SPY breaks out and makes new all time highs. Will it continue? Trade ideas for Mon Jun 30
What's stopping you from making 200-500%? Stop overtrading, and make more in less time. Read on to learn how I do it.
Good morning.
Sorry I missed publishing on Friday. I had a few friends visiting from out of town and it turned into a memorable night — we were celebrating my friend becoming a diplomatic envoy.
Anyways, I ended up posting a not to THT PRO members I would be back online after 11am. I updated and published the levels then and they were spot on!!!
SPY went right to 616.50
Later I alerted I was looking for a short..
And I got on short on /ES and on 6150 and 6170 puts targetting 611.
That 611 target was perfect!
How could was the short? We caught of 50 points of downside on /ES, the 6170p went over 1000% and 6150p went from 2.50 to 19.80! I was happy with 17. and stopped runners at 12.
Based on the reaction I thought we could have backtested the breakout and could be going higher this week but I made bank on the downside and didn’t want to overtrade. What a miss! The reversal offered multiple 2000%+ trade opportunities.
Let’s go over how I approached these trades and more.
As for this morning I correctly read that Friday’s dump and recovery could be a failed breakdown reversal and a backtest of th 610.80 breakout. This implies market is looking for higher. Overall I think 625+ maybe as high as 640s can be coming before another leg down now.
SPY / SPX
IDEA: 616.50 will reject
With the 616.50 rejection. How do we set the target? EASY - my levels do the work for you. We target 613.50 and 610.50 the level below, but experience told me to target 611. And that turned out to be spot on!
This short was 1000% textbook. It’s one my core trading setups! Imagine being able to collect 500, 1000% or more in under 90 minutes!
What ingredients made this possible?
Multiple green days with gaps
New all time high
Almost a 3 level move up from previous day close
Market was way over extended. This is why being systematic and process oriented is so important.
There is massive opportunity in this market. Are you taking advantage? Literally have planned and alerted trades that pay over 300-1000%! You will need patience to wait for entries and the exits. But if you have self discipline or trust bracket orders, my process can help you get the results you want.
Thoughts from Friday price action:
SPY has broken out of 2 weeks of consolidation and is making new highs
BTFD bias continues until 610.50 breaks.
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
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.
Securing Profits on Options overnight
Sometimes you get this massive paper gains overnight on options but you can’t secure it right? Well if you have a big enough account and a margin account if you have calls you can. What you need to do is buy or sell the stock overnight. and the option turns into a hedge against that position essentially securing your profits.
Trade Ideas - Plan for Mon Jun 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
Market is gapping up and continues is BTFD action. I’m thinking today could be a dip on open and slow accumulation/consolidation day. Let’s see if right or if market gets some trend.
Here are the trades I’m planning for today…