December 6
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Trades:
Trades Taken:
Trade Plan
Plan: Gap up on 8:30 numbers this morning, right into short area I was watching. Let’s see if the action stays underneath the 608 level for SPY, or if it attempts a remount early. Long set up for the day are lower gaps, but could hold range from yesterday that worked so well to plan too. It’s Friday, after a stellar trading week. I will likely sit this morning out unless we get a nice speed and distance setup for a long (too close on a Friday morning to take the short as of 9:15)
Result: No trades for me on this Friday. While QQQ short set up nice, I wasn’t interested with the lack of distance as mentioned in premarket. The remount for SPY i called out worked very nicely, but I did not take it.
December 5
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Trades Taken: 3
Trade Plan
Plan: Range bound yesterday until the afternoon squeeze. Not a huge fan of the setup this morning. Yesterday’s highs is the only option for shorts at the moment being in ATH territory. End of day VWAP on both markets lines up on intraday level yesterday, that’s nice. Lower gap fills are the better option, but far away. A rip through the short level and a retest (remount) of yesterday’s close is on deck for a long opportunity as well.
Result: First move on the market was up. Not much distance, or speed, going into short level at open, but it was there. I went with SPY 608 puts for the first reaction. Was patient and flipped long on the dip with QQQ 522 calls with another first reaction trade. More distance and speed came with the failure of morning lows on SPY, screaming right towards the 606.49 level I had marked. I went with SPY 606 calls here for yet another first reaction trade.
December 4
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Trades:
Trades Taken:
Trade Plan
Plan: Gap up this morning, significant on QQQ. Won’t have much to work with other than a dip back into yesterday’s highs and gap fill area. Will wait and be patient on that today, IF/WHEN it happens.
Result: A divergent initial open for the markets if you know what to look for. After a mixed/consolidation open, finally got some downward movement on SPY. I went with SPY 604 calls for a SNIPE of an entry and nice payout for first target which was 9 ema intraday and morning range low. This trade ended up ripping. I continue to smoke entries which is my main focus, knowing WHERE TO GET IN. Too many focus on the profits and potential. Focus on learning how these markets MOVE and get your slice of the pie everyday.
December 3
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Trades:
Trades Taken: 1
Trade Plan
Plan: Yesterday’s highs for the shorts on both markets, worked well in premarket, let’s see if we get enough distance for it at the open. For the longs, multiple levels of if/then scenarios that could happen today. I really like the 510 area on QQQ, and 600 test on SPY.
Result: Both markets moved up out of the gate after a few minutes. QQQ got very close to entry area, I gave a starter on QQQ 516 puts. Nice 17% trade in less than 2 minutes (1 minute 22 second to be exact). It doesn’t take long, or much, to get reactions at proper areas. The price tested entry area multiple times over the next 20 minutes (as I write this at 9:58 eastern time) and gave similar reactions. Per usual, going for the fist test and first reaction. Hint, that’s where the consistency is!!!!!!!
Find what works, scale it. Eliminate the noise.
December 2
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Trades:
Trades Taken: 1
Trade Plan
Plan: Back at it after a week of vacation. Previous closes for a long on this gap up. Not a fan of the shorts unless we get some extension.
Result: We got the extension I was looking for on a short. Went with QQQ 515 puts and was willing to give it room as I figured we would trap and squeeze on QQQ once SPY broke ATH’s. Well, SPY ended up working well on first reaction. QQQ ran a bit, I took the trade on extension and paid on first reaction. Textbook trade for me. Sniped another entry (QQQ 515 puts 2nd) after another round of squeeze, again paying on pullback. Nice start to the week and month.