It's Friday. Do we get a 10 banger? My plan for Friday March 8, 2024
NVDA at 900+ now what?, TSLA more selling?
Good morning traders.
What another great trading day yesterday! I didn’t get a 10 bagger, but good trade planning and execution overall by not just me, but THT-PRO members.
This morning we have NVDA and SMCI gapping strongly on AVGO comments and traders holding longs are feeling like superheroes!
I am! Our SMCI 1100c from the 980 dip earlier this week should be over $120 today from $15.
Yesterday the ground hog said NEW HIGHS, and we got it!
Overnight MDB, AVGO, and MRVL gave some range after e/r.
We should find at least a 5 bagger trade today, and possibly as high as a 20 bagger.
I hope you are taking advantage of the volatility before summer doldrums get here. s for today let’s get started…
Introduction (for New Readers)
Welcome to my blog on Two Hour Trading, your daily source for market insights and trading opportunities. In this blog, I will provide you with a comprehensive analysis of the market, educational lessons, and trade ideas to help you stay ahead in your trading journey and best of all doing it less than two hours a day.
What Subscribers Get
Subscribers to this blog will receive daily updates on market analysis, educational content, and up to three trade ideas each morning, all based on real-life examples and my personal approach to trading.
NOTE: screenshots from chat are from Edge Trade Planner. A platform available to THT PRO members. Join Us for live commentary and planning. Note my goal is to actively trade less than 2 hours a day finding 1 to 4 great trades a day.
What is Two Hour Trading?
It’s 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 setup. Key benefits:
High Quality trades with great reward vs risk
Avoid Overtrading and losses from it
Trading to Win vs Trading to Not Lose
Stacking the deck in your favor
2024 Alert Leaderboard
(I’ve decided to include a leaderboard so you can see what potential the 2 Hour Trading System has)
The following is based on entry alerts.
Mar 7 - SPX 5175c Entry $0.50 - High after $2.40 ($500→ $2400 potential)
Mar 6 - SPX 5120c Entry $3.50 - High after $12+ ($3500→ $12000 potential)
Mar 5 - SPX 5070c Entry $0.50 - High after $10.75 ($500 → $10750 potential)
** alerted 0.30 entry wanted. dipped to 0.40. entered at 0.50Mar 5 - SPX 5070p Entry $1 - High after $13.50 ($1000 → $13500 potential)
Mar 4 - SMCI 1200c Entry $33 - High after $61 ($3300 —> $6100 potential)
Mar 1 - SPX 5120c Entry $2 - High after $20 ($2000 —> $20000 potential)
Feb 29 - SPX 5095c Entry 0.50 - High after $10 ($500 —> $10000 potential)
Feb 29 - SPX 5100c Entry 0.30 - High after $5+ ($300 —> $5000 potential)
Feb 27 - TSLA 195p Entry 0.90 - High after $2.30+ ($900 —> $2300 potential)
Feb 26 - SPX 5070p Entry 0.20 - High after $2. ($200 —> $2000 potential)
Feb 23 - NVDA 800p Entry 2.50 - High after $25.11 ($3000 → $25110 potential)
**Dipped to 2.57 (had to chase entry 3)
Feb 23 - NVDA 820c Entry 2.25 (swing from Thursday) - High after $25.00 ($2250 → $25000 potential)
Feb 22 - SPX 4090c Entry $2.50 - High after $9.20 ($2500 → $9200 potential)
Feb 16 - SMCI 1000p Entry $11 - High after $195 ($1100 → $19500 potential)
Feb 15 - TSLA 195c. Entry $1.20 - High after 5.95 ($1200 → $5950 potential)
Feb 14 - NVDA 720p. Entry $4.5 - High after $12 ($4500 → $12000 potential)
Feb 13 - SPX 4955p. Entry $5 - High after $34 ($5000 → $34000 potential)
Feb 12 - ARM 180c. Entry $1.20 - High after $14.10 ($1200 → $14000 potential)
Feb08 - ARM 100c. Entry $5 - High after $27.50. ($5000 → $27500 potential)
Feb07 - TSLA 185c. Entry $2.53 - Hight after $5.60 ($2530 —> $5600 potential)
Feb05 - SPX 4940c. Entry $3 - High after $16.60 ($3000 → $16,600 potential)
Feb02 - AMD 180c. Entry 0.15 - High after $1 ($1500 —> $10000 potential)
Jan 29 - SPX 4910c. Entry $1 - High after $20 ($1000 —> $20000 potential)
Jan 26 - NFLX 570c. Entry $0.50 - High after $9.85 ($500 → $9850 potential)
Jan 25 - TSLA 185p. Entry $1.5 - High after $6.3 ($1500 → $6300 potential)
Jan 24 - SPX 4890p Entry $1.50 - High after $22 ($1500 → $22000 potential)
Jan 24 - SPX 4880p Entry $0.50 - High after $12 ($500 → $6000 potential)
Jan 17 - SPX 4740c Entry $0.20 - High after $2.80 ($200→ $2800 potential)
Jan 17 - SPX 4740c Entry $1.20 - High after $12 ($1200→ $12000 potential)
**Past Performance is not indicative of future results
For live alerts and market commentary click the button below.
Thursday’ Price Action (Education)
You don't try to make $100,000 ...You don’t start by saying, I’m going to make the biggest most profitable trade and turn $1000 into $100,000 and fix all my bad trades before.
You say, I’m going to plan and execute 1 trade as perfectly as I can today. You do that every single day, and soon you'll have a $100,000 and likely much more!
SPY / SPX
Given the gap up, unless you got in at the open, there wasn’t that much range to big gains but getting 100 to 300% gains was very doable.
Yesterday I wrote for a possible short at 513.30 and there was a quick 5 to 10 minutes scalp trade there possible, but I chose to skip it since I was focused on a possible gap down reversal trade on TSLA.
Overall the price action was one of my least favorites. it was a gap and go trade. Once that once established I alerted I wanted SPX 5175c at 0.50 with a goal of 2 to 5 to come.
We got the dip into 0.50 and hit 2.40. Good enough.
Overall the price action is a continuation of the reversal from Wednesday. Remember one buy 2 to 3 days on any dip on SPY under 9ma and swing it until that stops working. You should be able to make at least 200-300% using this strategy. Like and leave a comment asking for more details if you need it.
CRWD
Broke 324 and nicely dipped into 315 before finding support and pushing into 330 by end of day.
Notice how it is a 2 level drop from the open. Once can consider. a long vs 315, especially when it happens during the first 15minutes and you get a higher low likethe chart shows.
In the afternoon you can see a failed breakdown on 319 area and a reclaim of vwap. That would be the clue to take 330c.
For today, I’m looking for dips on 320-324 to take 335c for next week as a swing.
TSLA
Possibly put in a failed breakdown reversal yesterday. watching dips for a 180/181 level reclaim for 185+ squeeze today
I recognize the failed breakdown when we made new lows in premarket and started to reclaim over 174 and 175. at that point I wanted all dips for 180+ move into today. No surprise at the choppy action all day as bulls and bears fought.
Summary Review of Market Price Action
The key to trading yesterday was patience. There wasn’t what I call great setups for big wins, but good basic trade setups for average gains. One has to remember to make that ok. I get in the habit of big pay days, and days like yesterday I sometimes feel like its not worth the energy. But one has. to show up because it is not always a given on which days are going to be big payers. Today I do expect big pay potential, but there there is a chance we just get pinned after first 3 hours.
Educational Lessons
From the price action review you should have learned the following:
Wait for the levels to plan trades
Use /plan in Edge Trade Planner to quickly create trade plans.
How to target levels after the opening action.
Not everyday is a big pay day. remember 100-150% gain trades are still great!
Trade Ideas - Plan for Friday Mar 8
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.
Market is waiting for economic data at 8:30am. Expecting some volatility then.
I’m watching the following today: SPY, SMCI, NVDA, MRVL, MDB, TSLA, AVGO, META
I will share top 3 ideas from that list here