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Option Day Trading SPY and TSLA: 5/9/23

 

My Daily Process for Trading SPY and TSLA Options

DAY GOALS & RULES

  • Focus on Intraday System Pattern A.
    • Pattern A: reaction zone cross-overs 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.
  • RELINQUISH.
  • 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. 
  • I am in awe of how much the self/psychology plays in everything. 
    • I knew the importance of it from the beginning, but learning how intertwined and far-reaching it really is.

PRE-MARKET PLANS

Market News

  • We have no high-impact news today.

SPY

  • For today, I have these levels marked: 
    • Reaction Zones: 
      • 413.50sh (yellow zone)- wait for the cross-over.
      • 411.50ish (red zone)- Cross-over occurred. Wait for the retest for the possible rejection.
      • 410.50ish (green zone)- Longer term cross-over now retesting. Wait for the retest for a potential bounce.

TSLA

  • For today, I have these levels marked: 
    • Reaction Zones:
      • 172ish (yellow zone)- Wait for the cross-over.
      • 169.50ish (yellow zone)- Testing this zone right now. Wait for the cross-over.
      • 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

  • TSLA having a cross-over event now.
  • Got in a decent spot, but it bounced more than expected...so fighting now. 
  • As expected, there was a fight...
  • pathetic...I predict now that I sold, it will drop...minutes will confirm...lol
  • SPY RZ bounce would have been better, but it can have a rejection too.
  • Pathetic price action right now.
  • Damn got a perfect entry on the reject...took my small gains...sold too soon...lol...never fails.
  • Frustrated...Needed to operate in such a tight space and very much playing in the variability range here.... at least for the time I was in it...longer time frame might have been easier to hold...
  • Correct with the direction, but how it developed was extremely choppy...
  • I always fight the outcomes of the past, which results in internal decision variability. The internal decisions are where I fight it, but the past outcomes sway me in a specific direction. Therefore, I must focus on the inner struggle ONLY to change the outcome.
  • Getting annoyed with the market environment right now.
    • Whenever I am eager and ready for the market, the market exhibits odd or negating opportunities. 
    • In other words, providing an environment that takes a lot of effort to capture opportunity. Either it tests me on patience or my ability to control emotions while yielding minimal opportunities. Need to be aware of this circumstance so I can move on.
      •  Be mindful of the environment and RELINQUISH.
  • Still might have some opportunities later, but I am no longer eager to trade today.
  • SPY is definitely in between two RZs today.
    • Need to be patient and wait for cross-over and retest.
  • Thought about entering SPY 5/10 412 calls at 1.70 for the RZ cross-over/5min retest but held off since I need to pick up my son.
    • I'll see how this performs in my absence.

POST REVIEW

  • Took what was offered and was available for other opportunities but did not partake.
  • Feels better lately, but still frustrating that the opportunities are not really there when I'm ready.
  • Will see how tomorrow wants to unfold!





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