AAPL gets some love! SPY gapping down after making all time high? Trade ideas for Tue Jul 01
What's stopping you from making 200-500%? Stop overtrading, and make more in less time. Read on to learn how I do it.
Good morning! Reminder, short trading week so be aware.
Yesterday I was having awful internet service and so missed out on some great trades, however that was made up for in the afternoon. Though I was off on the final target we still got great gains.
SPY / SPX
IDEA: Consolidation between 618 and 615 and 6200 and 6173
Overall I was having trouble with internet and I was expecting a consoidation day. Given that i decided to wait for 10:30 and then again 11:30 for a trade and didn’t see anything really setting up that I loved.
So with this idea in hand, let’s look at the afternoon action and SPX 6200c.
Some volume turned up in afternoon. It was tricky to read. I was hoping for a gap fill move to get 6180/75 bull puts for 2.50-4. But took a starter at 1.80 anticipating a failed breakdown reversal coming.
Again I was fighting with getting internet to work reliably so I missed on catching 6200c for under 1.50!
The box area was the entry idea from morning. We then called a failed breakdown reversal after 2:30pm. I alerted taking 6200c and 6210c when vwap was about to cross. Turns out everyone had the same idea and a minute later lots of volume came in.
I was targeting 12-22 on SPX 6200c. so a $2 that is a minimum 500% gain and at $3 that is 300% gain. So its a no brainer to take!
Given possible chop and process sold 50% at 7 on the initla spike and then let it do its thing . got more off at 14 and stopped the balance at 10.
Guys having patience is so essential and planning what your target sell prices are. Last 2 days the payouts have come after 2pm so that is where my energy will be. I’ll continue to check market at 11-11:30 am for a setup and then again after 2pm.
There is massive opportunity in this market. Are you taking advantage? Literally have planned and alerted trades that pay over 300-1000%! You will need patience to wait for entries and the exits. But if you have self discipline or trust bracket orders, my process can help you get the results you want.
Thoughts from Friday price action:
SPY has broken out of 2 weeks of consolidation and is making new highs
BTFD bias continues until 610.50 breaks.
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
If you are busy and want to see my commentary and ideas in real time consider joining THT-PRO.
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 or failed breakdown reversal at key level
Join at VWAP mid day or end of day
Keep it simple. Don’t chase, wait for support levels for great risk/reward entries!
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.
Securing Profits on Options overnight
Sometimes you get this massive paper gains overnight on options but you can’t secure it right? Well if you have a big enough account and a margin account if you have calls you can. What you need to do is buy or sell the stock overnight. and the option turns into a hedge against that position essentially securing your profits.
Trade Ideas - Plan for Tue Ju1 01
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
Having patience is so essential and planning what your target sell prices are. Last 2 days the payouts have come after 2pm so that is where my energy will be. I’ll continue to check market at 11-11:30 am for a setup and then again after 2pm.