Incredible Planning/Reads in THT Chat. Trade Ideas for Wed Apr 30
Are you planning trades that pay over 300%?
Yet Another solid day overall. Our daily win rate is insane. Last week I caught a red day, but back to normal with 3 green days in a row! The secret? Planning the trades and being patient for entries and exits. How much so?
I alerted SPX 5550c for $6 target $12.4 and 16.2. The high on this leg.. 16.5!
SPX 5550 dipped to $4-5 later in the day on VWAP. Alerted target $20-27. Alerted exit- $23! high of day 23.50
In today’s recap I’m going to share my exact process for yesterday’s trades.
The levels were spot on, fantastic and on point again but there was a bug, and the charted levels for SPX were off, but the SPX levels in Edge were right.
Details in the recap…
Stop being a hobbyist and invest in becoming a focused disciplined trader with a trade to win mindset with us.
Overnight Action
SPY faded from 555 close overnight all the way to 551 and recovered back to 553.80 this.morning. Overall looks a little weak at the moment.
APP don’t see news, but smoked. dropping 30 points. my $2 yolo is dead.
Most names are gapping down including TSLA, AMZN, META, AAPL
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 Tue Apr 29
GOLD BOLD ITALIC = price action signal
SOFT YELLOW = thinking/anticipation
WHITE REGULAR = action to take/taken
GREEN REGULAR = trades I should have taken
SPY / SPX
The plan to wait the first hour was spot on. Delivered 100-150% gains! on the first trade
The second trade was perform unseen. i had my profits from morning. I expected possible lunch time dip and I had errands to run. So i placed order for 5500c at $5 risk 50%. it filled at $5. When I got back to desk it was $10. So I locked 50% at 9 to make it risk free.
I was about to leave for an appointment, when SPY rallied. I waited for 555. As soon as it got there I gave it a little more time and it popped from 20 to 23. and at 23, I said good enough and locked in gains on 20% and left 1 for a runner with stops at 20. I got stopped and That was solid 300% gainer trade!
MISSION ACCOMPLISHED. 2 trades. Solid execution. over 10% account growth. Why do I need to do more? Why do I need to risk my good work?
I had the hardest time with that, because coming from an over acheiver mentality and that I can alway find and do more, hindered my success. It too me a long time to realize that doing less was how I become a consistent over acheiver!
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. My birthday is coming in May - I hope to release this before then.
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 or failed breakdown reversal at key level
Join at VWAP mid day or end of day
Keep it simple. Don’t chase, wait for support levels for great risk/reward entries!
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 Wed Apr 30
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 market is looking weak. Let’s see if we get another green day today or not. So far we have been working from BTFD but with META and MSFT reporting tonight, I can’t help but wonder if the market will look to derisk and take profits ahead of results.