10 baggers are back! SPY reclaims over 453.50. Trade ideas for Thursday Aug 15, 2024
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Good morning traders!
Solid day yesterday, with initial trades providing T1 and T2 payouts and then my dip buy planning yesterday filled on SPX 5450c for 1.50 spiking to $11!
Seriously what a day! I rarely go trade at the open, but yesterday I alerted I was going short over 543 per the plan I wrote in yesterday’s blog and that I was targeting 540-541. That is exactly where we dumped to an hour later!
I also wrote over 543.50, target a level above. And we ran exactly to the 545 level!
Trade Alert Highlights:
SPX 5400p: 5.5→ 10
SPX 5450c: 4 —> 10
SPX 5450c: 1.50 → 10
SMCI 600c: $2 reload hit 4.50+ should see 10+
Overall the price action is net bullish, and yesterday turned into a bit of a consolidation day. Overall BTFD is back unless we break 540.50 and dips on 543.50-544 can be bought for 547.50+.
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Let’s review yesterday’s trades/signals and then get into ideas for today.
Introduction (for New Readers)
Welcome to my blog on Two Hour Trading—your daily source for market insights and trading opportunities. Here, you’ll find comprehensive market analysis, educational lessons, and trade ideas to help you excel in trading, all while spending less than two hours a day.
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What is Two Hour Trading?
Two Hour Trading is my system for finding and executing trades while spending less than two hours a day trading. My goal is to earn 100-300% on the capital I risk while waiting for 1000%+ gain trades to set up. Key benefits include:
High-quality trades with excellent reward vs. risk
Avoiding overtrading and losses from it
Trading to win vs. trading not to lose
Stacking the deck in your favor
2024 Alert Leaderboard
Here's a look at some of the potential gains achieved through our entry alerts:
Aug 14 - SPX 5400p 5.50 → 10 ($5500 → $10000 potential)
Aug 14 - SPX 5450c 4 → 10 ($4000 → $10000 potential)
Aug 14 - SPX 5450c 1.50 → 10 ($1500 → $10000 potential)
Aug 14 - SPX 5460c 0.20 → 3 (0.10 entry goal, took small 0.20) ($200 → $3000 potential)
Aug 13 - SMCI 600c swing $2.5 ($2500 → $10500 potential)
Aug 13 - SPX 5400p 17 stops 15 ($1700 —> $2300 potential)
Aug 12 - SPX5350c $8 stops 7 ($8000 → $25000 potential)
Aug 12 - SPX5340c $0.5 ($500 → $4500 potential)
Aug 09 - NVDA107c $0.2 stops .10 ($2000 → $7000 potential)
Aug 09 - LLY900c $3.50 stops 1.50 ($3500 → $11500 potential)
Aug 07 - SPX 5280p $10 stops 8 ($1000 → $8000+ potential)
Aug 07 - SPX 5200p $1 stops 0.5 ($1000 → $7000+ potential)
Aug 07 - NVDA 100p $0.8 stops 0.4 ($800 → $3300+ potential)
Aug 06 - SPX 5250c $10 stops 8 ($1000 —> $6000+potential)
Aug 06 - SPX 5250p $1.5 stops 0.75($1500 —> $13000+potential)
Aug 05 - SPX 5300c $3.50 stops 2.50 ($3500 —> $11000 +potential)
Aug 02 - SPX 5350p $5.50 (overnight swing from Aug 01) ($5500 —> $45000 +potential)
Aug 01 - SPX 5480p $4.50 ($4500 —> $65000 potential)
July 31 - SPX 5520c $12 ($1200 —> $3390 potential)
July 30 - SPX 5430p $2.50 ($2500 —> $30000 potential)
July 30 - SPX 5400p $2 ($2000 —> $10000 potential)
July 30 - TSLA 220p $1.50 ($1500 —> $5000 potential)
July 30 - SPX 5450c $0.20 ($200 —> $5000 potential)
July 29 - SPX 5450p $4.50 ($4500 —> $16000 potential)
July 29 - SPX 5460p $0.20 ($200 —> $1100 potential)
July 29 - SPX 5470p $1.5 ($1500 —> $8000 potential)
July 29 - SPX 5480c credit sell - collect $2700 risk $500
July 29 - SPX 5400p $2 out $6 ($2000 —> $6000 potential)
July 26 - SPX 5400p $2 out $6 ($2000 —> $6000 potential)
July 26 - SPX 5450c $4 out $12 reached 15.50 ($4000 —> $15500 potential)
July 25 - SPX 5450c $1, $1.50, and $1.75. target $10. reached $10! ($1000 —> $10000 potential)
July 25 - SPX 5450c $5. reached $41.70! ($5000 —> $41700 potential)
July 22 - CRWD 240p $1.7. reached $3.5! ($1700 —> $3500 potential)
July 22 - SPX 5580c $0.5. reached $3.3! ($500 —> $3300 potential)
July 19 - SPX 5500p $2. reached $12! ($2000 —> $12000 potential)
July 18 - SPX 5580p $5. reached $53+! ($5000 —> $53000 potential)
July 17 - SPX 5540c $2. reached $16! ($2000 —> $16000 potential)
July 16 - SPX 5660c $2. reached $10! ($2000 —> $10000 potential)
July 15 - SPX 5650c $1. reached $4! ($1000 —> $4000 potential)
July 11 - SPX 5600p $2. reached $23! ($2000 —> $23000 potential)
July 09 - Credit Sell SPX 5590/5595 bear calls 2.30-2.50 stops at 2.60 ( $2500 premium collected per 5k position risking $300)
July 08 - AVGO 1800c 13( $1300—> $2250 potential)
July 08 - SPX 5560p 2.50 stops 2.30 ( $2500—> $5000 potential)
July 08 - TSLA 270c 4.50 target 7.50 ( $4500—> $7600 potential)
July 03 - SPX 5520 2.5 ($2500—> $18000 potential)
July 02 - TSLA 225c 3.5 ($3500—> $8500 potential)
July 02 - SPX 5500c 2.50 ($2500 —> $10000 potential)
July 02 - SPX 5470 Bull Puts 2.50 ($2500 credit collected)
July 01 - closed TSLA Swing $2.65—> $12.00
**Past Performance is not indicative of future results
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Wednesday Recap
Let’s review the trades and price action. Did you take advantage? If not read on an learn how.
SPY/SPX
What a day yesterday. We nailed 2 short trades in first hour. Then after failed breakdown reversal and vwap reclaim, small long start and then add over 543.50. (I missed the adds since I was at the gym). SPY ripped right to 545 and then flash dumped back into vwap.
I came back after lunch and alerted SPX 5450c for 4 around 2pm. those spiked to 10 into that double top at 3pm.
I then waited, wanting vwap to be tested and I planned. my thoughts using the SPX levels is that we could see SPX 5460-5465 into the close and so I alerted I wanted PX 5450c for 1.50 and SPX 5460c for 0.10. 5450 dipped to 1.20 and 5460 dipped to 0.20. Both ripped! with 5450x doing 8x and 5460 doing 15x!
Key lessons:
10:30 short using double top off vwap as guide.
once 541 and 542 reclaimed. That is a failed breakdown reversal. Plan for 545 to come
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Education - How to Join a Strong Trend
The process I typically follow for joining a strong trend are as follows:
All day grinder: join on dips to 20ma
Multi-day grinder:
Join either on support test of morning lows/failed breakdown reversal
Join at vwap mid day or end of day
Keep it simple. Don’t chase, wait for support levels for great risk/reward entries!
Education - Systematic Profit Taking
How do I take profits? I keep it relatively simple. Depending on the entry and range to the next levels I typically with take profits 50-100% of my profits at 3-10R and then raise stops to above entry with a goal of letting runners take me to the next level or 2 and to then reload if I believe we are consolidating before the next leg.
I then repeat the same process on the reload.
Let me know in the comments if you have questions or would like to see examples, I’ll share them.
Trade Ideas - Plan for Thursday Aug 15
Stick to process. The process and trade setups I teach works. Rinse and repeat over and over again. There will be losses. Any good system will have them. Being systematic also means the gains will repeat and come again too. If you keep changing your system/process trying in an effort to never lose a trade, you will never get to where you want to go.
Ideas
More economic data and more rally in premarket with SPY ripping into 549 from 545.
I’ll be looking for some gap fill like usually initially, but if trend holds we could see 553+