November 15
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Trades Taken:
Trade Plan
Plan: A steady red day yesterday, but go back and look at the levels according to plan. Worked several times, so very clean trading right now. A decent gap down to continue shaking out those that chased last week. A decent sized range, and with it being Friday, likely not trading today if I don’t get a trigger in the first 20-30 mins. I like the previous close for a short on both markets, previous range right for the longs for both markets as well. Clean channel, just wide on this Friday. If I do trade, small size to protect the stellar week I’ve already had.
Result: A dip this morning, I go with calls. QQQ 500 calls to start it off, a nice first directional pick and reaction. Then came the speed and distance into proper levels, I went with SPY 585 calls into previous range, willing to give the risk down to the 20 ma. Worked very well in this range, QQQ slipped and went lower.
November 14
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Trades Taken: 2
Trade Plan
Plan: I’d say a fairly average day yesterday even though it was CPI. PPI this morning, an initial negative reaction. Previous close is marked, it is important. A trade opportunity around previous close could present itself once we open. Levels stayed true yesterday. I really like lower gaps if they happen this week (591 on SPY and 506 on QQQ). For the morning trade, I like low of day and 5 emas on the daily for the longs, and high of day into ATH for the shorts, a fairly standard plan.
Result: Market direction was down this morning, so I go with calls to plan. Worked both SPY and QQQ long. SPY 595 calls I was averaging into 5 ema and level, worked early with a nice average. QQQ 510 calls actually triggered and I nailed it for another fantastic first reaction, great trade.
November 13
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Trades:
Trades Taken: 1
Trade Plan
Plan: Decent sell off yesterday right into 5 ema on the daily chart. CPI this morning. A gap down, then gap up, now retesting previous close in premarket. Where the market opens relative to previous close will be important. ATH highs for the proper short, low of day for the longs on both markets. Clearly defined lower levels if we fail ( 9 ema and gaps).
Result: SPY stayed above previous close at open, QQQ stayed below. I went with QQQ 510 calls and averaged right into a level for a fantastic first reaction trade. Nice base hit and execution of averaging, with every sell being in profit. Nice morning.
November 12
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Trades Taken: 2
Trade Plan
Plan: Not a huge fan of action this morning. Recovery in premarket after an initial gap down. Levels are essentially highs and lows of yesterday. CPI tomorrow, PPI Thursday.
Result: Two nice scalps today. Markets pushed last few minutes of premarket, right into previous close area. I took a starter on SPY 600 puts here and was out on first wash. A nice one minute trade. Market did push into proper entry area for short, I sat back. I waited for wash of lows and started my average game into proper level still a point away with the SPY 597 calls. Trade worked immediately for a nice push and head bump into previous close, a nice target. Not much movement when you look at the daily chart as of 10:15, but still able to nail two pivots on the morning.
November 11
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Trades:
Trades Taken: 1
Trade Plan
Plan: A slight gap up this morning as of 9:10. I like the channel better on SPY, with PM highs being the short and previous close for the long. QQQ is same setup for levels, range is just cleaner on SPY. The markets (SPY especially) have left several gaps behind on this run up. They will be of interest if/when we back test them. VERY interested if that happens this week. First test of moving averages on a back test will be on my radar as well this week.
Result: A bit of a divergent morning to start the day. SPY held up a little bit longer than QQQ. After QQQ let go and fell, SPY finally let go and fell as well which is where I started my averaging into level on SPY 598 calls. Great averaging and patience waiting and sniping lows in the valleys and a nice payout on the push. Didn’t hit the actual previous close, but the idea of averaging is getting involved during FEAR moments for longs as we APPROACH these levels. Nice trade.