2 days of heavy selling on war fears. Will algos BTFD or day 3 selling? Day Trading Ideas for Apr 16
Reminder: File your taxes today
Good morning traders!
Yesterday there was a lot of uncertainty and came to the market and charts without an opinion on how it would play out. I chose to let trend and price action do its thing. I even made it ok to not take trades if I didn’t see anything good.
Having that perspective freed me up to observe and act. And boy did we. I’ll go over those trades in another blog post this afternoon.
I’ll also share my plans for today.
Reminder. Powell speaks today at 1:10pm ET so consider how big money may position ahead of that today.
Introduction (for New Readers)
Welcome to my blog on Two Hour Trading, your daily source for market insights and trading opportunities. In this blog, I will provide you with a comprehensive analysis of the market, educational lessons, and trade ideas to help you stay ahead in your trading journey and best of all doing it less than two hours a day.
What Subscribers Get
Subscribers to this blog will receive daily updates on market analysis, educational content, and up to three trade ideas each morning, all based on real-life examples and my personal approach to trading.
NOTE: screenshots from chat are from Edge Trade Planner. A platform available to THT PRO members. Join Us for live commentary and planning. Note my goal is to actively trade less than 2 hours a day finding 1 to 4 great trades a day.
What is Two Hour Trading?
It’s 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 setup. Key benefits:
High Quality trades with great reward vs risk
Avoid Overtrading and losses from it
Trading to Win vs Trading to Not Lose
Stacking the deck in your favor
2024 Alert Leaderboard
(I’ve decided to include a leaderboard so you can see what potential the 2 Hour Trading System has)
The following is based on entry alerts.
Apr 12 - SPX 5100p $1. (dipped to 1.30) - Entry $2 ($2500 premium potential)
Apr 11 - SPX 5180/5185 bear calls - Entry $2.50 ($2500 premium potential)
Apr 10 - SPX 5180/5185 bear calls - Entry $2.50 ($2500 premium potential)
Apr 10 - SPX 5170c - Entry 0.50 ($500 → $5000 potential)
Apr 9 - SPX 5185/5180 bull puts - Entry $3 ($3000 premium potential)
Apr 9 - SPX 5205c - Entry $0.50 ($500→ $6000 potenitl)
Apr 8 - SPX 5225/5230 bear calls - Entry $1.20 ($1200 premium potential)
Apr 8 - SPX 5200/5195 bear puts - Entry $0.10 ($1000→ $8000 potential)
Apr 4 - SPX 5250p - Entry $4 ($4000→ $100k potential)
Apr 4 - SPX 5180p - Entry $1.30 ($1300 > $32k potential)
Apr 3 - SPX 5175/5170 bull put - Entry $1.50 ($1500 premium potential)
Apr 2 - SPX 5175/5170 bull put - Entry $1.50 ($1500 premium potential)
Apr 2 - SPX 5205/5200 bull put - Entry $1.50 ($1500 premium potential)
**Past Performance is not indicative of future results
For live alerts and market commentary click the button below.
Monday’s Price Action (Education)
You don't try to make $100,000 ...You don’t start by saying, I’m going to make the biggest most profitable trade and turn $1000 into $100,000 and fix all my bad trades before.
You say, I’m going to plan and execute 1 trade as perfectly as I can today. You do that every single day, and soon you'll have a $100,000 and likely much more!
One of the best things about THT is to plan and get positioned. I trade a little bit longer than I would like, but given yesterday, it was worth it.
The key to big gains was to get positioned, and then let runners do their thing. I had my biggest day of 2024 yesterday due to following process.
SPY/SPX
Review the chart below to say how I traded SPY/SPX
Notice how I went long. on the solid blue line bounce. Why? Because I didn’t know if we would get another leg down until the news broke about Israel planning retaliation.
We nailed the long entry, but the price action formed a triple top. making $3 on the long off $1 risk wasn’t bad..
As soon as a triple top forms, I’m looking for a lower high and support break. That came and I chased short. I had alerted a short plan entry with pricing assuming a vwap test, but that pop didnt come. Sometime you don’t get the ideal discount shop, but when there is a catalyst and clean support break, its OK to CHASE.
the rest you can see how the day played out. I also did credit sells on SPX 5180/5185c, 5160/5165c, and finally in afternoon, also 5090/5095c credit sells.
Those credit sells all went to 0 and gave my account a boost without stressing if I was paying too much or too little on 0DTE contracts.
TSLA
Some people were looking to go long on layoff news given the rally names like META did. However with TSLA I had a heavy short bias. Why? Because the layoffs imho, were confirmation of cash flow issues. Something you don’t want to see in a growth company which still trade heavily on insane multiples.
So this was pretty simple 168 break, take 165 puts for a swing. target 158 or less.
In theory close 80% out today and swing the rest in case disaster strikes.
Trade Ideas - Plan for Tuesday Apr 16
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.
I will be watching the same: SPY, NVDA, TSLA, and UNH