Bears Win Day 1 of 2025. Strong bounce off 580. Will it hold? Trade ideas for Jan 03, 2024
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Good morning traders !
What a wild start to January. 590 broke in premarket fast flush then more consolidation action and then final break of 585 taking us under 582.50 to 580.50!
Congrats to Moe who took puts than ran from $4 to $40+! Put in the time, learn our process and you too will start taking trades like this. It may not happen overnight, but in time and with confidence it will.
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I’m still in vacation mode in south of Brazil. Looks like today is turning into a travel day and hopefully by weekend I will be back into full work mode. So much I want to do and implement.
Thursday Highlights
SPY - dip and then ripped back near the open, ventually failing to bring down side. It then did a strong bounce off 580s reclaiming most of what it lost.
TSLA - delivery numbers triggered selling carrying TSLA to 373!
Friday Premarket Highlights
SPY - gapped up and tested 587, this is over 585 support and implies possible failed breakdown reversal
TSLA - pushed in premarket to 386, but would not be surprised to see 360-370 today.
Overall no surprise on morning gap ups the question comes at the open do they hold or not.
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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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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
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2024-01-03 SPX 5880p 11 to 40+
2024-01-03 SPX 5820p $2 to 10
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Trade Recap for Thu Jan 02
GOLD BOLD ITALIC = price action signal
WHITE REGULAR = action to take/taken
GREEN REGULAR = trades I should have taken
SPY / SPX
Were you able to spot the signals?
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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 Friday Jan 03
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
Another Low Volume Gap up into resistance. 585-587 area is a major conolidation zone.
Read on for my thoughts/plans…