October 25
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Trades Taken: 3
Trade Plan
Plan: Strong gap up in premarket leading into 9:00. For longs, I like the first dip into moving averages, protection of previous close is there for both markets. Gap fills on the horizon for the shorts, may be too close if the gap up continues.
Result: A continued move up this morning after a strong premarket. I did not like how close QQQ was to short level, so went with SPY as it had room. Nice first directional trade on SPY 584 puts. Went short again on SPY 586 puts, was willing to give this one until ATH, worked well before that. Third trade on remount of 583 using SPY 583 calls for a fantastic scoop of the remount here, great trade to end the week!
October 24
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Trades:
Trades Taken: 2
Trade Plan
Plan: A nice move down yesterday, SPY pivoting darn near to the penny of my level in the afternoon session, great action. An almost full bounce back this morning, right back into moving averages. Previous close below is an obvious long situation on first test. SPY has end of day VWAP there, QQQ has the 20 prior to previous close, interesting. Gap fills above for the shorts. One thing to watch (close level) would be moving averages (5 and 9 ema) as it’s hard to tell exactly where they will be at the open. Pretty straight forward outer levels though. Wide range today.
Result: A dip in the last few minutes of premarket followed by a few minutes down at the open, and I was all over looking for calls. Remember, dip at the open and I’m taking calls into that support level. I traded SPY 578 calls with a nice first sell, adds on wash closer to level with a fantastic payout before 10:00 numbers. I completely missed that there were numbers at 9:45 this morning, I bought that failure right into level. That does show the power of these levels. Another first reaction trade to get me green on the first move of the day. Took this area again later morning on failure of morning lows for a quick scalp, nice trade (SPY 578 calls 2nd time).
October 23
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Trades Taken: 2
Trade Plan
Plan: While the action in premarket right at 9:00 is smack in the middle of levels (which I really like), I’m not a huge fan on the levels themselves this morning. Open would be right at moving averages, so I’m looking for first directional pick, and I’ll take the corresponding trade. Nothing new here.
SPY is interesting at 580, but the 20 ma test on the daily chart 5 points away could be a later day trade IF it triggers. Previous close for a short. QQQ long low of day into a handful of previous closes starting at 492-491. Previous close for the short.
Result: Consolidation for the first 30 minutes. I tagged QQQ 492 calls twice while in consolidation, then averaged on the sell and got some fantastic entries again on QQQ 492 calls level for a beautiful first reaction. Great trade and management. Second trade came on SPY 582 puts as we squeezed into morning highs off of long level. Again, nailing a pivot point with a nice first target. Never looking for reversals, but rather pivot reactions. This is how to produce base hits every day.
October 22
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Trades Taken: 3
Trade Plan
Plan: A gap down this morning on the markets. Will be interesting to see if SPY can remount yesterday’s lows/pm lows before we open, this was my initial long for the day before testing twice in premarket. I would really like to see a dip on SPY into the 20 ma on the daily chart, that would be where I would size on calls. Anything prior to that is smaller size for me. Previous close on both markets is the obvious short but is far away, may be an opportunity prior to that it if the price action is right. The proper levels for today are quite wide, telling me we SHOULD have a decent move today.
Result: A flash pop on the first minute, then a dip to start the action. I went with QQQ 491 calls as I saw the protection on QQQ was better than SPY. This worked great with a payout right into open and morning highs. Great first direction trade. I then flipped short with QQQ 496 puts taking the squeeze short, paying out again almost instantly into first target. This level tested perfectly just after 10:00 as well. Small size on SPY 580 calls a few times to work on averaging, but first round of buys worked right away each time, so I pay out. Great day, price action continues to respect proper volume levels.
October 21
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Trades Taken: 3
Trade Plan
Plan: A decent dip, then recovery in premarket, still below previous close regardless of pm recovery. Previous close on deck for the shorts for first level of resistance. A few gap fills below for the longs, moving averages there as well. Setup is looking pretty straight forward this morning.
Result: Action started with a move up this morning. QQQ with a strong first minute, right into starter area for the short into previous close. A fantastic two minute trade here on QQQ 495 puts, very clean, nailing the last sell. Awesome start to the week. Second trade, I adjusted strike price to allow for squeeze considering we already had a first reaction. Took QQQ 496 puts for same trade idea. This time right into level for another first reaction trade. Quicker on this one for me as my buy was not ideal. Still happy with discipline on sells. SPY short would have worked well, but I was done with shorts at this point. Sell off from short levels happened, giving enough speed and distance for the longs. I was away from my computer for the SPY long, but wow did that work on first reaction. I took QQQ 491calls to plan for another base hit. Fantastic practice of averaging here, paying out nicely on first push back into 9 ema on intraday. Great patience and averaging on this one.