BTFD rocks on! Only 2 trading days left in 2023. Will SPY hit 480-482 by Friday?

Wednesday Price Action Review

Morning session

As may on you know I’ve been developing an algo and it suggested a short around 10am.

Given the expected choppy session, I thought it was a good idea.

And in 20 minutes got a double.

So why did I take profits? Because this was dipping into that SPY 457.30 level. And if we are range bound this will rip right back up and wipe the gains. which is exactly what happened. Being it was my niece’s birthday. It was time to wrap it up and enjoy the day with her and the family and happily avoid the slow choppy holiday action.

Afternoon Session

BTFD continues to be the theme. I shared levels and comment yesterday for SPY 475 to hold/be the dip buy for more upside. Sure enough we dipped to the 474.90 level and held and ripped into the highs.

Now the crazy thing here is how choppy and juiced the contracts are and we don’t know how much upside. so in that case I like credit selling via bull puts.

Also, once plan for dip buys, and look for a minimum risk/reward you are comfortable with.

At 2pm off double bottom the 4775 gave a 100% gain. opportunity. entry at 3 and sell for 6. Lately on slow choppy days, that is my goto. take the double and walk away.

Except for the last 30 minutes.

In this case still thinking a 4880+ close comes, one had a chance to enter 4775c for $1 target $5 to 15 for the exit. It it hit 8 before closing around 5.5

10R on COIN swing play, could be 20R by Friday.

In the spirit of the holidays, I share this plan on twitter on Tuesday and it it turned into a 10R+ trade. Perfect trade plan.

Remember to use Edge to help you plan your trades. If you need help on how, be sure to reach out.

Plan for Thursday/Friday

Same thing, look for failed breakdown dips to scalp long, take gains at 50-100% if trading the morning session and if last hour look for 100-500% gains.

SPY 0.00%↑ looks like it wants to move toward 479+ by Friday.

My overall target on SPX is 4800-4810 by Friday.

So willing to scoop SPX 4790c for $2-5.

I may consider 12/29 SPX 4790c/4810c as a vertical if I can fill for $2 as well.

COIN 0.00%↑ has had a big rally

It is closing outside the bolliinger band so might be close to exhaustion.

Over the next 2-4 weeks, I’ll be buying dips to join trend but also hawking for a gap up reversal, or trend fail day.

NVDA 0.00%↑ want 497.5 or 500c. on deep discount to yolo for 503+ move. Otherwise, will be looking to swing 510c for Jan.