SPY kicks the week off with an inside day. Will we break range today? Trade ideas for Tues Sept 10, 2024
SPY kicks the week off with an inside day. Will we break range today? Trade ideas for Tues Sept 10, 2024
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Good morning traders!
Yesterday we move precisely between two levels I shared yesterday. 542.80 and 457.50. The plan to short at 547.50 was spot on and if you got long off 542.80, that paid nicely. My goal on consolidation days is to take profit from 1 to 2 level moves.
Let’s review the trades from Monday and then go over ideas for today.
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Introduction (for New Readers)
Welcome to my blog on Two Hour Trading—your daily source for market insights and trading opportunities. Here, you’ll find comprehensive market analysis, educational lessons, and trade ideas to help you excel in trading, all while spending less than two hours a day.
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Subscribers receive daily market analysis updates, educational content, and up to three trade ideas each morning based on real-life examples and my trading approach.
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?
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
2024 Alert Leaderboard
Here's a look at some of the potential gains achieved through our entry alerts:
Sep 07 - SPX 5450p $2.35 → 8 ( $2350 → $8000 potential )
Sep 07 - NVDA 102p $1.35 → 2.15 ( $1350 → $2100 potential )
Sep 06 - SPX 5430p $3 → 29.60 ( $3000 → $29600 potential )
Sep 06 - SPX 5430p $8 → 29.60 ( $8000 → $29600 potential )
Sep 06 - SPX 5450c 0.30 → 1.70 ( $3000 → $17000 potential )
Sep 06 - TSLA 220p 0.60 → 7 ( $600 → $7000 potential )
Sep 06 - NVDA 102p 0.20 —> 1.50 ( $2000 → $15000 potential )
Sep 05 - TSLA 230c 2.30 → 7 ( $2300 → $7000 potential )
Sep 05 - SPX 5620p 6 → 37 ( $6000 → $37000 potential )
Sep 05 - SPX 5480p 0.5 (dipped to 0.22) → 5.20 ( $1000 → $10000 potential )
Sep 04 - SPX 5630p 6 → 26 ( $6000 → $26000 potential )
Sep 03 - SPX 5630p 0.20 (dipped to 0.75) ( $750 → $19000 potential )
Sep 03 - SPX 5555p 4.50 → 46 ( $4500 → $46000 potential )
Sep 03 - NVDA 110p 1.4 —> 4.4 (1400 → 4400 potenial)
Sep 03 - UVXY 25c 1.2 —> 5.4 ( $1200 → $5400 potential)
Aug 30 - SPX 5640c 0.20 (dipped to 0.30) —> 14 ($3000 → $140000 potential)
Aug 29 - SPX 5650c 3.50 —> 6 ($3500 → $6500 potential)
Aug 29 - MSFT 420c 1.30 —> 4 ($1300 → $4000 potential)
Aug 28 - SPX 5560p 1 —> 8.70 ($1000 → $8700 potential)
Aug 28 - SPX 5560p 1 —> 8.70 ($1000 → $8700 potential)
Aug 28 - SPX 5580p 1.75 —> 21 ($1750 → $21000 potential)
Aug 27-28 - PDD 95p 0.75 → $7 ($750 → $7000 potential) *swing trade
Aug 27 - SPX 5620c 4.50 → $19 ($4500 → $19500 potential)
Aug 27 - PDD 95p 0.75 → $1.66 ($750 → $1660 potential) *swing still in play
Aug 26 - PDD 100P $1.50 → $6.50 ($1500 → $6500 potential)
Aug 23 - SPX 5600p $7 → 38 ($7000 → $38000 potential)
Aug 22 - SPX 5600p $7 → 38 ($7000 → $38000 potential)
Aug 21 - META 535c $3 → 8.50 ($3000 → $8500 potential)
Aug 20 - SPX 5600p $4.50 → 15 ($4500 → $18000 potential)
Aug 20 - SPX 5580p $2 → 7 ($2000 → $7000 potential)
Aug 19 - SPX 5600c $0.4 → 8.25 ($400 → $8250 potential)
Aug 15 - SMCI 600c (swing) $2 → 38 ($2000 → $38000 potential)
Aug 15 - SPX 5540c 0.50 —> 3.50 ($500 → $3500 potential)
Aug 14 - SPX 5400p 5.50 → 10 ($5500 → $10000 potential)
Aug 14 - SPX 5450c 4 → 10 ($4000 → $10000 potential)
Aug 14 - SPX 5450c 1.50 → 10 ($1500 → $10000 potential)
Aug 14 - SPX 5460c 0.20 → 3 (0.10 entry goal, took small 0.20) ($200 → $3000 potential)
Aug 13 - SMCI 600c swing $2.5 ($2500 → $10500 potential)
Aug 13 - SPX 5400p 17 stops 15 ($1700 —> $2300 potential)
Aug 12 - SPX5350c $8 stops 7 ($8000 → $25000 potential)
Aug 12 - SPX5340c $0.5 ($500 → $4500 potential)
Aug 09 - NVDA107c $0.2 stops .10 ($2000 → $7000 potential)
Aug 09 - LLY900c $3.50 stops 1.50 ($3500 → $11500 potential)
Aug 07 - SPX 5280p $10 stops 8 ($1000 → $8000+ potential)
Aug 07 - SPX 5200p $1 stops 0.5 ($1000 → $7000+ potential)
Aug 07 - NVDA 100p $0.8 stops 0.4 ($800 → $3300+ potential)
Aug 06 - SPX 5250c $10 stops 8 ($1000 —> $6000+potential)
Aug 06 - SPX 5250p $1.5 stops 0.75($1500 —> $13000+potential)
Aug 05 - SPX 5300c $3.50 stops 2.50 ($3500 —> $11000 +potential)
Aug 02 - SPX 5350p $5.50 (overnight swing from Aug 01) ($5500 —> $45000 +potential)
Aug 01 - SPX 5480p $4.50 ($4500 —> $65000 potential)
July 31 - SPX 5520c $12 ($1200 —> $3390 potential)
July 30 - SPX 5430p $2.50 ($2500 —> $30000 potential)
July 30 - SPX 5400p $2 ($2000 —> $10000 potential)
July 30 - TSLA 220p $1.50 ($1500 —> $5000 potential)
July 30 - SPX 5450c $0.20 ($200 —> $5000 potential)
July 29 - SPX 5450p $4.50 ($4500 —> $16000 potential)
July 29 - SPX 5460p $0.20 ($200 —> $1100 potential)
July 29 - SPX 5470p $1.5 ($1500 —> $8000 potential)
July 29 - SPX 5480c credit sell - collect $2700 risk $500
July 29 - SPX 5400p $2 out $6 ($2000 —> $6000 potential)
July 26 - SPX 5400p $2 out $6 ($2000 —> $6000 potential)
July 26 - SPX 5450c $4 out $12 reached 15.50 ($4000 —> $15500 potential)
July 25 - SPX 5450c $1, $1.50, and $1.75. target $10. reached $10! ($1000 —> $10000 potential)
July 25 - SPX 5450c $5. reached $41.70! ($5000 —> $41700 potential)
July 22 - CRWD 240p $1.7. reached $3.5! ($1700 —> $3500 potential)
July 22 - SPX 5580c $0.5. reached $3.3! ($500 —> $3300 potential)
July 19 - SPX 5500p $2. reached $12! ($2000 —> $12000 potential)
July 18 - SPX 5580p $5. reached $53+! ($5000 —> $53000 potential)
July 17 - SPX 5540c $2. reached $16! ($2000 —> $16000 potential)
July 16 - SPX 5660c $2. reached $10! ($2000 —> $10000 potential)
July 15 - SPX 5650c $1. reached $4! ($1000 —> $4000 potential)
July 11 - SPX 5600p $2. reached $23! ($2000 —> $23000 potential)
July 09 - Credit Sell SPX 5590/5595 bear calls 2.30-2.50 stops at 2.60 ( $2500 premium collected per 5k position risking $300)
July 08 - AVGO 1800c 13( $1300—> $2250 potential)
July 08 - SPX 5560p 2.50 stops 2.30 ( $2500—> $5000 potential)
July 08 - TSLA 270c 4.50 target 7.50 ( $4500—> $7600 potential)
July 03 - SPX 5520 2.5 ($2500—> $18000 potential)
July 02 - TSLA 225c 3.5 ($3500—> $8500 potential)
July 02 - SPX 5500c 2.50 ($2500 —> $10000 potential)
July 02 - SPX 5470 Bull Puts 2.50 ($2500 credit collected)
July 01 - closed TSLA Swing $2.65—> $12.00
**Past Performance is not indicative of future results
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Trade Recap for Friday Sep 05
GOLD BOLD ITALIC = price action signal
GOLD REGULAR = action to take/taken
GREEN REGULAR = trades I should have taken
SPY / SPX
Yesterday was way more challenging. I even got stopped out a couple of times and had to reload.
Overall the first short of 546.20 was spot on and we dumped all the way to the 543 level.
I got overly biased and thought we would get gap fill before higher but I was wrong.
I had place a dip buy reload order that got filled. (the RED go Short). and quickly got stopped out.
Unfortunately I didn’t go long where I should have if I wasn’t so biased (the GREEN GO LONG signals, based on previous lows/levels being reclaimed and I had mentioned want to get long of 542s. However I wanted to see some basing there not just a quick bounce.
Finally we got the toppy action I wanted after lunch off the 547.50 blog idea level for a short. This short was a pain in the ass. it essentially went from $2-8 but I only captured it until $5-6 due to the heavy chop.
I planned to trade the last 30 minutes but I fell asleep around 2:30pm. and woke up after market close. :(
That is perfectly OK. We didn’t get any major "wins” but we got multiple T1 and T2 hits on our plans. That is what we should expect day in day out basis and what my Two Hour Trading process focuses on — planning and securing gains in repeatable process.
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/failed breakdown reversal
Join at vwap mid day or end of day
Keep it simple. Don’t chase, wait for support levels for great risk/reward entries!
Education - 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.
Let me know in the comments if you have questions or would like to see examples, I’ll share them.
Trade Ideas - Plan for Tuesday Sept 10
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
Stick to process.
Overall expecting some more chop today and will be eyeing AAPL for possible profit taking after last nights glowtime. The market is pushing into yesterday’s highs in premarket, the question is can it sustain.
Market will being eyeing CPI data coming Wednesday, PPI data on Thursday and next week’s FOMC.