September 27
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Trades Taken: 2
Trade Plan
Plan: Another decent dip in the market, just to be bought up right at support. Yesterday’s close is smack in middle of the candle, creating two channels on both markets, an upper channel and a lower channel.
For SPY, test of previous close is the first support, assuming we stay above it and have enough distance for a proper test. High of day yesterday for a short, is also ATH and yesterday’s premarket high.
QQQ is same as SPY, an upper channel and a lower channel, with the previous close acting as the middle man. QQQ is first support as long as we stay above, moving averages protect the trade at yesterday’s lows for a first test.
Result: First trade came on QQQ 489 calls early as we dipped towards previous close. Worked nicely very early. I don’t like that I added after it worked, decided to cut this as I knew I broke my rules. Ended slightly red on this one, I consider it a wash considering such a small loss. Lesson on this one is take the money in hand on that first move! I got greedy with an add after the trade gave me exactly what I was looking for. This is how small green days can turn very red. I quickly switched focus on SPY.
Second trade came on SPY 572 calls. Slowly trending down towards previous close, I sniped entries in this area of heavy wick action. I broke another rule today by holding during 10:00 numbers. I got lucky today that this worked in my favor and didn’t hurt me, this could have easily gone south for me.
Breaking rules sometimes we get rewarded, I don’t celebrate that. We all make mistakes, I’m going to study both of my mistakes this weekend and aim to come back better next week.
September 26
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Trades Taken: 2
SPY
Plan: Significant gap up, then continuation on the run up during premarket. SPY is in new ATH territory, only long options out of the gate. I like previous ATH for the first support long.
Result: I traded SPY twice this morning.
First trade was on SPY 572 calls as we barely broke morning lows on our way to level, I started, getting a nice payout. Added on break of lows again, with a monster payout right into 10:00. Pleased with that last sell, near perfection.
Second trade was on SPY 571 calls as we broke lows hard (closer to 11:00) and started our way to next level. A few rounds of adds gave me a decent average, again being able to take advantage of the first rection. Great second trade for the day. QQQ hit previous close at the same time for a nice line up,
QQQ
Plan: I really like QQQ this morning, a nice first range to work with. Two unfilled gaps, 496.34 short, 491.93 long.
Result:
September 25
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Trades Taken: 2
SPY
Plan: Action has been just under the previous close for most of premarket. I like a dip into the end of day VWAP for a long, this was a nice intraday range yesterday. Failing that, I really like a test of the 9 ema on the daily chart. That’s a bit far away for a morning trade. For a short, I like a test of ATH.
Result: Both markets popped at the open. SPY stayed in a range, QQQ kept going. See below for my first trade on QQQ.
Second trade of the morning came on SPY 570 calls as we broke previous close and started towards level. A nice scoop of lows here with a starter trade, worked right away, beautiful.
QQQ
Plan: For QQQ, 483 long, yesterday’s highs for a short. Range is better on QQQ this morning.
Result: Markets popped at open, QQQ kept going right into trigger. I averaged right into level on QQQ 486 puts and got a fantastic first reaction for another base hit.
September 24
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Trades Taken: 2
SPY
Plan: Three doji days in a row for the markets. It does feel like a bigger move is coming, up or down I don’t pretend to know. I will continue to take advantage of first reactions at volume zones, that’s my goal.
For SPY long, previous close risking low of day yesterday is interesting. Lots of protection here. For s short I like a test of ATH.
Result: No trades on SPY this morning, I didn’t like the first few minutes, not enough distance.
QQQ
Plan: PM highs into 487 range is very interesting for the short on QQQ. A test of previous close for the long.
Result: I waited to see if QQQ would hit level, it did. I got a starter on the flash down to previous close on the QQQ 483 calls, paying out quickly into range and trend. It’s trades like these that remind me how important targets are, the action really sold off. Sure, it recovered, but understanding the flow of a natural market is imperative.
Second trade came a bit later after 10:00 numbers and sell off. I worked the QQQ 480 calls as we approached level, this was the 5 ema on the daily chart at the time. This ended up being morning lows, something that often happens, but not what I’m aiming for. Just goes to show how accurate these volume zones are that I locate and plan out ahead of time.
September 23
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Trades:
Trades Taken: 1
SPY
Plan: Slight gap up this morning. A dip into previous close would be the first long on deck, but the level is quite close. The previous ATH around 565 is the next support, which provided a spectacular pivot on Friday, which I took advantage of. For a short I like 571 gap fill for a first reaction.
Result: An open and dip, I started to average on SPY 568 calls (SPY calls after numbers). A nice reaction back into highs on just that one minute candle, and man did I capitalize. Fantastic start to the week. I did leave a piece on, add, and then get out as I knew 9:45 numbers release was coming. This level worked great multiple times this morning. But is my goal to take every test of a level, or the first test? The answer is first test.
QQQ
Plan: Simply no distance on the previous close. We had a gap up, but sold off a bit after 9 am. I like the 480 area long for QQQ IF/WHEN we get a straight shot to it. For a short, I’ll be watching the 487 area.
Result: