Don't Trade When Sick! Monster Trade Opportunities. My plan for Friday Oct 27 for SPY, NVDA, and more
Does the after hours double bottom and rally mean it's time to buy?
PSA: Don’t Trade When Sick
I was sick yesterday and definitely unable to focus. Entered trades early, didn’t honor stops and overall just bad planning and execution. The cost to trade regardless of my health… Over 16% of my account. I had a few good trades, but it only takes one screw up in size/timing/execution to get wrecked. So do yourself a favor. Don’t Trade When Sick! There will be more opportunities.
(As for the 16%, not sweating the loss, I know trades are coming that will give 10 fold that). Remember to have the proper mindset.
Monster Trade Opportunities
Yesterday afternoon I indicated
Using the thinkorswim levels code I provide for members would see that peach line.
Here is what happened…. 25 minutes later!
SPX
QQQ
NVDA
Unfortunately I was too sick to properly execute and take advantage.
Here is the plan you could have made with Edge Trade Planner into the peach line.
Key things to note:
Entry / stops
How volume on the 4160 puts started increasing as the price got cheaper
How after the turn and rejection, volume increased even more.
If you know the sell targets you can make the judgement call on if entering at 5 vs 2.75 is still worth it… Would you enter at 5 risk 2.50 to sell at say $20? Risk 2.50 to make $15 to 20?
Here is how those contracts did
Let’s get into Friday Plan
Plan for Friday Oct 27
Lots of sharp W formations off yesterday’s lows. We are at a decision point. Bounce or dump.
If we do bounce, I think it will be relief rally for a handful of days before heading lower.
Going to use SPY 412.50/415 as guide posts for the range / range breakout. Today will likely have some chop/fight and thinking we then get a directional move.
I’ll be watching:
SPY 0.00%↑ - range break
QQQ 0.00%↑ - range break
NVDA 0.00%↑ - join trend
SKX 0.00%↑ - if gap and push, want to get short, showed slow down in guidance
AMZN 0.00%↑ - join trend
NFLX 0.00%↑ - break of 397 for lows, or hold for small long and add over 412