After 2 days of consolidation, do we break range today? My plan for Wed Nov 8.

Also an update on services

Let’s review yesterdays trades and price action, followed by my plan for today, and an update on services and edge development.

The market has changed a bit and I’m finding I like joining trades after the hour or two and sometime as late as the last 2 hours. I’m also wanting to get back to trading a couple of hours a day and being done. So how does one adjust to meet both goals.

Price action review

SPY gave an early dip in first 15min to test premarket support and then over the next hour slow grinded to break 436. I had mentioned in Premarket prep, that I believe there is a mini resistance area between 437.50 and 438 and sure enough we failed there and then got a back test of 436 over lunch for a reload long.

I tried to get 4380c for $2 but missed entry, and had to wait until lunchtime to get the fill and chased at 2.50 targeting $7 if retested hod and $20 if hod cleared. Not a bad trade to make $4 risking $1.

Overall the morning price action was difficult for plus it could have been a result of split focus since I was also trying to find trade setups in MDB, SNOW, and DDOG which all ran hard, but didn’t give me a setup I was comfortable getting long on. I tried shorts but got stopped for break even a couple of times.

Finally we have TSLA. While everything was flying and green, TSLA kept dipping. Finally support was established after first hour. It took all day to play out. I was scaling in some major size on this so had multiple entries/exits

Overall game plan on TSLA is to have it play catch up with the rest of tech’s rally. We scooped in the 0.70-0.90 range and sold some around 1.30-1.50 and I added more around 1.40. If all goes well, will be able to sell for $2+ on some gap up and if and when 226 clears, we could see 237-245 into Friday.

Finally a 10 bagger!

I love planning these and finally I took a trade that went 30x but I exited at 10x per plan into the close.

I was convinced we would get a big paying move at the close, I just wasn’t sure if it was going to be a ripper or a faker. As SPY started its push in last 30 minutes I started planning. Where would it go if we broke high of day and if it rejected where would it go. I told members I had a feeling we close around 4378 and 4382.

So I made my bets. 4390c for .20 and 4380p for .20. I was confident that if we spiked to 4390 in last 15minutes I would be able to sell for $1 to 4 and if close at 4378 I would see for $2.

4390p went to 0 and 4380 went over $6. I had sell order ahead of time and sold exited per plan.

Game Plan for Wed Nov 8

Powell is speaking ahead of the open and more fed speeches in afternoon.

The last two days were consolidation and we are hitting resistance levels. I believe today or tomorrow is do or die day, we either breakout higher to get to the 440 level on SPY or we break support and get a corrective move.

Just like the previous 2 days I’ll be hawking action for both setups. Overall I am wanting a corrective move to develop to fill one or both gaps in SPY.

Most importantly I’ll be looking for a faker / trap move for an entry.

I’ll be watching the scanner in Edge. Overall volume of alerts for last 2 days has dropped so I will be watching for sequences of big bets.

if we clear 438, 440 can come and if we get a faker move 437.50/438 and break yesterday’s lows, I’ll be game to get short.

Quick update for services

A number of folks have reached out about joining and I have not been actively promoting coaching and training so I can focus on algo development and building Edge. I’d like to hear from you about what services you would like.