounce.



RAW TRADING NOTES & COMMENTARY

  • Got in on TSLA RZ bounce...
    • Had a nice quick bounce and thought about selling into it but decided to hold...testing my entry now.
    • testing my patience for sure
    • ideal entry hit now...
    • now we have option drift...could have taken profits earlier, but now options pricing is right where I bought it initially, and it is bouncing... ridiculous...
    • let's see f it can break VWAP, and then I will be out...
    • took my small ass profits..not even a dollar in profits.
    • Was better off taking the quick gain at the beginning.
      • Waited through the downside.
      •  Option pricing drift is not fair today.
      • Now that I sold, the contracts are now moving.
      • Of course!!!
      • Whatever.
      • Moving on.
      • My patience was tested, and my threshold was hit when contracts were breakeven on the bounce....not worth the risk anymore.
        • Should have waited for the ideal entry.
  • Pathetic performance
  • Now just need to wait for other opportunities...
  • dealing with more resistance lately...must be on the right track...
  • Overall I was right in the direction.
    • Entered too early and sold too early.
  • Doesn't seem like other opportunities will unravel, so calling it a day!

POST REVIEW

  • Well 100% ready.
  • No follow-through on the plans.
  • I'll be ready for tomorrow!






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