Consolidation day delivers over 1200% on SPX. SPOT PYPL V FSLR BKNG report today. Trade Ideas for Tues Apr 29
Are you planning your trades? Do you know when not to trade?
Another solid day overall. Yesterday was a little tricky but planning, flipping, targeting was all spot on. Late afternoon I alerted a trade on SPX 5520 that went from 1.50 to $20! My target was 8-12 and sure enough SPX 5520c closed at 8.75 after that big squeeze.
What a day!
The levels were spot on and fantastic again. I’ll go over the details on SPX, MSTR, and TSLA trades in the recap section.
We have a number of names reporting today, but the big names start reporting tomorrow. Those may help give the market a clearer direction.
The most important thing I can share today, is be patient, learn how to plan trades for level to level trading and recognizing failed breakdown or breakout moves. Those two things are what consistently help THT PRO members get paid.
Be sure to review the recap to learn just how..
Stop being a hobbyist and invest in becoming a focused disciplined trader with a trade to win mindset with us.
Overnight Action
SPY popped to 553 and is now at 549.80
SPOT gapping down after e/r report
PYPL also gapping down after e/r report
Read on to the ideas section for what I’m planning today.
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
Trade Recap for Mon Apr 28
GOLD BOLD ITALIC = price action signal
WHITE REGULAR = action to take/taken
GREEN REGULAR = trades I should have taken
SPY / SPX
Initially went long in case market ran out the gate and then decided to wait for first hour to complete.
Saw some volume on 5550c and joined it, but quickly got stopped out.
Then took a nap and waited for afternoon session.
Saw the failed breakdown and volume come in on 5520c. And then alerted after 2pm and seeig 547.50 reclaimed and basing targeting a 2 level move up whic was 5532 on SPX.
SPX 5520c action below.
TSLA
MSTR
We got the dip to 355-358 area I wanted perfectly per morning idea. scooped 390c for 2.50. Do we get 400+ this week?
GET EXCITED. I’ll be publishing a book called Trading To Win: Stop trading to NOT lose. Title is still in the works. I plan to include exercises to help you improve your mindset and your trading. Leave a comment or send me a message if interested in the book.
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/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.
Trade Ideas - Plan for Tues Apr 29
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
So far 2 tech names looking weak and gapped up initially and is back near yesterday’s close. There is a chance today develops into a sell day/profit taking ahead of earnings tomorrow. We could also continue the rally, but I think the market is waiting for positive results from the big names, so ideally wait for dips to get long.