SPY consolidates and deliver 500% trades! Will it break range today? Trade ideas for Wed Jul 02
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! Reminder, short trading week so be aware. Today is last full trading day of the week.
Yesterday was all about patience and expecting consolidation. Mutliple paying trades!
And we got Spectre Specials in the last 15 minutes
SPY / SPX
Yesterday I wrote:
IDEA: Dip and Rip off 616. target 618-619.60
We got a dip and rip right of the 616 level. I got in late at 2.50 but confident ti will make its way eventually to the 3.50, 5.50, and 7 sell targets. So when it dipped it gave an opportunity to load up at 1.50-2. There wasn’t much else to do but wait for 2pm and by then all sell targets were met!
$2-7 is over 200%!
Notice how on a consolidation day there was rangy chop. that is why I love bracket orders and walking away.
IDEA: 619 rejection target 618.60, 614.
With this idea in mind
I alerted 6205p for $1 in last 10 minutes and these hit $7!! for 600% gain!
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 Wed Ju1 02
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
Having patience is so essential and planning what your target sell prices are. Last 2 days the payouts have come after 2pm so that is where my energy will be.
Unless a major level is tested in SPY/ no trade.
I’ll keep an eye on UNH and AAPL