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August 30
Trades:
Trades Taken: 1
SPY
Plan: SPY long into moving averages and previous close is what I’m watching closely. Short plan would be yesterdays highs into ATH.
Result: I liked the positioning better on QQQ at the open regarding moving averages, so no trades on SPY. The action was clean on the rest of the day with levels being respected, even ending the day on a squeeze with a reaction right at the designated level.
QQQ
Plan: Previous close for the safer long, but yesterdays open and moving averages are first level of support. I like yesterday’s highs for a short.
Result: QQQ opened up higher on the moving averages than I anticipated. Seeing that, and having a dip out of the gate, I did work QQQ 473 calls. Played this one very safe on adds and paying myself. Check out the understanding of candle movement, buying low, selling high on the same minute some times. Now reference the right axis scale. These one minute moves can produce! I was already green on the trade before it even worked. This is my trade of the month. Nice reaction right into moving averages, and I’m out. Great way to end the month and now we head in to a long weekend.
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August 29
Trades Taken: 2
SPY
Plan: 5 ema into the previous close for a long, three stacked levels for the short, really depends on the type of opening we have for the short plan.
Result: Second trade of the day came on SPY 562 puts on extension right into the designated short trade area. I did wait for confirmation, and paid all out on first move into the 9 ema intraday for a nice quick scalp. Smaller size trade for practicing execution as my first trade was very clean and with size.
QQQ
Plan: Moving averages short on the first test, previous close for a long. A remount of the moving averages should be a nice opportunity as it has blue skies above it for a bit of a run in my opinion.
Result: I let QQQ squeeze as we had a very nice surge on the second minute. I took the trade on extension, knowing we were likely to come back and retest the moving averages as support. So instead of waiting for the remount, I took QQQ 476 puts for a nice first reaction.
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August 28
Trades:
Trades Taken: 0
SPY
Plan: I’d like to see a remount of the previous close during premarket and take that long on a dip, but as of now, we are still working under the previous close. If we run up after market open, I like a remount of that previous close, otherwise a short up at ATH if we move straight to it. Unlikely a test of ATH in the first morning move. Not a fan of the overall look of this morning. One plan is close range, the other is much farther.
Result: No trades. SPY range was wide, and we didn’t really get any range on SPY after the open.
QQQ
Plan: In a tight range in premarket between previous close and moving averages. A quick hard move to either direction will get me involved the respective trade outlined. The reset trades for the long are very intriguing.
Result: Both markets tapped the underside of the previous close on the first minute. Way to close of a trade for me, not enough distance. After seeing it worked so well, I knew that was the trade of the day, so I just watched the action. Knowing when NOT to trade is an important aspect of this profession.
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August 27
Trades:
Trades Taken: 1
SPY
Plan: SPY has a nice looking channel with 15 minutes to go before open. For a long, I like the gap fill at 556. Previous close for a short, ATH for a reset short trade.
Result: While the markets did move down to start the day, I entered with SPY 560 puts. The trade idea here was short on trend formation. This was my trade because while SPY dipped, it didn’t hit any major support . My aim was to take the trade short, and lock in on the failure. This did not happen, we actually squeezed right up to short entry area. Check the entries chart, see how I play that first few mintues, feeling out the chart with some quick profit. Once the market started moving north, I knew I had to give the risk to level, adding as we approached the entry area. Hit breach area, hit the trade with more size, and go the size out as we get the FIRST RECTION into the 9 ema on intraday. Check where the average is, doesn’t look like much, but perspective is everything! Another green day in the books. Also keep in mind, I want to be done by 10:00 (catalyst numbers).
QQQ
Plan: I like the channel better on SPY. For QQQ, I like the 467 area. For a short, I like the previous close.
Result:
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August 26
Trades:
Trades Taken: 1
SPY
Plan: If SPY stays between previous close (for a long) and the 564.86 ATH gap (for a short), the distance should be nice for whatever triggers first.
Result: Both markets flashed down on first minute this morning, SPY almost breached entry area, but was very quick, did not take that. The push up following this did not push into proper resistance. I took SPY 562 calls on the first pullback and paid out into morning highs for a beautiful trade to start the week. While this wasn’t a proper level trade, I was going to give the risk to the proper level and work the trade. I didn’t need to play the chart as the price action gave natural peaks and valleys.
Markets ended up red on the day, resting right above/at moving averages. Fairly clean action on the day to start the week.
QQQ
Plan: Friday’s high for a short on QQQ is what I like, the long is not showing as clean. Overall, I do like SPY set up better. I will likely go for the first directional pick this morning, and see how the day plays out. It is Monday, I want to see how we start the week.
Result: Focused on SPY. QQQ was clean on first test of the 5 ema (I marked that with trade box and orange line today). Action played around the 9 ema and 50 on the daily most of the afternoon.