Capital Growth

$Spy had cleannn price action today and it just came down to a matter of patience🚶🏽‍♀️⠀
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$Spy made a strong move in the morning then dropped to 368.60ish level after the first hour...A clear level from yesterday and not far off of yesterday’s close. ⠀
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After retesting and confirming this level was support, it made its way back up to high of day. Because this level was held, it told us buyers were strong here and not willing to let the sellers win the fight. ⠀
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Then cleannn break out at high of day level $370.85⠀
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Scalping off of key levels on a break up or down is my favorite way to trade. You can trade SPY or SPX this way but SPX is less liquid. I like SPX when we have solid momentum because it usually presents the opportunity for way higher gains. Also personally, it mentally feels better to be in a trade with 10-20 contracts than 200 contracts. Check out how SPX moves when you get a chance!⠀
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If you messed up todays action, you either don’t understand priceaction well enough or didn’t have patience⠀
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How’s your new year going so far in trading ? ⠀
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Every single night you are interested in trading the next day, take some time to make a general plan. ⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀ ⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀
•What happened today in our economy ?
•What is the market sentiment ? ⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀
•What were some popular catalysts? ⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀
Every single morning you plan to POTENTIALLY trade...make time to create a plan before the market opens. ⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀ ⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀ ⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀
•How is the market doing this morning?
•Are there any trump tweets I need to make note of ? ⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀
•What could happen today based off of yesterday’s reaction ? ⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀
•What’s running today? ⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀ ⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀
Create a 2 sided plan so it avoids fomo and biased thoughts. This was my thought process this morning. ⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀ ⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀
“I’d like to trade Roku if the opportunity presents itself. This stock has lots of eyes on it lately. And then yesterday after adding Apple TV, the stock ran $13 with barely any pullbacks. I’m familiar with Roku since it has been on my WL for a while. So what I’ll do is create a plan for if it goes up or down. I’ll buy puts/short it if I see sellers aggressively selling under yesterday’s high. I anticipate it falling through or bouncing off of the $130 level (psychological #). If # buyers show up with some heat, I’m in long watching the $137ish level to $140. This way no matter what happens I have a plan that the reward seems to overpower the risk and there is no bias or speculation. Watch the price action and volume. “ ⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀ ⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀
So yeah, saw doubt kicking in premarket, snagged some puts a little after the open, then added some totaling 30. My contracts shot up over a dollar within 5 mins, and I exited. ⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀ ⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀
Preparation meets opportunity 🚀👊🏽